As of today, Kazuo Ichiyanagi (alias Kazuo Toshi) is unquestionably one of the highest regarded members of Japanese luthier’s elite.  

Even though Kazuo started as independent luthier in mid 1960s, he was associated with Fernandes Co., where he was responsible for design and production of classical guitar lineup from 1969 until 1990. During that time, he was making limited number of guitars sold with his own label. Since his departure from Fernandes, Kazuo is running his own workshop until today, currently being helped by his son Kunihiko. Kazuo’s signature guitars are sold in Japan for prices between $5000 (Indian Rosewood b/s) and $10000USD (figured Brazilian Rosewood b/s).

Guitar you are looking at was priced 300 00 yen in 1987. It easily challenges (priced 50% higher) Masaru Kohno Special from the same year.

In 1987 top of the line Masaru Kohno’s model Maestro and Sakazo Nakade’s Master 80 were priced 800 000 yen. For some well-established Japanese makers 500 000 yen models were the top of the line (Yamaha GC50, Toshihiko Nakade Master 5000 or Yukinobu Chai 50). For other makers 300 000 yen were the highest models (Sumio Kurosawa 30, Yukio Nakade C30 or Osamu Nakade 30) while for some 200 000 yen was the maximum they could charge for their top models (Ryoji Matsuoka M200, Takamine 20 or Kazuo Yairi YC20 Custom). I simply don't know if Kazuo Ichiyanagi had any higher model in 1987.    

As of today, there is no way to get in Japan a brand-new French Polished classical guitar made with solid BR b/s for less than 1 000 000 yen, unless it is made by totally unknown maker.  

This guitar absolutely deserves to be called a “Grand Concert Guitar”. It offers great volume, super response combined with sweet and somewhat dark tonality, high level of note clarity and separation, all greatly enhanced by great deal of overtones and great sustain. Even though it is made with Spruce top, this guitar offers some warmth and is not as bright as most other guitars from that group. It truly is a beautiful instrument.

This guitar remains in “very good for its age” overall condition. While it doesn’t have any structural flaws, its top bears several light dents and scratches, with only few being conspicuous. Its back and sides bear only few light scratches, while all other surfaces are relatively clean. The most "serious damage" is located in the area normally covered by player's arm (one conspicuous scratch on the soundboard, some abrasions on the binding, one attrition and few scratches on the sides). Very importantly guitar's neck is straight, fingerboard and leveled frets remain in very good condition. Original tuners work fine. 

Perhaps the most noticeable “imperfection” is that its sides are “cloudy”. Such cloudiness occurs only within the finish while the wood itself doesn’t lose its natural color. It is often a result of mixing finishes, like covering shellac with cashew oil. After cashew oil dries it is harder, more durable and scratch resistant than shellac. Later as the shellac ages it becomes “cloudy”. It also depends on what shellac formula was used. Sometimes instead of uniform cloudiness, there are only a few “fingerprints” visible. Such “fingerprints” are traces of shellac pads. Such pronounced finish cloudiness or "fingerprints" occur exclusively on Brazilian Rosewood.  

 

Specification:

Top: Solid Spruce/Shellac

Back& Sides: Solid Brazilian Rosewood/ Shellac

Neck: Mahogany

Fingerboard: Ebony

Nut width: 52mm

Scale: 650 mm

The action is set to 3.30 mm under E6 and 2.80 mm under E1, with practically no extra room on the saddle. 

This guitar will be shipped in original used hard-shell case in still good condition. 

When contemporary Japanese luthiers are using 40+ years old soundboards to make “all solid woods” guitar it is priced at least $5000USD. Guitars with artificially aged (“baked”) soundboards are priced at least $4500USD. Solid top models with 40+ years old soundboards are priced at least $3500USD. American, Australian and European luthiers usually charge 50% more.

It is a matter of basic education (not beliefs) to realize that 50+ years old soundboard of this guitar alone is worth $2500USD. 

Real Value of Japanese Vintage Guitars

The key to understand value of vintage Japanese guitars is to acknowledge galloping price inflation (devaluation of Japanese yen) during 1960s & 1970s. This inflation slowed down in 1980s.

During 1960s and most of 1970s model numbers of Japanese guitars were strictly interconnected with their prices in Japanese yen. By early 1980s and during following decades model numbers were no longer strictly associated with their prices. Some Japanese guitar makers introduced model names instead of model numbers. Others were still using model numbers with addition of letters and/or other symbols. 

It is then important to understand that two Yamaha GC10 guitars made 10 years apart are two instruments of totally different class. The same applies to any other Japanese maker/brand.   

The logical way to estimate the true class of any given Japanese made instrument is to compare its price with the average annual salary of wage workers in Japanese private sectors. This salary was: 450 600 yen in 1965 - 825 900 yen in 1970 - 1 868 300 yen in 1975 - 2 689 000 yen in 1980 - 3 163 000 yen in 1985 - 3 761 000 yen in 1990 - 4 107 000 yen in 1995 - 4 082 000 yen in 2000. 

Any guitar priced 100 000 yen in 1970 (labelled as No10 or No100) would be priced 200 000 yen in 1975 (relabeled to No20, No200 or 2000), 300 000 yen in 1977 (labelled as No3, No30 or 3000) and 500 000 yen by 1985 (labelled as No50 or 5000).

Starting in 1977 Masaru Kohno introduced his new models No40 priced 400 000 yen and No50 priced 500 000 yen. By early 1980s Kohno started using model names instead of numbers and was steadily raising their prices without changing model labeling. His very top model 50 became model “Special”, and a decade later it became model “Maestro”. Naturally, all other Japanese guitar makers were doing similar pricing (labelling) upgrades.

Knowing all of that, you can bet on that Masaru Kohno No50 made in 1982 is practically the same grade instrument as Kohno No20 made in 1972, or Kohno no 30 made in 1975.

In early 1970s the lowest Ryoji Matsuoka (all plywood) model was 10, followed by (solid top) models 15, 20, 25, 30, 40, 50, 60, 80 and (all solid woods) models 100 and 150. Models 50, 60 and 80 were made with non-solid figured Brazilian Rosewood (double) back and sides and top model 150 was the only one made with solid figured Brazilian Rosewood b/s.

In 1980 the lowest Matsuoka model was (all plywood) 20, followed by (solid top) models 30,40,50, 60 and all solid woods models 80,100,150 and 200. By 1990 the lowest Matsuoka model was M40 and the highest was M300. By 2010 the lowest Matsuoka model was M50 and the top model was M270. 

You can bet that Ryoji Matsuoka model 50 from 1980 is of the same grade as model M100 from 2000, model 100 from 1980 is of the same grade as model M150 from 2000, model 150 from 1980 is of the same grade as M200 from 2000 and model 200 from 1980 is of the same grade as model M300 from 2000.

It is important to mention that if modern era luthiers are using 40+ years old woods to make an “all solid” wood classical guitar, its price is minimum $8000.

All vintage guitars made with Brazilian Rosewood are especially precious, including those made straight grain varieties and those with non-solid b/s.

Because response and tonal properties of Spruce soundboards are improving over time, long seasoned Spruces are far more precious than long seasoned Cedars. 

It is not very difficult to find out what are current prices of such guitars made by world’s leading luthiers.