Acurious celebration of virtuosity, age, and Steinway pianos took place last Thursday at 109 W. 57th St. A beloved 81-year-old pianist, Roger Williams, started at 7 a.m. that morning a performance to break a record (his own) with a 14-hour piano-playing marathon, an effort to boost music education in our public schools.

A crowd packed the elegant, landmarked showroom. Some were attracted by a fellow handing out leaflets on the sidewalk. Others clearly were groupies who had gathered to honor the 50th anniversary of Mr. Williams’s recording of “Autumn Leaves.” That title, one of 18 gold or platinum albums recorded by Mr. Williams, reached no. 1 on the Billboard Charts half a century ago.

Mr. Williams amiably performed requests all day and into the night, calling on his vast memory of 10,000 songs. He played on a specially built, limited edition, $258,000 grand piano decorated, appropriately enough, with leaves.

It was the sort of event that makes New Yorkers proud and that has graced the showroom of Steinway & Sons on more than one occasion in its 152-year history. The company is publicly owned these days and trades on the New York Stock Exchange under the symbol LVB ($25), of course, for Ludwig van Beethoven.

For most of its history, however, Steinway has been family-owned and managed. The story begins in 1853 when Henry Steinweg, recently arrived from Germany, founded the eponymous firm, having already built 482 pianos. The first piano sold by the new company, no. 483, cost its New York owners $500.

Quickly the new maker won worldwide recognition for quality and performance. Over several generations the newly named Steinway family contributed numerous important innovations to the piano industry,earning a total of 125 patents.

This year, Steinway will build about 5,000 pianos worldwide. The company dominates the high end of the market, claiming that 98% of all solo performances today are performed on Steinway grand pianos.

Since 1873, the company has enlisted the loyalty and marketing power of the world’s leading performers. In that year, Steinway underwrote a concert tour by the leading pianist of the era, Anton Rubinstein. A commemorative bronze cast of the virtuoso’s hands are still on display in Steinway Hall. These days the company publishes a list of famous owners, including celebrities such as Woody Allen, Rupert Murdoch, and a linebacker for the Philadelphia Eagles, Dhani Jones, as well as musicians such as James Levine and Paul McCartney.

In the basement of Steinway Hall, concert-going pianists come to choose among 160 instruments for the evening. It is said that Vladimir Horowitz and Sergei Rachmaninoff first met in the soundproof chambers.

The Steinway family sold the company to CBS in 1972.Though the new owner invested in much needed upgrades to the company’s manufacturing plants in New York and Germany, the unit was ultimately sold again when CBS became the subject of takeover threats in the mid 1980s. Two investors from Boston bought Steinway for $55 million in 1984, then sold it in 1995 to the Selmer Company for $100 million.This transaction created the modern-day Steinway Music Corporation. In 1996, part of the company was sold to the public; the top two officers today still control 86% of the voting stock.

In addition to its piano business, the company is the largest domestic producer of band instruments. The band division contributes about half of revenues. The company has built a portfolio of top brands such as Bach Strativarius trumpets and Selmer Paris saxophones. Notwithstanding the quality of its offerings, the division has suffered from a drop in school funding for music programs. For the past three years, the band division has reported a net loss.

This year, gross margins are up, and management appears confident the business is turning around.

Like most manufacturers, Steinway has had to contend with competition from lower-cost suppliers in China and other Asian countries. While secure in the top-of-the-line $100,000 concert grand line (though chased by Yamaha and Kawai), Steinway has over time been challenged in lower-price categories. Consequently, in the early 1990s, the company introduced two brands – Essex and Boston. Both have proved successful, and have helped Steinway attract first-time buyers.

Steinway also competes with itself. The company emphasizes the quality of its pianos and their investment value. The instruments seem to last forever. For the company’s 100th anniversary two years ago, they held a search for the oldest piano still in use. The winner was an 1857 model found in South America that had been enjoyed by four generations and was still in perfect condition.

As one consequence of this longevity, the company can tout the investment merits of owning a Steinway. Piano prices at the high end have increased about 4% annually, a company spokesman said, and prices paid for used units have kept pace, equating to about 75% to 80% of the current retail price.

For several reasons – including the large insider position, small market capitalization, and niche business – there is not much coverage of the stock. The executive vice president of Steinway, Frank Mazurco, says, “We’re kind of a sleeper.” But, he adds, “The stock has made an impressive move over the last couple of years,reflecting the ongoing refining of our business. We’re entering China, which should have a positive impact in the future, and we’re making the factories more productive.”

Indeed, management appears not content to rest on its considerable laurels. Over the past five years, the stock is up 37%, while the S&P is off nearly 15%. This year, however, the stock has underperformed. Regardless of near-term results, in a world obsessed with brands, it is hard to imagine that Steinway won’t continue to be a coveted asset.