Episode 66: Stradivarius Violins

Released on October 14, 2024 | Host: Zachary Crockett | The Economics of Everyday Things

Introduction: The Allure of Stradivarius Violins

In this episode, host Zachary Crockett delves into the fascinating world of Stradivarius violins—some of the most coveted and valuable instruments in existence. These violins, crafted by the legendary Antonio Stradivari over 300 years ago, continue to captivate musicians, collectors, and investors alike with their unparalleled craftsmanship and enduring legacy.

Frank Almond and the Lipinski Stradivarius

Zachary Crockett introduces Frank Almond, a renowned professional violinist from Wisconsin, who serves as the steward of the Lipinski Stradivarius, a violin valued at nearly $6 million. Frank shares his deep connection with the instrument:

Frank Almond [03:12]: "You can imagine, like, the capital gain on that if you're not a musician with a top. At that time, we strongly advised them not to get rid of it if they didn't have to."

Frank recounts how he acquired the Lipinski through a serendipitous email 16 years prior, highlighting the unpredictability and rarity associated with acquiring a Stradivarius.

The Genius of Antonio Stradivari

The episode explores the history and genius of Antonio Stradivari, the master luthier from Cremona, Italy. Frank Almond provides insight into Stradivari's innovative approach:

Frank Almond [04:57]: "There was no, like, laser cutting back then. Everything was done by hand in his workshop. And because he was so famous and so wealthy so early in his career, he was able to afford materials to make these instruments that a lot of his competitors were not."

Stradivari’s meticulous craftsmanship and access to superior materials set his instruments apart, laying the foundation for their enduring excellence and high market value.

Rarity and Value: The Economics of Stradivarius Violins

The discussion shifts to the economics surrounding Stradivarius violins. With fewer than a thousand ever produced and only about 500 remaining today, their scarcity significantly drives their value. Frank Almond emphasizes:

Frank Almond [16:22]: "That's one of the fundamental questions that people usually have when his name comes up. What's the big deal? Why are they so expensive? ... They're these really amazing functional antiquities. They really are better than almost anything that you would play in your lifetime."

The episode highlights how factors like acoustic engineering, unique materials, and historical significance contribute to their premium status.

Rare Violins of New York: Guardians of Excellence

Ziv Arazi and Bruno Price from Rare Violins of New York provide an insider’s perspective on the trade and preservation of these magnificent instruments. They discuss the balance between treating violins as investments and ensuring they remain in the hands of talented musicians:

Ziv Arazi [07:47]: "The real record breaking sales are done privately through dealers. But those are the sales that no one hears about because most times people like their privacy."

The firm not only brokers high-value sales but also fosters programs like Inconsortium, which matches instrument owners with promising artists to ensure these violins continue to be played and cherished.

Investment Potential and Market Dynamics

Exploring the investment side, Ziv Arazi explains the steady appreciation of Stradivarius violins:

Ziv Arazi [08:30]: "40 years was about 8% a year."

Bruno Price adds that despite market fluctuations driven by the popularity of certain musicians, the long-term trend for these instruments remains robust. The exclusivity and limited supply inherently sustain their value.

Instrument Loans: A Symbiotic Relationship

The program Inconsortium is detailed, showcasing how instrument loans benefit both the owners and the musicians:

Ziv Arazi [09:47]: "The main function for us is to really try to find the next custodian for those great instruments that are in our care and make sure that the next owners understand the need for them to still be used by musicians."

These loans not only enhance the musicians' performances but also contribute to the instruments' increasing prestige and market value as they become associated with rising stars.

Security and Theft: Protecting Priceless Assets

Frank Almond shares a harrowing experience involving the attempted theft of the Lipinski Stradivarius:

Frank Almond [18:46]: "So I'm trying to put my violin in the back seat and this guy walks around. It was really hard to see him. And he just at the very last second, I saw these little flashing lights and he shot me with a Taser. And I was back up very, very quickly in time to see the van driving around the corner and the violin was gone."

Thanks to the intervention of a classical music-loving police chief, the violin was recovered within nine days, underscoring the high stakes and the lengths involved in safeguarding these invaluable instruments.

The Extended Lifespan of Stradivarius Violins

Reflecting on the enduring legacy of these instruments, Frank Almond muses:

Frank Almond [22:05]: "We always think that these things are passing through our lives, but really it's the other way around. I mean, you're just another kind of blip in its life. It's going to be around a lot longer than I will, most likely today."

This perspective highlights the timeless nature of Stradivarius violins and their continuous influence across generations.

Conclusion: More Than Just Instruments

The episode wraps up by emphasizing that Stradivarius violins are more than mere musical instruments; they are cultural treasures that embody centuries of artistry, history, and economic significance. Through personal stories, expert insights, and intriguing anecdotes, Zachary Crockett paints a comprehensive picture of why these violins remain unparalleled in both their artistic and economic value.

Notable Quotes:

• Frank Almond [04:57]: "Everything was done by hand in his workshop. And because he was so famous and so wealthy so early in his career, he was able to afford materials to make these instruments that a lot of his competitors were not."

• Ziv Arazi [07:47]: "The real record breaking sales are done privately through dealers. But those are the sales that no one hears about because most times people like their privacy."

• Frank Almond [22:05]: "We always think that these things are passing through our lives, but really it's the other way around."

Key Takeaways:

• Historical Significance: Stradivarius violins are treasured not only for their exceptional sound quality but also for their rich history and the legacy of Antonio Stradivari.

• Economic Value: Their scarcity and the meticulous craftsmanship contribute to their high market value, making them desirable both as instruments and as investments.

• Preservation Efforts: Organizations like Rare Violins of New York play a crucial role in maintaining the legacy of these instruments by facilitating their use by top musicians and ensuring their preservation.

• Security Concerns: The high value of Stradivarius violins necessitates stringent security measures to protect them from theft and damage.

For those unfamiliar with the intricate world of Stradivarius violins, this episode offers an enlightening exploration into why these instruments continue to hold such esteemed positions in both the musical and economic landscapes.