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Buying Someone's Records: An Ethics Question

While doing some work at my house recently, an electrician noticed my audio equipment and vinyl collection. This gentleman mentioned that he has a substantial collection of records sitting in boxes in his attic and asked if I would be interested in making him an offer to buy his collection since he no longer has any use for it. He is in his seventies, and the collection is one he has accumulated over his lifetime -- althoughhe probably hasn't purchased anything in 20 years. He also mentioned that the collection includes a number of very good condition 78s from various blues artists dating back to the 1950s. I am quite sure that he has no idea what the "market" value of his collection might be.

If i offered him something like $5 per on average, he would probably think that was a great price. In truth, many of his records -- particularly the old blues 78s -- have a much greater market value. Of course, I know that but he does not.

Your thoughts on the ethical approach to making an offer for his collection would be appreciated. I don't want to take advantage of him, but if he remains blissfully ignorant of the real value of his collection and is happy with a "low ball" offer, who is hurt?
jeffreybowman2k
mechans
3,048 posts
 
This is totally unlike the question that arose from buying from a compromised person. You are taking a substantial risk, these records are played and therefore many will be scratched etc. Very few collections from garage sales have mint condition records. I don't know what your playback is but mine loves to find every scratch mote of dust etc. These are unbaerable so its a fair benefit/risk ratio. You will likely only find mint condition record that nobody wants to hear. The 78s are worth money if you are buying them only to flip them you might be a very ethical person and separtate them and give him extra for those- not a lot - but at least you acknowledge they are worth a bit more.
jeffreybowman2k OP
216 posts
 
thanks for all of the input. to clarify, my intention would be to keep, not flip, the records. i would particularly not look to sell the old blues 78s, which would probably fetch the most $$.

in most business transactions, i believe that as long as both parties have access to all relevant information that would form the basis for their decision to buy/sell -- and absent any fraud or duress -- an arm's length bargain is inherently fair.

My unease is due to the fact that i probably have significantly greater knowledge than the seller about the market value of the records, and I suspect he wouldn't even know where to look to find out what they are worth. My unease is also probably due to the fact that I know the gentleman who has offered to sell the records, and I like him. I wonder if I would feel the same about the situation if it was a stranger who I would likely never see again?
unclejeff
1,313 posts
 
I think you are doing him quite the favor. Since you are asking, you do want to be ethical. Do take a look at a few of the records to determine the condition of the collection. It you are comfortable with your offer, buy them.

If for some reason you get really lucky, share that.
dlr
201 posts
 
My thought is just tell him what you are thinking. Give him the plusses and minuses for both sides. Then at least your conscience won't bother you and you might gain a friend. He might have already thought of all this and if you confirm his ideas, you'll both feel good about this. Let the Golden Rule guide your actions. If you were in the same boat, what would you like the other guy to do? Maybe that is why I didn't make a lot of money in the electronics retail business. I was too honest. Good luck Dan
imin2u
392 posts
 
I always check them, then pay 1/3 what they would cost me. This is due to the fact that a dealer would only pay 1/2 standard cost in an emergency.
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