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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
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.
qdrone
1,039 posts
 
Tell him you know that some of the recordings are worth more than you can offer. Maybe he doesn't want to be bothered and he'll tell you sell em yourself. If he says oh yeah tell him places he can sell em,who knows he might give the ones that are not worth much for free because you did him a solid by letting him know the value of what he had and by selling them he can make more than he ever imagined.
mcpody
73 posts
 
I recently bought records from a 89 year old man who was moving out of his home, due to financial circumstances. I bought the albums that were moderately priced in Goldmine; anything worth more than $30 I put in a pile and asked his Grandson to pick up the Goldmine book, and sell the records on the Internet. The guy could use the money. He worked for 65 years as a barber.

If the guy was driving a Mercedes, maybe I would have taken a different approach. Also, keep in mind that records stored in an attic at high temperatures may have warped, so check them prior to purchase.
ghosthouse's avatar
ghosthouse
4,307 posts
 
Wow - great question...similar thread posted earlier by someone buying audio equipment (Linn table, I think). What if everyone on this planet evaluated situations on the basis of, "treat your neighbor as yourself"? If you were in the old dude's situation, how would you like someone "in the know" to treat you? You aren't obligated to educate the seller...still, for conscience's sake, consider the "Golden Rule".
wideload's avatar
wideload
147 posts
 
No matter what you decide, you will have an ethical advantage over this-a single, elderly music lover with a collection of nearly 10K well cared for 78's and LP's passed away. A local jerk offered to his distant neices and nephews to "haul away his junk and dispose of it," for a $200. Yep, that's what he charged them. Those of us who would have put a stop to it learned too late. Inquired about legal action and were sent on our way. None of our business.
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