It *could* be played, technically. However, piano and harpsichord are very different instruments. A harpsichord *plucks* the string when you press a key (like a *harp*), which gives a distinct sound. You can’t really alter the volume of the note, or hold notes. Every note is the same length. Pieces for harpsichord are written with this in mind, so you’ll never really get the same effect on a piano, which uses hammers to strike the strings. You can get a lot more control on a piano, but the sound is different.
It’s pretty subjective to ask why a given piece would “lose musical value” if performed on another instrument. But you might want to read about (and listen to) musicians associated with the “historically informed performance” movement.
Bach’s keyboard pieces, for example, were mostly written for either organ or harpsichord. After his death, the piano became dominant, and the craft of harpsichord building was gradually lost. If you listen to harpsichord Bach recordings from the early-mid 20th century – Wanda Landowska’s for example – they weren’t exactly great.
But around then a Dutch musicologist named Gustav Leonhardt came along and argued that we had no idea how Bach’s pieces were intended to be played anymore because modern harpsichords were terrible. He studied historical descriptions and museum pieces and worked with instrument builders to re-learn how 17th and 18th century harpsichords were designed.
And then, he proved his argument with his playing. Listen to his 1953 recording of the *Art of Fugue*. Then listen to any piano recording. The experience will answer your question better than words can. His technique emphasized rubato and phrasing, taking full advantage of the instrument’s clarity and consistent note decay characteristics. His ability to balance and distinguish simultaneous contrapunctal lines set a standard that pianists have struggled to match.
There is at least one pianist who succeeded though. Check out Angela Hewitt’s recording of that same composition. Though indebted to Leonhardt, it’s a revelation in its own right.
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