EXHIBIT 99.2

                    BOSTON PIANO AND YOUNG CHANG CO.
                      JOINTLY ANNOUNCE AGREEMENT
                   TO DESIGN AND BUILD NEW PIANO LINE


New York City, Nov. 1, 1999 - New York based Boston Piano Company, a
subsidiary of Steinway Musical Instruments, Inc., and Young Chang Co., Ltd.
of Inchon, Korea jointly announced the signing of an Agreement under which
Young Chang will manufacture a new line of grand and upright pianos designed
by Steinway.  This new piano line will join Steinway Musical Instruments'
other two piano brands: Steinway & Sons, the world's premier piano; and the
mid-priced Boston line designed by Steinway and manufactured in Japan.

"Consumer demand for Steinway-designed pianos is extremely strong," observed
Bruce Stevens, president of Steinway & Sons, "as evidenced by the current
back order position for Steinway & Sons brand pianos and the tremendous
worldwide sales growth of the Boston line since its introduction in 1992.  We
firmly believe that now is the ideal time to produce a third piano line
offering an even larger number of young consumers an instrument of superior
quality at an affordable price."

"We are very pleased that the Boston Piano Co. has selected Young Chang to
produce its newest line of pianos" stated Jay Kim, managing director of Young
Chang Co., Ltd.  "This further validates that Young Chang has both the
technology and craftsmanship to produce fine quality musical instruments."

The first models of the new line will be unveiled formally in early 2001 at
the National Association of Music Merchants' annual convention and at the
Frankfurt Musik Messe Show in Germany.  Initially, consumers will be offered
at least two grand piano models and two upright sizes in a variety of
furniture styles and finishes.  The new line will be represented exclusively
through Steinway Halls, Steinway Piano Galleries and select Steinway/Boston
dealerships in designated markets around the world. Specific pricing of these
pianos has not been finalized at this time, although Stevens stated that this
third line will be priced below the Boston piano.

Considered by most music experts to be the world's finest, Steinway & Sons
pianos are created from 12,000 components and  require a year to handcraft
and assemble.  They are sold worldwide by an exclusive network of  authorized
dealers.  Boston pianos combine musical scale designs and features by
Steinway with state-of-the-art manufacturing processes and are also sold
worldwide by Steinway dealers.

Steinway Musical Instruments, Inc. (NYSE:LVB) is one of the world's leading
manufacturers of musical instruments.  In addition to Steinway & Sons and
Boston pianos, the company produces a complete line of orchestral and band
instruments through its Selmer division, including such notable products as
Selmer saxophones, Bach trumpets and Ludwig drums.

Young Chang Co., Ltd. is one of the world's largest piano makers with
corporate headquarters and main piano manufacturing operations in Inchon,
Korea.  Young Chang pianos are sold in more than 45 countries throughout the
world.  The company, which has won numerous awards for its manufacturing
excellence, manufactures several brands of pianos, including Bergmann, Young
Chang and the Pramberger Signature Series.  In 1990, the company acquired
Kurzweil



Music Systems of Boston, MA, creator of the world's leading synthesizer and
digital piano systems.

For more information, contact Leo Spellman, Steinway & Sons, at (718)
721-2600 X 3116 or Jeff Allen, Young Chang America, at (253) 589-3200 X 127.