The Gibson ES-335

The 59 ES-355 mono was the big winner in 2019. They were under $20K in 2018 and have jumped to the mid $20’s or even higher if equipped with double white PAFs (and lots of them are). Want a bargain? Buy a 60. It’s the same guitar. Most 59’s have a transitional neck, not the big one. If you find one with a stop tail, sell it to me, please.

So, 2019 was, in general, another pretty good year for some 335’s and a great year for others but what about the rest of the line? 2018 wasn’t so great for 345’s unless it had the number 1959 in front of it. 2019 was pretty much the same. If you are looking for a 59 ES-345 sunburst (reds are rare in 59) or a 59 ES-355 mono, you paid more in 2019 than you did in 2018. I expect that trend to continue into 2020. We can dig a little deeper into the 59 cachet in another post. Truth be told, I don’t know why a collector grade 59 335 sells for around $45,000 and a collector grade 59 345 sells for around half that. 355’s follow the same rules, although the mono version commands a bit more and that’s where we’ll begin.

The mono 355 market was really strong in 2019 and I believe will continue to be that way. One factor that keeps 355’s mono well below the same year 335 is the Bigsby, so keeping apples to apples, we’ll look at the mono 355 compared to a Bigsby 335. A collector grade Bigsby 59 335 will cost you around $32,000. The same year 355 mono will be in the mid $20’s. If you’re OK with a Bigsby, that’s a bargain. A year ago, mono 59’s were still under $20K, so that’s a pretty good uptick. Stop tail 355’s are so rare, they live in a world of their own (all were special order). But anything from 59 seems to live in that rarefied place. Mono 355’s from 60 to 64 also were strong in 2019 although I sold very few of them. I think folks who use a Bigsby are getting the message that a mono 355 is a great alternative to the much higher priced 335’s.

The market for 60-64 345’s and stereo 355’s was not strong in 2019 and it surprised me. It was so weak in 2018 that I thought it had to come up in 2019. It didn’t. Asking prices have outpaced sale prices by 20% or more and folks just aren’t buying. It isn’t the dealers leading the charge here, it’s the individual sellers. I know, dealers ask stupid prices too but when you make your living moving guitars, you have to move guitars. 59’s are strong. First rack 345’s are incredibly strong-I can’t keep them for even a week and with good reason. They are great guitars. But once you get to 1960, it all goes a bit south. Of course, the thin necks are a factor although most players I speak to don’t mind the smaller profiles. I sold a 61 PAF equipped stop tail 345 last year (after months on the market) for $11500. Out of the ten or so 345’s I sold last year that weren’t 59’s, all went below $15K except for a double white PAF 60 ES-355 and a double white equipped 60 345. Again, these were mostly collector grade or, at the very least, no issue or very minor issue guitars. I used to be a purist about converting stereo guitars to mono but not any more. It’s reversible and it’s your guitar. Do what you want to make it a guitar you will play. A new harness will cost you $150-$200 and the labor should be under $200. Don’t forget to flip one of the magnets-stereo Gibsons have out of phase pickups.

I think, going forward, the sellers asking stupid prices for post 59 345’s and stereo 355’s will keep the market flat and even cause it to drop. Simply asking too high a price will affect the market negatively as the inventory soars and the demand stays the same or even falls. With 62-64 block neck 335’s so high, buyers might turn to same year 345’s which could strengthen that market. As I mentioned in Part 1, block necks are pushing through the mid $20K range and 345’s are just sitting there waiting for the smart buyer to jump in at $12K-$15K. Once you’ve converted your 345 or stereo 355 to mono, you are playing the same guitar that your friend with the 335 plays. The difference is that you have an extra $10,000 in your pocket that you can spend on that big tweed Bassman you have your eye on. Or, you can buy something nice for your wife who lets you indulge your childhood fantasy of being a rock star.

A 64 ES-345 is everything a 64 335 is. Don’t like the stereo circuit or the Varitone? Take it out (and flip one of the magnets). With 64 335’s pushing $25K, a 64 345 at $10K less looks like a bargain to me. All years from 60-64, if priced correctly for the market, are a great deal if original and well cared for.

Neil Peart, drummer and lyricist for Rush died on Tuesday at the age of 66.

Every once in a while there is an event that compels me to write about something other than guitars. It doesn’t happen often but when it does, I pick up a pen (OK, a laptop) and start pecking away. The event that motivates me is the death of Rush drummer Neil Peart. The subject is neither music nor drummers (what do I know about drummers?). It’s brothers, a subject I can call myself an expert in.

The bond between brothers is different than any other. It’s not the same as your bond with your spouse or partner but it can be no less deeply felt. It can be diluted (or intensified) if you have multiple brothers. I have 8 of them, which is what makes me an expert. With brothers, there is love, affection and respect. Brothers, however, don’t usually express their mutual love with words. They just don’t. Action speaks instead. That action can be almost anything-In my family, a nine way text on the phone, a weekend visit, even a loan or a punch in the arm. Brothers express affection in some unusual ways. But here’s the thing…the shared experience of growing up in the same house, under the same circumstances with the same parents forges an almost unbreakable (whether you like it or not) bond that endures. Until death do you part, indeed. You cannot divorce your brothers. They are yours forever and you are theirs. In the best case, they will do anything for you and you will do anything for them with no second thoughts. It’s been easy for me-we all get along and we’re all still healthy. It will break my heart to lose one.

Military guys will tell you about the brotherhood bond between members of their unit. Enduring life threatening danger will make you very close, as I understand it. I have never been in combat but I have spent time in a war zone (and I’ve been shot at) during my years in the TV news business. The bond must be similar but highly compressed-the bond that takes years for siblings to form likely forms in a fraction of the time. Losing your military brother in combat is one of the most gut wrenching stories any veteran will tell. Even without a genetic component, your brother is a part of you and to lose that can be devastating.

You spend maybe 18 years at most living with your genetic brothers. Imagine this. Three guys have worked together almost daily and in very close proximity for more than 40 years doing something that requires trust and respect for each of the others. It also requires enormous concentration, integrity and talent. Do it live on a lighted stage 200 or more times some years and you become pretty close. Bands that don’t, usually don’t endure. Stories of animosity in a rock band are abundant. The death of Neil Peart this week must feel like the loss of a brother to Alex and Geddy. Both are clients of mine and I am saddened by their loss. Making music together and doing it as well as Rush is an incredible gift far beyond the fan adulation, the money and the excitement of live performance. My meager experience as a band member from 1964 to around 1974 is nothing compared to theirs. The band changed members like most of us change their underwear. But my band that stayed together the longest forged bonds of the brotherly type. Tom, the keyboardist and Dave, the drummer and I stayed in touch over all these years. Dave and I grew up on the same street in Scotia, NY. Every time we saw each other over the years, the conversation always went to our few years as a band. That was our bonding experience. I have often referred to live performing as the scariest, most exciting thing a guy can do. Dave passed away in 2019 and I felt the loss in a way that can only give me the slightest inkling of what Geddy and Alex must be feeling today.

Neil Peart was a drummer’s drummer in a monster band. And a lyricist. Drummers don’t write lyrics, do they? Neil did and while I never saw them perform live, I so appreciate their work and talent (and, as a suburban kid, I love “Subdivisions”). I spent much of today on You Tube listening to Rush concert performances and I’m awestruck by how much wonderful noise these three guys made. I’m privileged to know Geddy and to do business with Alex. I send them my deepest condolences for the loss of their brother.

Alex, Neil and Geddy after their final show. So long, Neil. Thanks for the joyful noise.

Top Performer

Blondes went to the moon this past year as they did the year before and the year before that. With only 211 335’s and 50 345’s out there, it’s no wonder that these keep shooting up in value year after year. There are still a couple of these left if you’re looking for the best investment of all the ES guitars. Even the blonde 330’s have seen record prices with a two pickup 59 selling for nearly $20K.

Contrary to popular belief, guitar dealers actually talk to one another once in a while. And, to have heard them talk last Summer and Fall,  you would have thought the bottom had fallen out of the market. There was all kinds of moaning and complaining going on. “Nothing is selling.” “Seller are asking stupid prices.” “The are too many Strats on the market…” and so on.

That could be the opening sentence of this year’s market wrap up but I actually copied it from my 2017 post. The more things change, the more they stay the same, I guess. There are still too many Stratocasters on the market and the dealers still complained about nothing selling over the Summer and sellers asking stupid prices. The big difference this year is the stupid prices. Last year it was dot necks trying to reach new highs with $50,000 asking prices for 59 sunbursts. This year it’s 62-64 block necks with asking prices in the high $20K’s to well over $30K. I don’t know of anyone actually getting that much for a 62-64 but the fact that the asks have gone nuts tells me the market is strong. The real world price for a collector grade 62-64 is up nicely into the mid $20K range but anything over $25K is wishful thinking, IMO. Still, that’s about 10% higher than last year and that’s a very nice rise with red PAF guitars leading the way.

If any ES-335 deserves a mention for 2019, it’s the blondes. It’s a pretty rarefied market and it’s up in a big way (again). You could buy a good stop tail blonde three years ago for $65-70,000. I sold 5 this year with prices ranging from $85K for a 60 in very good condition to $120K for a near mint 59. Even blondes with major issues (headstock repair and Bigsby holes) were strong at $30K. It’s a tough market to quantify with so few for sale and so few that have changed hands in the past year. I know of only two sales besides the 5 I sold. It’s my opinion that there is plenty of room for appreciation. They only made 211 of them and they don’t come on the market very often.

I can’t do a year ender without a look at sunburst dot necks. Last year, the market was tested by a lot of sellers and the market spoke and said “slow down”. As with block necks this year, you can ask any price you want but asking prices don’t mean anything. Selling price is the only thing that counts. Dot necks from late 58 and 59 have been strong over the past few years and continue that trend. The interesting development this year is the strength of the early 60 dots-those with the late 59 features. Unless you absolutely must have a 59, an early 60 is the same guitar and will often cost you 20% less. While the preference for big neck 59’s is still dominant, the more manageable “transitional” neck has become very popular and has driven up early 60 335’s over the past year. Expect to pay around $40K for a clean 59 with no issues and a few thousand more for a near mint one. You can still find clean stop tail 60’s for around $30K but don’t snooze. The early ones are going up. The wild card is the unbound 58. Big collectors have to have one to complete the set but players are often scared off by the shallow neck angle. Don’t be. They are wonderful guitars when set up correctly. Finally, the laggard is the 61. The thin neck profile is the issue. 61’s can be unstable, so check the neck for truss rod cracks and distortion. A good 61 is as good as any 335. A bad one is trouble. A good one should cost you around $25K. Note that a late 60 (around A34000 or later) generally has the same neck profile as a 61 and the 61 will cost you a fair bit less. The 60 gets you the long guard and sometimes long magnet PAFs whereas a 61 will almost always have a short guard and short magnet PAFs. Nothing wrong with either of those features. Just make sure the neck is straight and has no hairline crack down the middle.

OK, I’m running long but I do want to mention one other interesting trend. Red dot necks. Red 59’s are too rare to even discuss (there are 6 of them known). Red 60’s are almost in that category with only 21 built. A clean red 60 is approaching $50K (I sold two last year). A red 61 is half that. The reason is simple. Red 61’s are pretty common with over 400 built. So, why spend big bucks on a 60? Yes, the long guard is nice but not $25K nice. It’s the finish. Most red 60 335’s will have the faded watermelon finish. It’s rare, it’s beautiful and you can’t fake it. There aren’t many out there but if you are looking for one let me know and I’ll find it for you.

Block necks, especially red ones with PAFs were stronger this year than they have been in the past. There was considerable resistance at around $20K but that’s in the rearview now. Asking prices have gone nuts and selling prices aren’t too far behind. $25K is still a lot for all but the mint ones but until this year, $25K was in the fat chance category. Sunburst blocks are up as well but they take a bit of a back seat to the red ones.