The Gibson ES-335

Why is the guitar on the left worth twice what the one in the middle is worth? It’s a mystery but it’s the truth. An ES-345 no matter what year, is worth half of the same year 335. 355’s follow the same rule with the exception of the super rare stop tails.

I’ve mentioned many times that the vintage market for 335’s, 345’s and 355’s is “upside down” with the 335’s being worth around twice what the higher end 345’s and 355’s are worth. The good news for collectors and players who don’t have unlimited budgets is that it’s still “upside down”. When you consider that a collector grade (but not mint) 59 stop tail 335 will cost you between $35K and $40K, it is almost unbelievable that a 59 345 stop tail will cost you about half that. So, you’re saving $20,000 to endure the indignity of fancier bindings, fancier inlays and largely obsolete stereo/Varitone wiring. For around $200-$300, your can convert the electronics to 335 spec. The obvious next question is whether that hurts the vintage value or not. I can tell you from vast experience that it doesn’t as long as you keep all the original parts. You can be a purist and keep it stereo-it’s still a great guitar but if you’re buying a 345 because you don’t want to spend double for the same year 335, it’s a no brainer.

So, looking back at the 345 and 355 market for 2018, the news is mostly good. Like the 335, 59’s are still the benchmark especially the early “first rack” 345’s with the giant neck profile and unusual rout under the bridge pickup (short leg PAF-look it up). 59’s were up this year with first racks topping $20K and pushing $25K for excellent examples. Later ones (smaller neck, bigger rout) are approaching $20K. 59 355’s (Bigsby) were also really strong with big neck monos leading the way pushing into the $25K range. Lots of 59 355’s have smaller necks but the 59 year is still magic. The stereo 59’s are less than the monos but are also in the $20K range. Remember that stop tail 355’s are super rare and command a huge premium-double the price of a Bigsby. I only know of 12 of them.

What about the other years? 2017 was not a good year for 345’s. 60-64’s were pretty much stalled all year. 2018 was better but 61-64’s were still slow but showed a little appreciation. They are still a pretty tough sell. I’m not sure why but I can sell a half dozen 59’s in the time it takes me to sell one 61. You can get into a 61-64 345 or stereo 355 for $11K-14K-less if it has issues. That’s a bargain. The surprise, to me, of 2018 is the increase in popularity of 1960 ES-345’s. I see two reasons for this. The availability of the red finish is a big part of it. There are only 9 red 59’s and they are pricey, so if you want a long guard, long magnet PAF equipped red 345, the 60 is your only choice. I think the 60 345-red or sunburst-is currently the best bargain in this market. A collector grade early 60 will cost you in the $15K-$17K range. A little more if its mint (or has double whites or zebras which is relatively common in early 60). Yes, the neck profile is slimmer than an early 59 but an early 60 is identical to a late 59. So, are 59 bragging rights worth $5000 to you? Didn’t think so.  A later 60, which will have the very slim “blade” neck, will be even less. It will still have the long guard and the long magnet PAFs. The “transitional” 59/60 neck seems to slim down around the late Spring of 60. Look for A32xxx-A33xxx for the larger neck. No guarantees since the change in profile didn’t occur overnight but after A34000, they all seem to be very slim, like a 61.

I will make the further point that asking prices for 345’s and 355’s are all over the place. I’ve seen 61-64’s listed for close to $30K by sellers with big dreams and no sense of reality. It is human nature that most sellers think their guitar is worth way more than it will actually sell for and that hurts the market. On the other hand,  it helps sellers who ask fair prices; prices based on something more than wishes.

Lastly, let’s consider blondes since they were the big winner in the 335 market. All blonde 355’s were special orders so they are among the rarest of the rare. I’ve sold two in the past 10 years and I’ve seen only two others. Blonde 345’s were available from 1959 to 1960 but were made in very small numbers. Gibson made only 32 59’s and 18 60’s. After 60, they were special order only and I’ve seen one 61 and a few from the late 60s. I can’t tell you how blonde 345’s did in 2018 because none of them came on the market as far as I know.  My opinion is that they should be on a par with blonde 335’s. After all, there are four times as many blonde 335’s as there are blonde 345’s. I know a number of big collectors who own multiple blonde 335’s but have had no luck finding a blonde 345. My main player is a 59 blonde 345 (with some big issues) and I would have to say that a blonde 345 is my favorite guitar. Period.

What’s not to love? The 345 is a beautiful guitar that sounds as good as any guitar Gibson ever made. The blondes are big money but the sunburst and reds will cost you half what a 335 from the same year will cost. The middle one here is a finish called Argentine Grey. Rare but not popular. Got a black one? Lucky you. There are only 6 known.

Tuesday, January 8th, 2019 at 10:36 am • ES 345 • RSS 2.0 feed • leave a response or trackback