Alicia Witt's (Piano) Keys To Investing

Law & Order: Criminal Intent (GE) star Alicia Witt pays the bills by acting, but she invests in music, and we are not talking iTunes (AAPL).

The 33-year-old, who plays detective Nola Falacci, told MainStreet about her first big financial move. "I bought a grand Steinway Piano," says the classically trained pianist, who recently performed at the Cutting Room, a music venue co-owned by Chris Noth located in New York City. "I play the piano and I write my own songs."

More than 150 years old, Steinway & Sons  (LVB) is considered by pianists to be one of the best piano makers. Billy Joel, Paul McCartney, Diana Krall, and Herbie Hancock have used their pianos for concerts or recordings. Just how much are these luxury pianos worth? It depends. Steinway only produces 2,000 handcrafted pianos per year in its New York factory. One thing is for sure, they can appreciate in value.

For example, if Witt purchased a 9’ concert grand Steinway in 1985, it would have set her back $50,000. That same piano would now be worth around $84,000, a 70% increase. That’s not as much as the more than $2 million George Michael successfully bid in 2000 for the old Steinway used by John Lennon to compose "Imagine," but those were just slightly extenuating circumstances.

Witt may cash in on her keyboard someday, but until then she is putting her investment to work. "I'm working on creating an album," says Witt. "I have three of my songs up [on MySpace]." (NWS)