Framptons '54 Custom found

[teame1]

Where is the Humble Pie (from all the doubters at the beginning of the thread)?

 

[nicolasrivera]

I'm still with curiosity if the Dutch guy and the "repair man" from Curacao didn't trick the owner into selling it for $5K.....

 

[Benwave]

CONGRATS Donald!!!! I have PF 654.



Ben post some pics of yours when you get it. I would think Peter would sign it for you are as well.


Thanks again and
http://www.mylespaul.com/forums/cellar/173245-peter-frampton-appreciation-thread.html

I sure will. If have some mix feelings about the paint on the front of the guitar.
On one hand, its nice to have one signed by Peter, but on the other-hand
its a bit pity for the look of the guitar , they are so beautiful as they are

 

[b3john]

I'm still with curiosity if the Dutch guy and the "repair man" from Curacao didn't trick the owner into selling it for $5K.....

Sounds to me like the guy who was holding it got $5000 for a guitar which was subsequently returned to its rightful owner. For their trouble, Ben and Donald got production PF artist models. The guy who had been holding the guitar seems to have set the selling price, or at least agreed to it. Where's the conspiracy?

Peter Frampton Reunited With 'Best Guitar' After 31 Years - NYTimes.com

...

Mr. Kabbara said the guitar surfaced two years ago when the local guitarist, who has not been identified, took the instrument to Donald Valentina, a Curaçao customs agent who collects and repairs old guitars in his spare time. The musician had been using it for decades, playing in hotels and bars on the island, but did not know the instrument’s history, Mr. Kabbara said.

Asked to repair the guitar, Mr. Valentina noticed the unusual third set of pickups and burn marks on the neck, Mr. Kabbara said. The customs agent began to suspect the guitar might be the one Mr. Frampton had played on the "Frampton Comes Alive!" album. He consulted with another Frampton fan in the Netherlands, who confirmed it had all the earmarks of the missing Gibson. Mr. Valentina also sent photos of the inner works of the guitar to Mr. Frampton. Mr. Frampton said he was stunned when he saw the photos; it looked like guitar, he said, but he could not be sure.

For two years Mr. Valentina tried to persuade the local guitarist to sell the instrument, and finally, in November, facing a financial problem, he finally agreed. But Mr. Valentina did not have money and, afraid another buyer might scoop up the guitar, he approached Mr. Kabbara at the tourist board.

Mr. Kabbara, an amateur guitarist who admires Mr. Frampton, agreed to put up the board’s funds – about $5,000 – to purchase the guitar, on one condition. He and Mr. Valentina would take the guitar to Mr. Frampton as a gesture of goodwill. "I thought the right thing to do was to give him back his guitar," he said. "This guitar was him. The whole 1970s was this guitar."

...

 

[F.V.]

I sure will. If have some mix feelings about the paint on the front of the guitar.
On one hand, its nice to have one signed by Peter, but on the other-hand
its a bit pity for the look of the guitar , they are so beautiful as they are

If looks were the only consideration, I'd bet you'd be able to sell the "messed up" one and buy at least ten without the paint on the front of the guitar, lol. But my guess is that you already know that. Go with the autographed one, your grandchildren will thank you.

 

[nicolasrivera]

Sounds to me like the guy who was holding it got $5000 for a guitar which was subsequently returned to its rightful owner. For their trouble, Ben and Donald got production PF artist models. The guy who had been holding the guitar seems to have set the selling price, or at least agreed to it. Where's the conspiracy?

Peter Frampton Reunited With 'Best Guitar' After 31 Years - NYTimes.com

Thanks, i have not read that full story...still i just want to know if Balentina and Kabbara told the guy he had been using Peters old guitar, you know, because if so a $5K price seem low for its real value.

 

[Benwave]

If looks were the only consideration, I'd bet you'd be able to sell the "messed up" one and buy at least ten without the paint on the front of the guitar, lol. But my guess is that you already know that. Go with the autographed one, your grandchildren will thank you.

Ten times.... ..That is about 60.000 dollars.. Anybody interested.... ?
No no ten times seems a little much.
And i said before money is not everything .

 

[Benwave]

Thanks, i have not read that full story...still i just want to know if Balentina and Kabbara told the guy he had been using Peters old guitar, you know, because if so a $5K price seem low for its real value.

Don`t believe everything you read in the newspapers......

 

[nicolasrivera]

Don`t believe everything you read in the newspapers......

Ben, i really want to know, care to share the right version.... please.

 

[pmonk]

Don`t believe everything you read in the newspapers......

Or read on the internet!

 

[Wilko]

I just thought of a reason we may have had to wait for January to get the news.

Income. Suddenly--at the very end of an, apparently, very successful year--Peter Frampton (a business) is handed a very valuable asset. I think I'd wait to put it on my 2012 return.

 

[joshhohensee]

I just thought of a reason we may have had to wait for January to get the news.

Income. Suddenly--at the very end of an, apparently, very successful year--Peter Frampton (a business) is handed a very valuable asset. I think I'd wait to put it on my 2012 return.

Why would he have to pay income taxes on something he's owned since 1970?

 

[toneguy86]

Pretty sweet! I love happy endings OR it would seem like this is a happy ending.

 

[Wilko]

Why would he have to pay income taxes on something he's owned since 1970?

Because it was likely written off. Plus, any insurance claim would likely have the guitar belonging to the party who funded the claim. Not Frampton.

For Frampton to now come to ownership of a very valuable asset for a cost basis we can only guess is "zero", it would be classified as a form taxable income.

There are ways to shield one's self from such a liability such as a "loan" or what many do is form various form of corporations with limited liability.

Example: "Peter Frampton Entertainment" could own the guitar as a business asset and Peter Frampton as an employee could use it (as a tool).

The tax code is very complicated and there are a hundred ways to skin that cat.

 

[b3john]

Because it was likely written off. Plus, any insurance claim would likely have the guitar belonging to the party who funded the claim. Not Frampton.

For Frampton to now come to ownership of a very valuable asset for a cost basis we can only guess is "zero", it would be classified as a form taxable income.

There are ways to shield one's self from such a liability such as a "loan" or what many do is form various form of corporations with limited liability.

Example: "Peter Frampton Entertainment" could own the guitar as a business asset and Peter Frampton as an employee could use it (as a tool).

The tax code is very complicated and there are a hundred ways to skin that cat.

How do you establish the valuation on a guitar like that?

IIRC, it's two most recent selling prices were $5000 and free.

 

[Ed A]

A little off topic, but somewhere I read that Peter wants to use the found guitar at the Beacon theater in February.... Does anyone know if his performance of the entire Frampton Comes Alive album will be done at EVERY show on his Feb. tour or just certain venues?... And does anyone know if he might use the guitar for the whole tour or just the Beacon?.... Thanks!

 

[Wilko]

How do you establish the valuation on a guitar like that?

IIRC, it's two most recent selling prices were $5000 and free.

Very hard to put an number on, and very easy to know when the number is too low.

This happens all the time when people buy/sell items (usually cars) and have the "receipt" say a much lower price to avoid sales tax or whatever. The IRS knows the price is too low and calls you out for the fraud even though a real price may or may not be known.

This one would tricky, specially given the current market. The guitar itself could valued to a "fair market value" for a heavily modified, refinished, and damaged 1957 Les Paul Custom. That wouldn't be so bad. 5,000 sounds about right.

Celebrity owned... that's the tricky part. Come to think of it. There is a precedent set by the recent auction of two Peter Frampton owned Les Paul Customs that were damaged by the flood. Maybe that price could be the "value..."

Of course this is all pure conjecture by me and has very little basis in reality.

 

[VictorB]

A little off topic, but somewhere I read that Peter wants to use the found guitar at the Beacon theater in February.... Does anyone know if his performance of the entire Frampton Comes Alive album will be done at EVERY show on his Feb. tour or just certain venues?... And does anyone know if he might use the guitar for the whole tour or just the Beacon?.... Thanks!

Don't know.... but every live show is being recorded for sale! I may have to pick up that Beacon show!!

Abbey Road Live

 

[lpcustom69]

Don't know.... but every live show is being recorded for sale! I may have to pick up that Beacon show!!

Abbey Road Live

That's cool. Thanks.

 

[Ed A]

Well I went ahead and got tix for the Beacon anyway.... best chance of seeing and hearing the old black beauty again!