I took a JF 55 12 to the Martin get-together, and many of those who played or listened to it commented that Guild was still the standard to beat in 12-strings. However, none of those people were recent Martin 12 jumbo 12-string owners! One player actually told me that the JF5512 was the loudest acoustic guitar that he had ever heard.
Regarding Martin going forward: I was able to be present at the luncheon where Chris Martin was the featured speaker. First of all, it is amazing to think that a family owned business could stay in the family for six generations. After a couple of generations there are generally a lot of heirs who don't want anything to do with the business, but do want their piece of the pie, and after numerous children, marriages, divorces, and so forth a family-owned business dissipates around the third generation.
Secondly, it was clear that they regard their factory workers as a most prized resource. He was rambling, but bear with me a bit. A) The cost of laminates vs. solid wood is such that it is now cheaper to make solid wood guitars. B) High end guitars are not selling. Dealers aren't ordering, so manufacturers aren't making, they are laying off workers. C) Martin decided to build their 1 series of entry level guitars out of solid wood in the PA factory instead of Mexico so that they could retain their employees as they figure that the market for higher end instruments will eventually return and they did not want to loose that experience. They do have enough orders for the entry level instruments to keep the work force employed and pay their bills, though their overall margins are down.
He did not name any competitor by name, so we were guessing. Many of his competitors skipped the NAMM shows this year. So how could they get orders if they weren't where the big buyers were? Competitors who build Martin copies are hurting in a big way because they have so few orders for new production. (We were guessing he was talking about high-end guitars, probably Collings and/or Santa Cruz.) One major competitor is not paying bills at all. This is a concern because like the car business, there are many manufacturers of small parts that supply everyone. So the people building truss rods or tuning machines are getting paid by Martin, but not by some of the other people, so now Martin is concerned about some of their suppliers staying in business.
They are getting offers to obtain wood, but aren't entertaining them unless there is a huge discount from regular wholesale prices because it just ties up their capital. So there is an oversupply of wood out there, prices will probably come down before this is all over.
He went on, it was interesting, and must in attendance felt that Martin will pull out of this in the long run, but do wonder about some of the other guys out there.
Enough for now.
CK