American electric and acoustic guitars were exported by Hoshino Gakki in the 1950s, and by the middle of the 1970s, Ibanez guitars were on par with American guitars in terms of quality. Ibanez guitars may be purchased for nearly half (or less) of the price of a Gibson Les Paul or Fender Stratocaster due to lower labor costs at the time and more efficient manufacture. 

In the middle of the 1970s, Hoshino Gakki wanted to start moving away from the Ibanez copies of Fender and Gibson guitars and create a guitar that was uniquely Japanese. The goal was to create a guitar with a unique and appealing look, similar to a Stratocaster or Les Paul. The Iceman/Mirage design was the outcome of a meeting between Hoshino (Ibanez), Kanda Shokai (Greco), and FujiGen, one of Japan's major guitar makers. Each distribution business distributed it in several international markets. Kanda Shokai (Greco) possessed the rights for Japan, while Hoshino Gakki (Ibanez) had the rights outside of it.

When the first Ibanez models were introduced in 1975, they were known as the Artist 2663 models. Later in 1978, the name "Iceman" was added. With the exception of the pickup types that were utilized, the Greco model, which was dubbed the Mirage, is essentially identical. Depending on the model number, the Ibanez Iceman either Super 2000, Triple Coil, or V2 pickups. The Greco Mirage was powered by DiMarzio Super II and Greco Dry pickups. As the price of the Iceman/Mirage model changed, so did the body wood, pickups, and neck joint construction. Various models with bolt-on and set necks were produced by Ibanez Artist/Iceman between 1975 and 1982/1983.