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The European economy really didn’t come back strong in the mid-80s, not near as strong as the Japanese economy, so they didn’t buy a whole bunch of vintage guitars because the Japanese outbid everybody. A lot of the good instruments that were in Europe ended up being bought by Japanese buyers instead of coming back to the US or staying in Europe. A lot of that stuff went from Europe and the US to Japan.
Joerg: Wow.
George: In the mid-80s through mid-90s it was like that. Then the Japanese bubble economy got to where real estate prices in were so high that people were taking out hundred-year mortgages. They were transferable from one generation to the next. The valuations for land were so absurdly high there was no activity, legal or otherwise, you could do within a building that could possibly pay the mortgage. It was nuts. You couldn’t sell dope or prostitution in a building to generate enough money to pay the mortgage, they were so high.

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