The Gibson ES-335

It had to happen eventually. Folks have caught on. The 345 is a bargain. Still a lot less expensive than a same year 335 and still every bit as good. Prices are up three years in a row. Sellers still ask more than they are worth and will continue to do so forever.

Typically, part 2 of my year ender posts deals with a look back at ES-345’s and ES-355’s. Well, this is year is no different. 345’s and 355’s don’t simply follow the 335 from behind, they have their own economy and market. The markets are related for sure but they are not in lock step (and haven’t been for decades). After the extraordinary gains of 2021, we all thought that maybe 2022 was going to be the year of the correction. But no. It didn’t happen.

ES-345’s in past years tended to sit at about 50% of the same year ES-335. Again, not in lock step but you could make a general rule considering 1959 to 1964 ES-345’s. As the 59 ES-335’s moved up in value in a head spinning manner, the 59 ES-345 lost some ground but only when compared to the 335. The runup in 59 345’s that began in earnest in 2020 continued unabated in 2022. An good 59 sunburst 335 sits at around $70,000. A good sunburst 345 (stoptail) sits at around $30K. But, looking at the very desirable “first rack” 59 ES-345 market, it’s a different story. I recently sold a first rack in 9/10 condition for $37,000. That’s a big jump from the average of $32K they brought in 2021 (I sold three in that year). Here’s what is a little odd…60-64 ES-345’s haven’t really moved much at all. The asking prices are climbing almost daily but I’m not seeing big jumps in the actual selling prices. I’ve seen a 60 listed for well over $40K. 61’s in the 30K range (which is nearly equal to the current 61 335 price). 62 to 64’s in the pre pandemic days were in the mid to upper teens. I see them daily in the mid $20’s. Consider that an average PAF 62 ES-335 is now perhaps a $30K-$32K, a same year 345 at 75% of the price of the same year 335 is unprecedented in modern times. I’ve always believed that 345’s have been wildly undervalued. It’s a good thing that they are having a good year and getting the respect they deserve. They are wonderful guitars whether still in theoir stereo configuration or converted to 335 spec.

The ES-355 market is different. because there are both stereo and mono versions, there are two distinct markets. The fact that nearly all 355’s have a Bigsby or other vibrato tailpiece keeps the prices down a bit. The other factor that drives the 355 market is the fact that there simply aren’t that many of them. They are the lowest volume of the three ES semi hollows (by a lot). I sold perhaps six 355’s over the past year and the prices were about where they were in 2021 for stereo models but up considerably for monos. And that doesn’t surprise me. Mono 355’s are wonderful guitars. Like the rest of the line, the asking prices have gotten a little “ambitious” but the selling prices are relatively stable. All years other than 58 and 59 are (or should be) still in the $20K to $25K range. You might snag one in the teens if you’re patient. Stereo 62-64’s for under $20K are still out there. Look for Bigsby rather than sideways or Maestro-Bigsby’s simply work better. Here’s a little known fact…there are 65’s and even 66’s with a 1 11/16″ nut. I’ve had a couple 65’s and at least one 66. That’s due simply to the low sales volume. They had leftover wide necks and they used them until they were gone.

2022 was a good year for vintage ES guitars. It wasn’t the feeding frenzy of 2020 and 2021 but the fact that the gains from those years held up after life got back to (almost) normal is comforting. I expect the market to flatten out over the next year but I don’t think it’s going to drop appreciably. Sellers, if they want to sell, need to keep their expectations in check. If you price your vintage ES guitar properly, it should sell…not as quickly as it did back in 2021, but the demand is there.

60 and 61 dot necks had a great year mostly because 58’s and 59’s have become so hard to find and have soared in value. An early 60 is the sleeper value right now.

With Covid 19 almost in the rear view mirror (for now anyway), the guitar market is slowly returning from the insanity that marked the Covid Era. It was almost a foregone conclusion that the huge runup we saw in 2021 couldn’t possibly sustain through another year. And it didn’t. But 2022 was far from a bust. Inflation reared its ugly head for the first time in decades and that showed up in the new guitar market more than the vintage market. The vintage market had run up so steeply from 2019 until early 2022 that nobody would have even noticed inflation. 9% inflation in the midst of a 20% market rise doesn’t raise many eyebrows. But now it has calmed down a bit but the big price increases have withstood nearly a full year of economic uncertainty. That tells me that vintage guitars are a smart investment (but I already knew that and so did you).

What struck me in the period from Spring of 2020 until early 2022 was the huge increase in the number of first time vintage buyers. We can easily chalk that up to the “stay at home” advice that almost everyone took to heart during the worst of the pandemic. Guitars that have sat in my inventory for years were suddenly out the door. These weren’t bad guitars, they were generally really good guitars that had a limited market. Guitars like Guild Thunderbirds and Aristocrats, Gretsch Duo Jets and Country Clubs, Gibson ES-175’s and even Fender Duo Sonics. The runup in price for a late 50’s or early 60’s ES-175 was truly remarkable. The reason for this? PAFs. The increase in value for a PAF in 2022 was nothing short of mind blowing. I could buy a pair of double whites in 2020 for $9000. Today, if you can even find a pair, you’re going to spend $16,000 to $18,000. While all of the ES models had a good year (although much of that price increase occurred in 2021), it was the PAF equipped ones that led the charge.

The ES-335 market was fairly level in 2022 and that was no surprise after the stunning runup in 2021. Asking prices can (and often are) still crazy high but the overpriced ones are sitting unsold. That didn’t happen last year. You can ask $65,995 for your 60 dot neck with the Bigsby holes but I don’t think you’ll get it. That said, 60 and 61 ES-335’s picked up the slack in the dot neck market caused by the lack of inventory of 58 and 59’s. Decent block necks, especially those with PAFs had a strong year and have held on to the 2021 increases. I think mid 30K’s for a Bigsby or Vibrola version is wishful thinking but they are out there. But so are the ones for $25K. Do your homework. That’s a big disparity. As always, ask about the parts. 95% of the guitars I buy (including those from dealers) have an undisclosed parts issue. It can be as small as a wrong screw or as big as a changed tailpiece (the most common changed part). Wide nut 65’s have been a bargain for years but they took off and held their price through 2022. Still excellent guitars but no longer the sleeper bargain they once were. ES-335’s from 66 to 69 have climbed steadily but have fallen back a little recently. It’s not surprising either when you consider that the number of 335’s made in 67 is something like 10 times the number made in 59.

What should you buy in 2023? Depends on how much you want to spend and whether you want an investment, a player or both. I think 58’s and 59’s are still worth the money. The burst market tells me that there is still plenty of room for 58’s and 59’s to move even higher, especially blondes. If you can find an early 60 (transitional neck), that may be the one to buy right now as it is exactly the same as a late 59. Failing that, a later 60 is still a great choice as a player or an investment. 61’s are tricky with that very slim neck so be careful. 62-64 block necks are high right now but find one with PAFs if you are looking for an investment. I know, the late PAF is the same as the early patent number but the perception in the marketplace will favor a PAF equipped block neck every time. They have been underpriced for a long time and have finally gotten their due after having been left in the dust by the dots. 65 through 68 335’s have gotten kind of pricey as well but there are so many of them that competition often allows you to find a real bargain. After 68, you need to do your homework. Quality and specs are all over the place from 69 onward.

Later (65 to 68) 335’s can still be found at very reasonable prices. Lots of them are overpriced but there are so many out there that a bargain shouldn’t be too hard to find. Do your homework. This rare black 68 wasn’t cheap but it was still affordable for a black 335. A black 59 will cost you $150K or more if you can find one. This 68 was well under $25K.