The first order of business is that a vintage or investment grade guitar is ONLY worth what a like-minded, informed buyer, is willing to pay.

The second order of business is to thoroughly do your homework (research and find out everything you can about the collectability and DESIRABILITY of those Martin(s) you are thinking of acquiring as investments.) There is a wonderful sight devoted to the collecting of Martins here. (Click on the Martin headstock icon to find out more.) You might also want to pick up a copy of Washburn and Johnson's "Martin Guitars - An Illustrated History".

Some people buy them strictly as investments where they sit in their case in a climate controlled environment. Like others have mentioned THEY NEED TO BE PLAYED regularly to retain their tone.

I recently acquired a 54 year old OOO-21 that while an outstanding piece NEEDED to be played as it had sat in its case by the previous owner for 3 years. I can tell you that after a week of playing it every day for 2-3 hours a day, there was a phenomenal difference in its sound compared to how it sounded when I first got it. (It opened right up to how you'd expect a guitar of this age to sound, but, it didn't sound that way at first.)

With respect to Limited Editions and Signature series, treat these as you would a new car. As soon as you buy one, they immediately depreciate from what you paid. Also, no one is going to reimburse you for any taxes you also paid for a new instrument which falls into either the limited edition or signature series. Personally if I had 10 to 15 grand to spend on an investment grade guitar I would inevitably purchase something older (35+ years) rather than something new, because a guitar doesn't develop its true tone for at least 5-10 years from the time its new...but of course you can get some great sounding NEW instruments that will only get better over time. You have to look at the number of these limited and signature editions being manufactured. The fewer made, the more collectable. (OOO-28EC's are not collectable as over 6000 have already been made, and they are easily replaceable. A signature series OOO-42EC in Brazilian is collectable because of the limited numbers made, and also because of the diminishing supply of Brazilian rosewood.)

Also, avoid buying someone else's custom made instrument. It may be very pricey and, it may not have custom features which are desirable to you. Another thing is that just because an instrument is a Martin, does NOT make it valuable. Certain models are far more desirable and collectable than others. You'll have to do your homework and research to determine what they are...but suffice to say nylon string and semi classical models from the 30's to present day, as well as their archtops, electrics, and ill-fated E models (as in OO-18E, OOO18E and D-28E) are not collectable or valuable, unless one really wants one and is foolish enough to pay the asking prices of sellers. These were acoustic guitars with DeArmond pickups and tone knobs drilled into the tops. Hideous!!! Also the real low end Martin's made in the 30s and 40s such as the O-15 and O-17 models are not real appreciative in value.

Having said all this, the very best investment grade Martins are older Brazilian rosewood models. In particular the market is really starting to heat up regarding late 40s and 50s era D-28's, as well as OO and OOO's from this era. But anything Brazilian made prior to 1969 is money in the bank and you won't lose a dime, provided you maintain the instrument. Obviously the older the instrument is, the more appreciative it will be in value. A typcial amount of time to see a return on your investment is 3-5 years, if it falls into either the really old, or pre-1969 time periods.

"Golden era" Brazilian rosewood instruments (those made between 1930 and 1944) are the most desirable and, the most expensive. This is why many would-be investors and collectors have now shifted their focus to post-war models. Somewhat more affordable and attainable, and in greater numbers. There are some excellent mahogany Martins made (D-18's as well as O, OO, and OOO-18's) pre-war, that are highly collectable, as well as post "golden era".)

Things that affect the value of older Martins (pre-1969):

Cosmetic condition:
- cracks: (whether repaired and stable or not) (but note that it is very common for Martins made prior to the 1980's to have what is known as the "standard pickguard crack", which is typically found at the side of the pickguard, or, at the bottom of the pickguard between the high E and B strings and extending all the way down to the bridge, caused by pickguard shrinkage, due to Martin's application of nitro-cellulose laquer over the pickguard as well as the entire top, the drying of which causes the pickguard to shrink and take some of the wood with it.) Repaired pickguard cracks are not an issue.

- play-wear: In one respect play-wear is a good thing, because it instantly tells you the previous owner played it a lot. But because play-wear also affects the cosmetic look of the instrument, depending on the amount of it, can reduce the overall value of the guitar in variable amounts contingent on the extent of the play-wear (unless it's Willie Nelson's guitar.) In many cases where the playwear is extensive both above and below the sound hole and above the end of the fret board, sometimes repairmen use "overspray" (re-laquer) the affected areas to strengthen them. This is not the same as refinshing as overspraying is not considered a gross alteration of the guitar's originality.

- action & intonation: If the instrument is properly set up, this is a plus to a potential buyer as it indicates the neck and bridge/saddle are stable (and possibly maintenance work was recently done (i.e. a neck reset, new bridge/saddle, replacement frets or fret dressing) so you don't have to spring for that, which can get expensive. If, on the other hand, you see a guitar with a shaved bridge and very little saddle to work with, this should be treated as a red flag, because it indicates 2 things; (1) the previous owner was putting off doing a neck reset, and shaved the bridge as a stop-gap measure, and (2) you're going to be the one responsible for replacing the bridge/saddle and doing the neck reset. Because of this you should deduct what the costs of doing these repairs will be, from the buyer's asking price.

Originality and Alterations to the Originality:

Anything that effects the originality of the piece can devalue it by up to 50% of its market value...and anyone who tells you differently is either completely uninformed or, trying to gouge you or rip you off.

The following are considered acceptable and normal maintenance and repairs without affecting the originality.

- replacement bridge: (must be identical materials and specifications to the original.) In other words, if you're replacing an ebony bridge, don't replace it with a rosewood one, and vice versa.) Also, if you are replacing a bridge with a through-slot saddle (the longer saddle) do not replace it with the shorter saddle, or here you are altering and devaluing the originality of the guitar.

- replacement nut or saddle: (use the same materials as the original, or upgrade to bone or fossilized ivory.)

- replacement tuning gears: fine, provided that (a) you don't have to drill any new holes in the headstock to make the replacements fit and fill the original ones (or again the originality is compromised), and (b) that you save the original tuning gears and include them with the guitar at such time as you decide to sell it.

- neck reset: standard piece of maintenance, and depending on the type of neck and internal neck reinforcement (either truss rod, steel or ebony bar) will need to be done once every 10-20 years, depending on the style of neck, the climatic conditions where you live and the amount of inherent neck relief which exists at the time.

- replacement frets or fret dressing : as long as the frets are of the exact same type as the originals

The following are considered alterations of the guitar's originality and can affect the market value up to 50% of its worth:

- refinishing : unless you are planning to keep said instrument for the rest of your life, this is something that should not be done. Refinishing the top, sides and back (devalues it 50% of its current market value)...even if only the sides and back are refinished (and the top left alone) or refinishing just the neck, the instrument is devalued. Refinished pegheads, with new Martin logos also devalue it.

- "Conversion" instruments: Commonly found on pre-1969 and 60's era, original straight braced Martins. These instruments have either had new tops with scalloped bracing or have the original tops, but the bracing has been scalloped to enhance the sound characteristcs. Devalued by 40-50%, although the selling line is "you get that great pre-war sound at a fraction of the price". These instruments are to be avoided as investment grade pieces, and should only be purchased if you're planning to keep them for life. They will always be devalued to an astute would-be purchaser.

Employee-made Martins: Martin encouraged some of their workforce to build their own instruments. There are some beautiful looking ones out there with exceptional woods and tone HOWEVER, the two necessary things (for an investor) lacking in employee-made instruments are (a) lack of the Martin decal on the headstock, which is blank with no logo) and (b) no serial number (to establish the date of manufacture). (30-40% devaluation from it's legit market equivalent...although some dealers will flagrantly ignore this and put their best positive spin on it.) Go here and scroll down to the 1959 employee made OOO-28. Nice wood, nice condition, GROSSLY OVERPRICED. I inquired about this instrument when dealer Larry Wexer had it (and he was asking $7,500.00 for it but was willing to discuss offers). A week after I talked to Larry, it miraculously ended up on the site of another dealer with 2500.00 added to the cost. (This dealer is operating under the notion that if somebody pays MORE it MUST be a really good guitar.) I discussed this instrument with luthiers at the 12th Fret in Toronto, as well as with people at Elderly. Their points have already been noted in my previous comments about employee made instruments.

Please note that I have spent the better part of 15 years studing everything there is to know about buying, collecting and selling pre-1969 Martins. While I am not an authority, I've done my homework, and I consider myself pretty knowledgable on the subject.

Here endeth the lesson. :-)