I don't know if the original Fenders were ever really known for their craftsmanship. Leo's genius was as an innovator, both in his for pickups and functional/cool guitar shapes. You don't really hear people talk about the quality of the builds until G&L...and that's his least famous company, and probably the lowest volume when it comes to product.
I think the comments about what happened to Gibson once it stopped being an instrument maker, and started being a vehicle to make money selling instruments.
It used to be that if you made something you created a brand to associate the product and the manufacturer with the brand. That has gotten all turned around now so that someone with a brand that is half way positive you look for mfgs and products to associate with it.
We love Gretch, Guild, Danelectro and silvertones. You can find those labels, but at best the make a knockoff of what the originals were, they rarely innovate. None of them feel "real" to me. Even when they are really good copies, I always feel like they are just that, copies.
It may not be rational, but I can understand why people pay ridiculous prices for a mid 1970s Fender, or a poorly made 1960s strat. (Eric Claprton has a story about making the original Blacky from a bunch of Strats that he took apart in order to fid the parts to make one good one) The quality may not be perfect
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