Inside the highest end of high-end pianos, with classic brand Steinway & Sons and its newest collaborator, Lenny Kravitz

• Steinway & Sons has unveiled a limited edition deluxe custom piano, designed by rocker Lenny Kravitz, worth $500,000.
• Only 10 of the pianos were made, with a portion of the proceeds going toward the Harlem School of the Arts.
• Both Lenny Kravitz and Steinway CEO Ron Losby spoke to Business Insider about their collaboration.
• Kravitz called it his "dream piano," inspired by African art and the Paris art scene of the 1920s, while Losby said other custom creations make this one a "real deal."
• Other custom Steinway pianos have sold for well more than $2 million in recent years, such as the "King Arthur," the "Fibonacci," and "Pictures at an Exhibition."

In the world of pianos, one name stands out at the high end of the market: Steinway & Sons, the 167-year-old piano maker that the BBC deemed the "Rolls-Royce of pianos" in 2014.

Steinway is best known for making grand concert pianos and for serving as luxe decor in the living rooms of the wealthy and the aspirational classes. And over the years, Steinway has participated in high-end piano commissions — and sometimes collaborations. This fall, Steinway collaborated with rock star Lenny Kravitz on a piano that ticks both of the above boxes: a state-of-the-art piano that serves as an ultra-luxe living room piece.

Only 10 Kravitz-Steinway pianos exist and they are priced at $500,000 each, with a portion of the proceeds going to the Harlem School of the Arts.

"I am proud to say that a portion of the Kravitz grand sales will go to the school to help with their mission, which is to level the playing field by empowering young people across the multi-cultural and socio-economic spectrum with access to the arts," Kravitz told Business Insider.

Steinway CEO Ron Losby told Business Insider that Kravitz was a natural partner for a piano collaboration since he grew up playing Steinway instruments, and he's also the founder of his own design firm, Kravitz Designs.

Losby said high-profile collaborations such as this one help the company stay relevant, adding that the company has done similar collaborations with actress Dakota Johnson, concert pianist Lang Lang, glass sculptor Dale Chihuly, and fashion designer Karl Lagerfeld.

In a sense, Losby said, the Kravitz piano is an emblem of why people continue to splurge on Steinway's products, and he and Kravitz took us inside the two-year making of this cutting-edge piano. Losby also revealed how, compared to other custom Steinway creations, this one is a relative bargain.

The Kravitz-Steinway piano took two years to make and costs $500,000

Kravitz called the collaboration his "dream piano," and said it was inspired by African art and the Paris art scene of the 1920s.

The legs are block-style, finished in black ebony; its top stick and its 40-pound pedal lyre are cast in solid bronze.

Each pedal, brass music tray, hinge, and plaque has its own custom finish. The piano keys are ebony and matte cream. And the bench is made with Macassar ebony and faux cheetah print.

"One of my favorite moments during the design process involved the hand-carved, block-style piano legs," Kravitz said, since he thinks piano legs are often overlooked and he and Steinway wanted to create something "unique. These legs really tie in the African motif and command attention with their unique shape and size but also in an understated way with the more traditional black ebony finish."

Losby said Steinway chose to work with Kravitz about three years ago — factoring in his design and musical background, they felt he could bring something "unique" to its piano portfolio.

"He created a piano that is unlike anything in our 167-year history," Losby said, addin that since Kravitz is a musician himself, he could personally relate to what was going to come out of this piano as far as its sound is concerned.

The high end of high-end pianos

Steinway caters to the highest end of the high-end market for grand pianos by creating custom pianos for wealthy individuals, and by releasing these limited-edition collaborations.

A recent Wealth X-report showed that art remains a top interest, passion, and hobby of billionaires, though the report did not break down particular categories. In 2018, Wealth X reported that pianos were tied for the most popular musical-instrument purchase by billionaires, alongside the guitar.

Losby said limited-edition items help pianos retain their value, adding that people feel more enticed to buy something if they know only a few in the world exist.

Many piano buyers out of China, The New York Times reported, have been requesting piano customizations such as diamonds and African wood, with one piano, called "Charm of the Dragon," selling for $1.1 million in 2013.

That number pales in comparison to some recent customization requests, Losby recently told Insider.

Losby said the company is now working with a firm that specializes in ornate gold and gilded designs, in order to create an embellished piano with gold crowns and a sword that lifts the lid. "We call it the King Arthur Piano," he said. "And it's worth $1.5 million."

There's another one, called the "Fibonacci," that was sold to the owner of an apparel company for $2.4 million.

One of Steinway's most famous limited-edition pianos is called "Pictures at an Exhibition" and was hand-painted by visual artist Paul Wyse. The paintings were inspired by a musical composition by famous 19th-century Russian composer Modest Mussorgsky. That one is worth $2.5 million, according to Losby.

When you consider all the custom creations in Steinway's portfolio, Losby said, "the Kravitz piano is a real deal."