15 Aug 2015

August 2015 – Vintage Guitar Supply and Demand

by Tony Drew | posted in: Opinion | 0

If you’ve followed my recent posts, you’ll know that I have been looking around for cool and rare American vintage electric guitars (and basses) again recently. Nothing new in the way of CRAVE Guitars stock to report this month, so it is an opportunity to reflect and pontificate, as well as to share my biased opinion on our shared hobby again.

As part of my on-going research, I regularly check a well-known auction site beginning with ‘e’. One thing that I have noticed is that many prices are now escalating at least back to where they were pre-recession and often higher. The rate of increase also seems to be accelerating but inconsistently so, which makes the market uncertain. While the general upward trend might be good news for investors at the genuinely rare instrument end of the market, it is also putting some great, and even some ordinary, vintage guitars beyond the means of your average amateur collector or re‑seller. It seems predictable that fickle speculators will soon jump on the bandwagon (again) and what would otherwise have been considered run-of-the-mill instruments will hit stratospheric levels (again). The dreaded ‘boom and bust’ cycle looms ugly (again), which isn’t good for anyone. The upper extremes are more to do with damnable greed and detestable avarice – commonly called rampant capitalism – the economic law of supply and demand in a free market. At more modest levels the pressures are seemingly more complex.

Another thing that I’ve noticed is that, while the ‘common’ models are still relatively numerous, some of the more esoteric, niche guitars are often nowhere to be seen these days. This may suggest that people are hanging onto their valued old guitars, rather than putting them out to the unpredictable market, especially risky in an online auction environment. The result of this anomaly is that prices are increasing due to an artificial rarity factor – the supply dries up while the demand increases, making some less popular instruments disproportionately and unsustainably pricey. To test out this hypothesis, I have been looking for some slightly more unusual instruments and they can be really hard to find, resulting in some diverse and frankly crazy price differentials, especially compared to new guitar prices. However, you can still get a nice late vintage guitar (which will go up in price in the medium to long-term) for less than a new one (which is likely to depreciate for the next 20 or so years). That, at least is still good news for many of us preferring used instruments.

So… my next step was to look further afield. When comparing the UK with the US and Canada, there is, understandably, more choice in that much larger continent (and birthplace of our beloved classics). At first glance they can seem to be offered at an attractive price. However, when taking exchange rates (currently not good for importing from the US into the UK), international delivery, import duties, national taxes, handling fees and insurance (if you can afford it!), importing isn’t the bargain it first seems, especially as HMRC has tightened up the process significantly compared to a few years ago. Other markets, like mainland Europe, Australia, Japan, etc. are relatively inconsequential to the US/UK trade. Asian and Russian trade is certain to increase. In summary, importing is still worth a look though, as long as you do your research first. The Epiphone Olympic below was my last costly import from Canada.

Coming back to that well known auction site for a moment, the word ‘auction’ seems to be largely a misnomer these days. Actual auctions where you can bag yourself a bargain vintage guitar are now a frustrating rarity. ‘Buy It Now’ (BiN) seems to be the default option for most high value sellers. This means that many a cheap purchase can turn out to be risky and ‘Best Offers’ are rarely a source of great joy. Also, that heart thumping, sweat inducing, adrenalin pumping rush of the last few minutes…and seconds of a bidding frenzy for a desirable vintage guitar that you really, really, really want seems to be becoming a thing of the past. That’s a shame if you ask me, as a lot of the fun has gone by the wayside. BiN prices often seem to be set high initially and guitars sit there until the ‘real’ market value catches up, so there are quite a few that hang around until people see them as affordable. My inference is that, while it may be fine and convenient for one-off purchases, it is no longer a great source for a fledgling business enterprise on a tight budget, as precious net profits can rapidly be eroded. This applies to both buying and selling. This is probably similar to other ‘collector sectors’ such as classic cars, so I guess we adapt and move on.

Fender and Gibson still dominate with Gretsch and Rickenbacker hot on their tails, as well as early PRSs. Don’t forget other classic brands like Danelectro, National, Vox, Guild or Burns. Japanese originals from Yamaha and Ibanez are increasingly collectable too. There are plenty of whacky vintage guitars from minor brands, often long since demised, Supro, Silvertone, Teisco, Harmony, Kay, etc. that can prove real bargains if you’re careful. If you are into acoustics, Martin is still probably the most reliable bet.

So, where does this leave us in the post-recession world? Not as much choice when buying and what there is, is of variable value. The desirable instruments that we might aspire to are becoming increasingly exclusive again, except for the affluent in the vintage guitar community. Looking to the future, prices look set to rise inevitably and keep rising inexorably thereafter, until the next bubble bursts. The high end (i.e. occupied by the super-rich) will carry on regardless of global economics but that’s hardly the rarefied atmosphere us ordinary mortals will ever find ourselves in. There are bargains out there but, as ever, you have to seek them out and auction sites are as good as any other source. If you’re after a return on investment on a newer guitar, you may have to wait a while, so why not enjoy playing them in the meantime? In conclusion, if you want to get your hands on a lovely vintage guitar at a reasonable price and if you can find a good one, go for it while you can. Good luck. Thanks for reading this article.

← Return to ‘Musings’ page

Like it? Why not share it?

25 Jul 2015

July 2015 – Designs For Life

by Tony Drew | posted in: Opinion | 0

In the 1950s and early 1960s, electric guitar design and construction were innovative, revolutionary and brand-spanking new. As such, they represented a paradigm shift in image that reflected the zeitgeist of the era so closely as to be inseparable. Those early blueprints of today’s musical instruments, at least from the ‘big four’ (Fender, Gibson, Gretsch and Rickenbacker), are integral and clearly visible to the DNA of modern instrument manufacturing.

So… why then have the classic vintage guitar designs perpetuated, almost unchanged, for over 50 or even 60 years? Manufacturers have toyed with new designs and variations on existing models over the intervening decades with varying degrees of success. Yes, they keep playing around the margins to draw new, mainly younger, punters to shiny showrooms (and now online) with the temptation of shiny new product. However, the ‘big four’ would not be successful today without the core brand icons of the past. For Fender, it’s the Stratocaster, Telecaster and Precision bass. For Gibson, it’s the Les Paul, SG and ES-335. Fans of other models, please accept my apologies but bear with me while I make the point. The quintessential key elements from the early days of rock ‘n’ roll have been preserved intact. It would be sacrilege to change classical orchestral instruments, so does the same ‘fossilisation’ of progress now apply to our beloved 4 and 6 strings? If it does, how will they adapt and survive into the digital future, especially as us older generations pass on? Take the venerable amplifier valve, the magnetic pickup and the utilitarian jack plug; all dinosaurs from a bygone age that remain with us, but for how long?

This specific phenomenon is almost unique in 20^th/21^st century industrial design. I can’t think of many products that were introduced 60 or more years ago where the technology has sustained mostly unmolested in the face of ‘progress’. As consumers, we wouldn’t tolerate that apparent lack of evolution for our houses, cars, TVs, white goods, computers or just about anything else. If we looked at guitars in that way, they would look and play very different to the ones we know and love.

This may also help to explain why some collectors worship at the altar of originality and reject the ‘heresy’ of refinishes, repairs or modifications. The consequence is that ‘we’ now revere the inherent manufacturing inconsistencies of the early days of electric guitar production as a ‘good thing’, rather than as quality control issues, which is what they actually were. It also may explain why the value of ‘pure’ museum-quality examples is a holy grail for many, often to obsessive/compulsive levels of detail. Compare the classic car market where conservation (rather than preservation) is not only accepted but encouraged, in order to keep them going.

One of my favourite guitars (in fact CRAVE’s ‘signature’ 1975 Gibson Les Paul Standard cherry sunburst), would be an anathema to collectors, it has been refinished (twice!) and has a number of non-original parts but is otherwise solid. It has the unpopular ‘sandwich’ mahogany body with a maple neck. However, I love it. I bought it from its first keeper and have owned and played it for nearly 40 years. I think it is much prettier than its original tobacco sunburst or even its mid‑life natural finish. The repairs were necessary to keep it as a working instrument and in my opinion it is great to play and sounds as a Les Paul should. Its monetary value is peanuts compared to a ‘proper’ Les Paul of the period but I don’t care (well, maybe just a little bit).

Anyway, back to the point, when we are talking about an aforementioned Strat, a Tele, a Les Paul, an SG or an ES-335, it is testament to the talent, vision, entrepreneurialism, creativity and innovation of the original designers to create genuinely timeless artefacts that are as good today as they were when they were created, long before computer controlled design and production lines were imagined. Remember that Leo Fender couldn’t even play guitar! Another key factor that differentiates old from new is the restriction on the movement of unsustainable woods, which is actually very good for the future of our planet. It will be interesting to see how this will affect the next generations of guitars and their appeal to punters and then collectors.

Coming back to those other key models from Fender and Gibson, that defining genius still holds true including, Flying Vs, Explorers, Firebirds, Mustangs, Jazz basses, etc. Gretsch and Rickenbacker are also affected by this apparent lack of evolution. Genuinely new designs often fall at the almost impenetrable barrier of market entry with, perhaps, PRS as the major exception to the rule, now a grand 30 years old. Radical designs are often left to other companies, often using ‘unconventional’ materials to differentiate and excite. Many have tried, few have succeeded. The diversity of that failed evolution is fascinating. Many collectors focus on these extinct relics, which is actually a really good thing as they can be conserved for posterity and for future generations to appreciate. Venturing off the beaten track can also represent a real bargain, especially if you like something a bit different.

Conclusion – guitarists (and bass players) don’t seem to like major change very much. A large proportion of professional musicians still prefer to record (if not play live) with vintage guitars, so there must be something more than pure mystique. Will our wonder, adoration and sentimentality for a rose-tinted past endure unadulterated for another 60 years (think ahead to what our world may be like in 2075!), long after most of us will have met our proverbial maker? What sort of music will they be playing? Literally, only time will tell. By then, my poor‑man’s 1975 Les Paul may be desirable to someone who has yet to be born! One thing is for sure, I won’t see that day. An interesting thought nevertheless. Ponder on that until next time…

← Return to ‘Musings’ page

Like it? Why not share it?

21 Jun 2015

June 2015 – From then to now (and back again)

by Tony Drew | posted in: Opinion | 0

What is the story of your journey from the first guitar you owned to the most recent? Mine was probably pretty typical. It was never a conscious adventure towards a clear destination. I was in my early teens when my father gave me a second hand, no‑brand classical guitar, complete with nylon strings – he got it in lieu of a debt, I think. I gave it a go and, for some unknown reason, decided to persevere with it. It was the early ‘70s, so maybe I too could dream of being like Marc Bolan or David Bowie! It was a chore at first with lots of sore fingers and clumsy fumbling while learning basic chord changes and scales. Oh, and the ‘joy’ of ‘striking the pose’ of course!

For all my efforts, I wanted the reward of getting a proper, shiny, loud electric guitar. I was lucky enough to get a cheap package of guitar and amp but they didn’t last long before they were, erm, ‘adapted’! After a period in my mid-teens, during which my playing failed to improve greatly, I rose to the giddy heights of owning generic far eastern Les Paul copies (horrible things). I wanted to play in a band and had great fun learning to make music with others, including a few poorly‑attended live appearances. Oh well. In the late ‘70s, I went to work for a music distribution company, just to be part of the business. Then, at last, I got my hands on the real thing. After a Fender Mustang, I bought a ’77 Fender Stratocaster and a ’75 Gibson Les Paul, both of which I still have to this day.

I even dabbled with bass guitar, I still have them too. My playing though, sadly, did not progress with time and, after much soul searching, I came to the painful realisation that I needed to reassess my expectations and priorities. So, I reluctantly became a traditional ’grown up’ with a family, a mortgage and my unrequited dream of becoming a lycra-clad, global Rock God with big hair, recreational substances and limitless groupies was regrettably relinquished. As a result, the guitars got used less and less, until they were put away for a decade or more.

By the time I was old (in my forties!), I went into a well-known guitar shop in Cardiff and fell for an ‘88 Black Fender Telecaster, which I still have. That started the ‘gear acquisition syndrome’ (a.k.a. GAS) all over again. A rapid proliferation of diverse, newer instruments was halted when I came across a lovely black ’89 Gibson Les Paul Custom in Brighton, which I… (you see where this is going). I began an intense quest of finding cool and rare vintage electric guitars, importing several from the States. During a particularly horrendous period of my life, I was forced to cut back on all but my most prized Gibsons and Fenders, which had to be put in storage for temporary safe keeping.

Now, I am looking to the future and starting to rebuild my more-than-a-hobby. I am not at all wealthy (understatement!!!) but I am an enthusiast. I play the guitars at every opportunity, that’s what they were built for after all. My playing, well, you can guess. I still find it fun and it is very therapeutic. That’s my story… so far. I wonder where it will go from here. This web site is part of sharing my addiction with whoever wants to respect the awesomeness of these crazy lumps of wood, plastic and metal that we call vintage electric guitars. I am convinced they must have used some kind of magic hippie dust when they were made. Until next time…

← Return to ‘Musings’ page

Like it? Why not share it?

6 Mar 2015

March 2015 – Last and Next

by Tony Drew | posted in: Opinion | 0

What was the last guitar you bought and what do you think your next one might be? Here’s my take. As mentioned in previous blogs, after a hiatus period of about 8 years, I am back into the whole vintage guitar thing. In the last year, I have bought just 4 guitars (and sold none). My most recent purchase is a stunningly gorgeous 1968 Gibson SG Standard.

It was sold to me as a ’67 but after careful examination, I reckon it’s a ’68. Barring the clichéd Angus Young references, it is a stunning instrument. Crawling over it with a fine toothcomb, it has new tuners, although the replacements are modern versions of would have been fitted originally. It has one tiny screw on the Lyre tailpiece cover missing but that’s it, the rest is untouched. It has been played and is not museum grade but lovely nonetheless. The finish is a deep, dark unfaded cherry (of course) over a single piece mahogany body. It has the ‘batwing’ scratchplate which suits it, even though aesthetically I prefer the earlier small scratchplate. It plays wonderfully and sounds amazing, as you might expect.

I bought the vintage version, so that I can sell my newer 1999 SG Standard. It allows an interesting like-for-like comparison that only reinforces my bias that I prefer older guitars. There is absolutely nothing at all wrong with the 16-year old model (guitar! Pay attention please!); it’s a perfectly good instrument. Now that I’ve got an old one, I can move on to my next acquisition. Why? Please don’t ask, it’s not rational or logical. Some newer ones will have to go to make way and help fund my addiction. Like many enthusiasts, I have a (long) ‘most wanted’ list. I won’t go through these here but it is a mixture of replacing newer instruments with vintage ones and/or filling in gaps in the ‘collection’. The exciting bit is not actually knowing for sure what the next purchase will be and whether I can actually afford what I might like! I want to add more Fenders to balance the brands but there is less choice from the big ‘F’. I quite fancy a Fender Starcaster or a Bass VI but they are now getting way too expensive (sadly). I quite fancy a familiar model but an interesting esoteric version, like an ‘80s Fender Strat Elite or Tele Elite, or even a Bronco. Purists may grimace but, heh, it’s my obsession not theirs. On the Gibson front, I quite fancy the idea of a non-cutaway ES-150 archtop with a P90, historically significant and different from just about anything available now. I’m missing a ‘proper’ Flying V and quite fancy an ES-355, a Les Paul Recording or RD Artist. I would love a ‘50s single-cut Les Paul Junior or double-cut Les Paul Special but they too are out of my reach at the moment. The list goes on.

I might even be tempted to stray from the CRAVE path (shock, horror) and look at a Gretsch or a Rickenbacker, let’s see. Part of the fun is doing the research, finding worthwhile instruments that fit the ‘cool & rare’ criteria. I hope to add to the CRAVE portfolio in 2015. Watch this space…

← Return to ‘Musings’ page

Like it? Why not share it?

31 Jan 2015

January 2015 – Old Versus New Guitars

by Tony Drew | posted in: Opinion | 0

The question – are vintage guitars better than new ones? Simply… nope. They are just different. There is no doubt that many modern guitars are better designed, constructed, more reliable and consistent. New instruments are generally in great condition and far less risky to use on the road. You can certainly get aged new guitars that have all the look and feel of a well-used old axe, so that removes much of the visual question. New ones are (often much) cheaper to buy, eminently practical and often manufactured to exacting and very high standards. So, it’s not necessarily an issue of material quality. They are all tools for playing music, however much they cost.

Why then, the passionate attraction to and fascination with vintage instruments? Do they really sound that different? Some say it’s the way that the wood ages; others say it’s the way pickups are put together. Boutique pickups emulate the old ones pretty well these days. Looks? Well, the basic designs haven’t changed in 60 years! Maybe it’s the patina that can only come about through natural age and use. How they feel in use is not easily measurable in a purely physical way, so playability is subjective and value-laden. Additionally, at what point does a guitar become vintage? Some (usually with a vested interest) say the moniker applies only to pre-1965-ish instruments; others set the bar at 25 years old (i.e. before 1990, well into the modern era).

Who likes vintage guitars? Well, there are musicians, enthusiasts, dealers, collectors, historians, investors, speculators, to name a few. Some are worthy, some not. Which label applies to you (hint: they aren’t mutually exclusive)? Why is the value of an early Stratocaster multiple times that of a Jaguar of the same age? Is it simply economics allied with a collective (deluded) perception of value? It isn’t necessarily rarity or historical significance, brand identity, where they were made or what they were made of. Whatever the hell it is, it is ultimately down to personal choice and a whole bunch of irrational desire for something that is uniquely and fascinatingly indefinable. Just remember, all vintage guitars were shiny and new once! Discuss…

← Return to ‘Musings’ page

Like it? Why not share it?