Victor Borge, known for his comedic piano performances, would often joke about playing a Baldwin piano while being sponsored by Steinway. This humorous anecdote takes on a new layer of meaning when considering that Steinway & Co. is owned by Paulson and Co., the hedge fund founded by John Paulson. Paulson, a long-time supporter and economic advisor to Donald Trump, brings an intriguing intersection of finance, politics, and the arts to the prestigious piano manufacturer. This connection, explored here for an arts-focused audience, reveals a story involving not just pianos and politics, but also a change in leadership at Steinway.
Michael Sweeney, the former CEO of Steinway, played a crucial role in revitalizing the company. A lover of jazz and art, Sweeney’s tenure was marked by a modern approach to the traditional piano maker. However, his departure highlights a potential clash of visions between artistic innovation and the financial priorities of owner John Paulson. This transition raises questions about the future direction of Steinway under Paulson’s ownership.
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Steinway’s commitment to innovation was evident in the opening of their new showroom near Bryant Park. Despite some nostalgia for the old 57th Street location, known for its historical significance to piano legends, industry insiders and musicians recognized a renewed energy within Steinway. This revitalization was largely attributed to Michael Sweeney’s leadership and his vision for the company.
Jazz musicians, in particular, were enthusiastic about Sweeney’s influence. His appreciation for diversity and artistic exploration was palpable. The author recalls a meeting with Sweeney, expressing surprise at encountering a corporate leader so deeply engaged with artistic expression and the pursuit of excellence in unconventional ways. Sweeney’s background as a successful entrepreneur across various sectors provided him with a unique perspective as he entered the instrument industry. His rapid understanding of piano craftsmanship and his passion for the Astoria factory and its skilled workers were remarkable.
The opening gala of the new showroom featured a performance by Yuja Wang, a celebrated classical pianist. Sweeney himself introduced her as “one of the top classical pianists in the whole world,” a testament to Steinway’s continued association with world-class musicians. Adding a surprising twist to the classical event, jazz musicians Jason Moran and Robert Glasper were also invited to perform. Glasper’s unconventional performance, which included using a wine glass on the piano strings, challenged the traditional atmosphere of the gala and subtly highlighted the presence of diverse artistic expressions within the high-end event.
Sweeney’s commitment to jazz extended beyond a single event. He actively explored the jazz scene and even sought the author’s opinion on contemporary jazz artists, demonstrating a genuine interest in integrating diverse musical genres into Steinway’s world. This openness to different artistic forms signaled a potential broadening of Steinway’s appeal and relevance in the modern music landscape.
Steinway’s introduction of the Spirio piano represents a significant technological advancement. Mentioned in articles discussing Paulson’s Hamptons activities, the Spirio, as described by J. Michael Evans, is targeted for online sales, particularly to the Chinese market. This high-tech player piano is designed for the ultra-wealthy, offering a “live” piano performance reproduction through a sophisticated computer system integrated within a concert grand piano. Sweeney explained the contrasting sales approaches for traditional Steinway pianos, often meticulously chosen by concert pianists over years, versus the Spirio, marketed towards business executives seeking luxury gifts. The Spirio, with its $110,000 price tag, caters to a different clientele, seeking instant gratification and technological novelty.
The marketing of Spirio extended even to the Metropolitan Opera, with Mother’s Day advertisements suggesting it as the ultimate gift. Sweeney, however, was keen to explore artistic applications for Spirio beyond its luxury market appeal. While acknowledging that the reproduced performance might lack the soul of a live recording, he recognized its potential for creative exploration and educational purposes. The mesmerizing visual aspect of the moving keys, especially during jazz performances, could evoke the historical player pianos and their role in music education.
The author proposed an idea to Sweeney: recording classic boogie-woogie performances on the Spirio. This project aimed to create authentic scores for classical musicians and highlight under-recognized American masters of boogie-woogie piano. It was also envisioned as a personal practice endeavor and a way to showcase these musical styles within the context of high-end pianos. Sweeney’s immediate enthusiasm and suggestion to include a drummer like Nasheet Waits demonstrated his proactive and artist-centric approach to leadership. His willingness to bring a drum kit into Steinway’s offices symbolized a significant shift in the company’s traditional culture, signaling a revolution in its approach to music and artists.
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However, this progressive direction under Sweeney’s leadership was cut short. Citing disagreements with owner John Paulson, Sweeney departed from Steinway. This departure raises concerns about the future of the artistic vision he championed and whether Paulson’s priorities will align with the innovative path Sweeney had set for the company.
At the showroom opening gala, John Paulson’s speech reportedly focused on self-congratulatory themes typical of wealthy individuals appreciating art primarily for status and commercial value. While acknowledging the necessity of corporate sponsorship for the arts, the author notes a friend’s warning about the “dark side” of Paulson’s hedge fund activities before the housing market crash.
Paulson’s appointment to Donald Trump’s economic team further politicized his ownership of Steinway. Democracy Now! highlighted this appointment with a segment titled, “Trump’s All White Male Economic Team Includes ‘Financial Crisis Villain’ John Paulson,” reflecting a critical perspective on Paulson’s financial dealings. While some, like Matt Taibbi, view Paulson critically, others in finance see him as a hero for successfully betting against the housing market. A 2009 New York Times review of Gregory Zuckerman’s book, The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History, presents a more favorable view of Paulson’s financial acumen.
Despite the controversies surrounding his financial activities, Paulson has engaged in significant philanthropy, donating substantial sums to institutions like the Central Park Conservancy and Harvard University. These philanthropic acts, while substantial, have also drawn criticism, with some pointing out that these beneficiaries were not negatively impacted by his financial trades. However, it’s argued that Paulson’s ownership of Steinway itself could be considered a form of philanthropy, given Steinway’s commitment to quality and the potential for its pianos to enrich the arts. The author acknowledges that Steinway’s current pianos are considered by some to be exceptional and concedes that Paulson’s ownership hasn’t demonstrably harmed the brand, which is a positive outcome compared to instances where corporate acquisitions have damaged cultural icons.
The author expresses uncertainty about Steinway’s future direction without Sweeney’s leadership. While impressed by Sweeney’s artistic vision, the author questions Sweeney’s overall effectiveness as CEO in a broader corporate context. The intersection of big money and politics often presents ethical challenges in the arts and music industries, where corporate decisions may prioritize financial gains over humanitarian considerations. However, the author draws a line at political affiliations, specifically citing the alignment with Donald Trump as problematic.
This political stance led the author to publicly announce in their newsletter, Floyd Camembert Reports, a decision to refrain from requesting Steinway pianos for performances. This personal boycott is a direct response to Paulson’s support for Trump and reflects a moral objection to being associated with Steinway under its current political context. Referencing Paulson’s boastful comments about acquiring Steinway in the New York Times, the author highlights a perceived similarity in tone between Paulson and Trump, further solidifying the author’s discomfort with the Paulson-Steinway connection.
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The author clarifies that this is a personal decision and not a call for universal action. Acknowledging the practical needs of musicians, particularly those performing demanding classical repertoire, the author recognizes that access to high-quality instruments like Steinways can be essential. The author also expresses regret for potential professional repercussions, acknowledging positive relationships with Steinway staff. However, in an update, the author strengthens their stance, urging prominent Steinway artists to reconsider their association with the brand in light of the Trump connection, suggesting alternative piano brands like Fazoli, Yamaha, and Bosendorfer.
Ultimately, the author returns to a pragmatic perspective, viewing the piano as a tool. Reflecting on the resourcefulness of jazz legends like Thelonious Monk and Bud Powell, who created masterpieces even on subpar instruments, the author emphasizes that artistic expression transcends the quality of the instrument. While acknowledging past privileges as a Steinway-associated artist, including favorable deals on pianos, the author points to successful recordings made on Yamaha pianos, demonstrating that instrument choice does not dictate artistic success. The author concludes by reiterating concern about the “jarring dissonance” at Steinway stemming from the Paulson-Trump alliance, emphasizing the importance of considering ethical implications alongside aesthetic appreciation. The core message is that while beauty and quality are valued, the ethical company one keeps holds greater significance.
