This very rare and popular carved mahogany Louis XV model M from the golden-era is in a brilliant condition. If you're looking for a gorgeous looking, very high quality Steinway, this is the one you want.
Premium rebuild by Steinway & Sons in 2005. It's a new piano, in a very attractive antique case.

A Steinway-restored Louis XV Model M from the 1920s is a highly collectible art-case piano, and most commonly trades in today’s market around $60k to $80k.

Appraised by the Beethoven Foundation at $70,000. New $150,000.

Located in Hendersonville, NC.
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Steinway factory restoration cost :

$60,000 – $100,000+ for a full rebuild by Steinway
$90,000 – $150,000+ if the Louis XV art case is fully restored

A true Steinway factory restoration is not just repair—it’s essentially a rebuild to “like-new Steinway” standard:
New soundboard, bridges, pin block
New strings, action, hammers (genuine Steinway parts)
Full regulation/voicing
Cabinet restoration (this is huge for Louis XV carved cases)

The art-case carving dramatically increases cost because:
It’s handwork (not just refinishing)
Often requires specialist artisans
Can take hundreds of additional labor hours