If new, go by the manufacturer's list price. Steinway is just about the only brand that can sell at the list price and not give any substantial discount.If used, depends on vintage and condition -- get an independent, experienced technician (one not affiliated with the seller) to help you (1) verify that the piano is in good shape, and (2) advise you on the value of the piano.Thoughts on Steinway L -- some I like more than the others, can vary a lot from instrument to instrument even if new. Used ones depends heavily on the condition.