I'm looking into getting a multi-guitar stand. I think I read once that certain materials in stands can ruin Ric finishes. What should I be on the lookout for when selecting a stand? I saw some wood ones I liked with some sort of foam support.

I have a Hercules brand triple-guitar stand. Its very well made, strong, and secure.
The guitar hangs from the headstock, supported under both "wings", and the foam on that small piece is non-reactive, I believe.

I also own a couple of Hercules stands but the GS200B type which the guitar sits in. There is no way your guitar can be damaged with these stands and they fold away and are cheap to buy. They will take acoustic or electric guitars and they are cushioned everywhere that the guitar might touch. As a personal thing I do not agree with hanging a guitar by the head although I know the shops do. That is a lot of weight relying on a small area. The other risk of the Hercules single, double, or treble head hanging stands is if you for whatever reason reduce the height and forget to put it back as it was it is possible to take a chunk out of the bottom of the guitar when it hits the metal leg assembly. This happened to a friend of mine's beloved Taylor acoustic. Not clever and easily done. The Hercules GS200B is made totally out of plastic and very stable.

Beware of cheap stands... I bought several stands from Guitar Center that were on sale for $5.00 each. They do a fine job of holding the guitars, but the padding reacted to the nitro finish on my Hwy 1 Stratocaster, and it got soft and sticky. I've wrapped them (the stands) in cloth, and that's been fine, but lesson learned. I have a matching Telecaster that by chance was sitting on a better quality stand, and it did not react.

I think the issue was that the padding is a cheap foam that has a who-knows-what chemical in it that reacted with the nitrocellulose. I don't know how you can tell beforehand if your guitar finish will react to whatever you buy. Me, I'm not taking any chances, and will put a cloth wrap on all future stands I buy.

I take what you say but I read reviews on the Hercules stands and their foam/rubber protection does not react with guitar finishes. I have similar designed stands made by Taylor for their guitars and there is no way Taylor would make a stand that could damage any of their instruments.

I second that. I have a Hercules 5-piece rack. I don't remember the model name, it's a collapsable model, easy for transportation.

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