The question of whether something is overpriced is, IMHO relative and a very personal thing.
There are folks out there that will pay thousands for a pre-CBS or even 70s Fender. Lately the vintage market has been going crazy price-wise - the '73 Jazz I have now that I bought for $1350 6 years ago goes for about twice that these days. There are qualities these instruments have (or they believe they have) and to get them, some people will pay the price. Now, many of these instruments have serious quality control issues (you should see the neck pocket on my Jazz - a good 1/8 gap between the neck and the pocket!). Yet folks will pay to get them. Is it because they're rare and becoming rarer? Nostalgia (that's pretty much why I bought mine - I had one when I was younger)? Who knows. The bottom line is these instruments are worth the price to those who pay it.
Same goes with an Alembic. I don't think they're too expensive. To wit:
They are custom made - no two are alike.
The components are world class.
The workmanship, when compared to most mass produced instruments, is world class and second to none.
The attention to detail is unparalleled.
I won't go into tone or feel, or even playability. Those things, IMHO are also a very subjective and personal thing. We all know folks who wouldn't touch an Alembic, but love, say Warwicks (which I wouldn't play if it were the only instrument on a deserted island). To each his own.
One also needs to remember that Alembic is a small, family owned business, and for the most part has always been that way. They are not some mega corporation. Their shop/factory is in an industrial park off the 101 in California, and it is not an overly large place (though adequate for their needs from what I could see). They do not buy huge amounts of supplies (e.g., wood, hardware, etc.) like companies such as Fender, Gibson, etc. do, and as a result most likely do not get volume discounts on their products. They pay more, so it only makes sense that customers do as well. If they charged less, it would be suicide from a business perspective.
Their interaction with customers is personal. I know this because when I call or email, they know who I am, what instrument I'm having made, etc. I called Mica last week and she reminded me about the amber tint I was having done on my custom, for example.
Finally, without waxing philosophic, owning an Alembic is being part of a family. Alembics, when compared to other, more abundantly available marques are a relatively rare thing. Not everyone has one, and makes them a bit unique IMHO. It draws Alembic owners together, and I think that's a good thing. I have personally been to a get together, and it was a wonderful thing. I got to play great instruments and meet some very fine people.
So are they overpriced? For these reasons and many more, IMHO no. Besides, no instrument (or possession) is worth more than one will pay for it. IMHO, Alembics are worth any penny for the endless smiles they bring to my face every time I pick one up and play it.
Alan
(Message edited by ajdover on August 17, 2008)