FUQ (eff -yu - cue) - FAQ's with an EDGE

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Question:
First off, I'm looking for a nice sounding VINTAGE acoustic, but I don't have $5000 to waste... would buying a Harmony Sovereign be a good way of achieving this? The auction I've been watching is: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=856294585 I've done some research, and I do believe that the guitar is a clone of the Martin's of the time…and all research I've done says they're pretty good, but I'm looking for a broader base of experiences/opinions. Please help. Also, if I can't get this auction, there is a 1971 Martin D-18 in a shop for $1200...would that be a good second choice? I really don't have a lot of money...and don't want to waste $1200 when I could waste $250 on a knock off if it sounds comparable.

Answer:
There is vintage and then there is vintage.  I have difficulty thinking of a Harmony guitar as vintage.  That said, this is likely one of the thousands of Sovereigns made in the 60s and 70s before Harmony ceased production in 1975.  A Sovereign was a cheap guitar for the time, with a MSRP of about $160, and street price for about $100.  Yamaha supplied the market with a much better guitar at the same price, and essentially took the business for low end guitars away from Harmony. Whether a Harmony will have any collector value is difficult to know.  Neil Harpe is into collecting Harmony Stellas because of the acoustic blue association.  But Stellas are still cheap (and usually need much reworking to remain playable).  The used market for Sovereigns does not suggest there is a groundswell of demand out there.  Which brings me to this point: You need not be in any hurry to buy any sovereign.  There are many out there, and you have time to shop around.  You can pretty much believe that one that sells on eBay will be at the high end of the price range, if this auction follows the general pattern.  I would not pay any more than the current bid for an old guitar without an adjustable neck in which the action is already a bit high. Remember that a neck reset will cost you more than the guitar is worth. Do not buy a Harmony Sovereign thinking you are getting a bargain basement Martin.  In terms of playability, quality, and tone, there is a world of difference.  Just about any dreadnought sold at the time (even today, as well) could be described as a clone of a Martin.  Martin, after all, pioneered the dreadnought shape.  Many Harmony guitars were ladder-braced, not x-braced, including, I think many Sovereigns, although my memory is not clear on this.  I am also not swayed by the made in USA bit.  The Asian (Japanese) imports of the era were much better. On the positive side, I have seen old Harmony guitars that were old enough to be solid wood (often Birch--not the best tonewood) prove to be great players with the right re-working.  This can include a neck reset, refretting/planing the fretboard, and even changing out a Birch top for solid spruce.  If your luterie skills allow this, the old Stellas in particular can be fun to work with. The D-18 is the real deal, although a low end Martin at the time with Mahogany back and sides. If you are looking for a used guitar (and I buy used when I can), good values currently seem to be Guild and Alvarez Yairi.  I have also found good deals on Larrivees.  It is impossible to predict what the future demand for these guitars will be.  Anyone who bought a banjo in the 1970s is likely to be disappointed with its resent value, as the Bluegrass resurgence did not last. The purchasing power of Baby Boomers is at its peak now, and many are buying those old guitars they dreamed of in their youth, bolstering the market.  I suspect at some point there will be a Boomer bust on guitars, as the kids start putting dad's old collection guitars on the market. Late 50's to late 60's Gibson J-45. No fooling. Your price range, see eBay. Vintage means more than old.. it means pedigree, or at least implies such. There were only a few Harmonys that got much acclaim, and I think you'd be disappointed anyway. For the kind of money you have to spend... apparently you COULD spend the 1200.00 mentioned below…you ought to get this 'vintage' mantra out of your head and look at what you get brand new. A D-18 from 1971 could be a very good guitar, don't get me wrong. but when you consider which NEW martin, or Taylor, or larivee, etc. etc... I think the minor cache that a mere D 18 gathers doesn't add up. Again...not knocking the D 18 at all...but for twelve hundred... it would not only have to have been well cared for and played fairly often, it would also have to be a particularly good guitar. Age alone won’t guarantee that.