The historical evidence
Over long periods — decades, not years — well-provenanced antique string instruments have generally held or grown in value in nominal terms. Reference indices (the Fuchs violin price index has been the most cited) and public sales at Tarisio, Sotheby's and Christie's provide the visible datapoints. Top-tier Cremonese examples have appreciated significantly at very long horizons; the market below that is thinner and more variable.
Grand pianos are a different case: they are used, revalued through condition, and typically not treated as financial assets even by serious collectors.
The caveats that matter
Instruments are illiquid, transaction costs are high (dealer margins are typically 15–30%), the market is opaque, and authentication is decisive — a change in attribution can move a price by an order of magnitude. Storage, insurance, humidity, and playing wear all impose real costs. A working instrument is not a bar of gold.
How serious collectors actually think about it
Most serious private buyers of antique instruments buy them to be played — by themselves, by a family member, by a musician on loan. The financial performance is a secondary comfort, not the reason. Institutions that hold instruments as capital assets (foundations, banks with cultural programmes) operate on very long timeframes and with expert governance.
For a specific instrument's likely trajectory, work with a recognised dealer and — for larger purchases — a specialist advisor. See How to evaluate an old violin before buying.
Disclosure
This page is editorial opinion and general reference. It is not investment advice, a valuation, or an offer.