Like any asset, valuations will fluctuate over time and sometimes
greatly in the short term.  The broader "market" for mechanical musical
pieces does appear to be in a permanent downward decline but there are
definitely pockets within this market that have experienced extremely
healthy upward returns during the past five years.

Like the stock or bond market, which in my opinion is a much wiser
vehicle for someone to invest the bulk of their assets for future
returns, the short term outlook for the broader mechanical music market
appears to be a buying opportunity as long as the pieces are not huge.
In my opinion, large scale mechanical musical pieces will experience
the least favorable future outlook.

In short, there is a silver lining for people buying today similar to
people who jumped into the stock or real estate market after the most
recent financial crisis.  The added bonus of parking some assets into
collectibles (e.g. mechanical music pieces in this case) is the pure
joy that these treasures provide.  Be a contrarian, buy when other
people are worried and sell when the masses are tickled pink and
comfortable.

Kind regards,
Troy Duncan, CPA, retired