Denmark Street Guitars, a London shop, has apparently just set the world record for the most expensive guitar, with this 1958 Gibson Korina Explorer being listed for a whopping $1,100,000.
There were only around 10 of these ever made, and owners of those instruments have included Kirk Hammett from Metallica, Rick Neilson of Cheap Trick, and Slash.
I don’t know much about valuations of vintage instruments, but one of the leading factors tends to be the original production quantity – there are just some freak years where for a few months, a company like Gibson just produced god-tier stuff. According to its listing, the price was also arrived on because of the rarity of these Korina models, the increase in value of similar models over the years, and the date since the last sale of a similar instrument. Denmark’s website writes,
The interest and demand for the worlds most desired and iconic vintage instruments is strong and based on Vintage Collectable guitars reaching the level that has been seen in other more recognised collectables ( Paintings , Art , Cars Etc ) we do feel the pricing of such instruments will increase at a steady, constant level in the next coming years and thus prove to be an exceptionally strong commodity that can be enjoyed.
So there you go. I’ll be curious to see what hedge fund guy picks this thing up. Read more, including an interview with Denmark’s proprietor, at reverb.com.