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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
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.
schipo
1,268 posts
 
First view them if they have value to you because they are in good condition and the music is to your liking.Then I would sit down with the gent and ask him are they of value to him does he listen to them are they important for him to hold on to then if no. I would make him an offer telling him that you have a TT and they would be a great addition to your collection. An offer such as $2 to $5 from you is more than any used record store would offer.
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uru975
684 posts
 
Have you considered the idea that he offered them to you becuase he could see your love of music? He may have valued them having a good home, with someone who would appreciate them as much as getting rid of them.
You'll have an idea of what they are worth after seeing them, at that point you can modify your offer or maintain it depending on what you discover and what you in your own mind are comfortable in living with.
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