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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
mitch2
3,979 posts
 
Take an hour for a quick inspection of the records. If you still feel $5 each is fair, then buy them for that, or adjust your price (up or down) to a value you believe to be a reasonable win-win for both you and the electrician, and don't feel you have to match the "highest market resale value." Also, reread the first part of your post, where your electrician noticed your vinyl collection, and consider the reason he offered the records to you may be because he knows you will enjoy them as he did, and not just sell them for a quick gain.
justlisten's avatar
justlisten
489 posts
 
this thread reminds me off that "one" a couple weeks ago where a member posted getting a Linn turntable for a bargin from an old man who did not know better. He poster received a lot of abuse from the membership here for taking advantage of the old man.

I get the feeling this poster may have read that post and is posting this one.

I agree with others, ask him what he wants. if it is fair, then don't counter for a lower price. Buy it.

I live near a lot of used record stores which is often the place where people in this position end up selling large quantities of records. Used records stores routinely offer .25 to $1.00 per disk, where they may be worth considerably more.

I have sold CDS to these places and been offered $2-4 a title and see them for sale the following day at $10-$11.

My point is, you are likely doing him a favor to save him from lugging down crates of records only to be offered pennies for them to avoid having to lug them back home.
fatparrot
1,314 posts
 
First, electricians provide a service which costs them many years of education and training. Do you want to play with 240v, try to meet building codes, while not electrocuting yourself, or burning down your house?

Second, be careful of any records that have been stored in an attic or basement...they may have all turned to junk.
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weiserb's avatar
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weiserb
476 posts
 
I would inspect the quality of the lps and if they are not in great conditon I would pass. If they are I would pay as Justlisten suggests up to $ 1.00 each unless there is a lot of junk or maybe more for mint important classical or jazz, beatles stones etc records. I met a nice augoner who sold me his collestion of top classical and rock records but only after he sat on them for a month. He looked up a couple of titles onebay and said they were worth $ 20.00+ each. I told him he should sell them there. Catalog, photograph, produce listing, purchase mailers, go to the post office. My opinion is that for me its not worth the time and effort.

I emailed him a month later and offered $ 100.00 for two boxes of mint LPS and we had a deal. He did not have the storage space in NYC . BTW you would be amazed at the mint LPs in the $ 1.00 bin at Academy records in NYC and you only have to buy what you want.
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