The Depreciation Guild was an American dream pop and shoegazing band from Brooklyn, New York, United States. The group was formed in 2005 by Kurt Feldman and Adrian Hashizume. Before disbanding, their lineup included Kurt Feldman and Christoph Hochheim (who later became the drummer and touring guitarist, respectively, for indie pop band the Pains of Being Pure at Heart), joined for live performances by Anton Hochheim on percussion and Raphael Radna on bass guitar.
Their debut, digital-only EP Nautilus was released by chiptune label 8bitpeoples in 2006, and their debut album In Her Gentle Jaws followed as a self-released free download in 2007. Kanine Records picked the band up in 2009 and reissued their debut album with some remastering. A second full-length, Spirit Youth, followed in mid-2010. The band also did remixes for artists such as Oh No Ono and Chateleine. Their song "Dream About Me" was featured in the 2010 film Kaboom.
In December 2010, they announced on their Facebook page that they would be disbanding after their final show in January 2011, citing musical differences within the band. Since their separation, Kurt Feldman has continued to be a member of the Pains of Being Pure at Heart, and also began his own solo career as Ice Choir. Christoph Hochheim also began his solo career, as Ablebody.
In August 2013, the original lineup of Kurt Feldman and Adrian Hashizume reunited for a one-off performance of In Her Gentle Jaws in its entirety at Glasslands Gallery in Brooklyn.