Rather than opting for a staged photo or an illustration,  Steinway chose a shot of one of their pianos in the home of an actual customer (Mr. Charles R. Smith of Neenah, WI).  That strategy, combined with the reference to “moderate” pricing,  most likely indicates this was a play by Steinway toward the middle (upper middle?) market consumer.  While taking a high-end brand down-market can sometimes be a risky move, this obviously had little or no negative effect on Steinway, as they are still one of the top piano makers 100 years later.

FUN FACT:  In 1903 the 100,000th Steinway grand piano was given as a gift to the White House.  (Source:  Wikipedia)