In the world of electric guitars, two companies still reign supreme—Fender and Gibson. The rivalry has been fierce for over seventy years, with each company seeing highs and lows. Fender produces the Stratocaster (or “Strat”), possibly the most iconic and adaptable guitar ever. Gibson makes the Les Paul, which is more difficult to play but offers the fullest sound out there.
Photo: Matt Doherty
Fender Vs. Gibson
In 1898, Orville Gibson built and patented a mandolin from his home workshop in Kalamazoo, Michigan. It proved a hit and allowed him to produce several more instruments before he died in 1918. By 1936, the company was in Guy Hart’s hands and producing the ES-150, widely regarded as the first electric guitar in the world. In the early 1950s, Gibson created their most iconic instrument—the Les Paul.
Californian Leo Fender set up the Fender Radio Service Company in 1938, quickly becoming locally well-known for offering high-quality repairs on existing instruments. By the 40s, Leo had examined enough guitars to know how to design his own. Early experiments proved disastrous. Fender’s first commercial guitar—the Broadcaster—had a neck that bent with heavy use. Returning to the drawing board, he released the Telecaster in 1950 and the incomparable Stratocaster in 1954. The rest is music history.
Guitarists such as Jimi Hendrix and Eric Clapton fly the flag for Fender Strats, whereas Led Zeppelin’s Jimmy Page is probably the most famous guitarist to prefer a Gibson Les Paul.
That is not to say that these guitarists would only play one or the other (Page used a Fender Telecaster on early Led Zeppelin albums). These are just the guitars each artist has come to be most associated with.
The ES-150 is widely regarded as the first electric guitar ever sold. Its hollow body made it better suited to playing rhythm in larger bands.
High-Value Items
At first, few guitarists wanted a Les Paul—they were seen as too heavy, the necks were old-fashioned, and the various guitar pickups were more difficult to customize than the Fender’s. Les Pauls can be difficult to play, but the enduring factor in their success is the rich sound they produce and their incredible ability to sustain notes.
Celebrity-owned guitars massively increase in value depending on who played them. For example, a ’57 Les Paul in the less popular ebony finish went for $300,000 in 2021 because it was once owned and played by Keith Richards of The Rolling Stones. Duane Allman’s Les Paul fetched over one million dollars at auction in 2019. One of the reasons the price went so high was because it was a Goldtop—one of the early production runs. Goldtops are worth huge amounts, even by themselves.
Even if a famous guitarist did not own a Les Paul, it can still be astronomically expensive. For example, a mint-condition 59 “Sunburst” model sold for close to $600,000 in 2023. It is worth mentioning that the same guitar would have retailed for $300 in 1959 (and that price included the case!).
One important thing for collectors to note is that Gibsons from the 1960s and 70s did see a dip in production quality. The company attempted to cut costs by using cheaper wood and gluing separate pieces together in what has been termed a “pancake” effect. These Les Pauls are nowhere near as desirable for players and collectors as the 1950s originals.
Possibly, the most iconic player ever to pick up a Strat is Jimi Hendrix. He used Fender’s left-handed models, keeping much of his vast collection in his New York apartment. Because Jimi owned so many instruments, a surprising number of these left-handed Strats are on the market. One went for $125,000 in 2022.
Hendrix was a left-hander who had an extensive collection of Stratocasters.
Blues guitarist Eric Clapton (of “Layla” fame) owned and played several Strats, including a 1958 Blonde that went for nearly $200,000 in November 2023.
As with the Les Paul, even non-celebrity-owned guitars can be extremely expensive. For example, a 1954 first-production-year Stratocaster in the popular Sunburst color fetched $130,000 in 2023
One case perfectly illuminates the wild price fluctuations associated with famous Strats. Kurt Cobain regularly smashed up guitars live on stage at the end of sets. One of these broken Strats went for $150,000 in 2020, only to fetch an incredible $476,000 just three years later.
Buying either a Strat or Les Paul today will likely see it increase in value over time. A modern Les Paul Standard model bought directly from Gibson costs about $2,600 at the time of writing. Buying a USA-made Stratocaster from Fender in the popular 2-Color Sunburst finish costs $1,750. It is worth noting that Fender also produces Strats in Japan and Mexico. While many Mexican Strats play very well, they are less desirable than USA-built Strats. A Mexican Fender Strat will not be as collectible in the future but can be picked up for less than half the price of a USA one.
The World of Copies
Stratocaster and Les Pauls are the most copied guitar styles in the world. Officially operating under the Fender corporation, Squire makes their budget line of Stratocaster copies. They are not as well finished as official Fender-made Strats, and they do not sound anywhere near as good, but they are excellent beginner guitars due to their low prices.
Even so, a Squire signed by a famous guitarist can still be worth a lot of money. A Squire, signed by Paul McCartney, went for $10,000 in 2021, and another, signed by Eric Clapton, reached $20,000 in 2018. These Squires will have increased in worth since their sale dates.
Les Paul copies are officially made by Epiphone, the guitar company Gibson bought out in 1957. Again, these copies are not finished as well as official Les Pauls, and they do not have the same resonance when played. However, one signed by legendary guitarist Jimmy Page went for $14,000 in 2022.
Whether you are a player or just a collector, Stratocasters and Les Pauls are wonderful items to own. A properly maintained guitar will likely see an increase in value over time. And, if you own a Strat or a Les Paul that has been signed or played by a famous guitarist, consider yourself lucky!
Matthew Doherty is a writer, editor, and teacher specializing in all things history-related. His work has been published in the UK Defence Journal, the Small Wars Journal, and The Collector. He holds an MSc from the University of Edinburgh and a BA from the University of Leeds. In his spare time, he also writes science fiction stories.
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