A Record Collection/Moral Conundrum - What Would You Do?



Folks,


I’ve been rolling around an issue and I’m simply curious what others would do in my place.


Here’s the situation:


I had an long time great friend and audiophile buddy who I’ll call "John." Around 2009 or so John wanted to open a restaurant. I lent him some money. You already know how this story goes and why we aren’t friends anymore.


But to add some detail, he asked for a heap of money because he was in a fix - said he was expecting a bunch of money (from the government as I remember - showed me some papers about it) but it was going to show up a bit too late, so could I lend him the money just for about a month then he’d pay me back. I explained I was just starting a renovation of a room in my house turning it in to my long-dreamed of home theater, which I’d saved for, and that it would come out of my own savings for that project. I was very hesitant, he begged, promised it was only for a few weeks. I said I could lend him 1/2 of what he was asking (otherwise I couldn’t even pay for the contractors coming).


One of those situations where long time, very good friend who I knew was a good person, who was only ever honest with me, needed help. So I stepped in. That’s always how it goes, right? Yes, I learned the hard lesson about lending money.



Needless to say the money didn’t show up the next month. Or the next. Or the next. Whenever I asked it was another story on how the restaurant was sucking every spare dollar, he’d pay me as soon as he could. Of course the restaurant quickly went under. I was like "I need that money, I have contractors to pay" and he just said he didn’t have any to give. Next he told me he was selling his house, downsizing, and he’d use the funds to pay off his debts including to me. Ok. What else was I going to do?


He asked if he could store his much beloved record collection at my place while he sold his house. Ok. Several boxes full of nice records took up (some valuable) real estate in my basement.


Basically I never heard from him again. Heard he sold his house, but that was it. Other friends have been in occasional contact. I’d been hoping that with his records here maybe he’d show up one day. Of course not.


So...now...11 years later!...I need some money. And I’m cleaning out the basement, wanting those records out of there.


I could sell the records and at least make some money.


The question for the audience is: Do you do it?


The case for selling them seems relatively obvious. He stiffed me for many thousands of dollars that he never paid back. Had me store the records forever while he went AWOL. Clearly has zero intention of ever picking them up.Every arrow points towards "They Are Mine Now."


Except...I have a conscience. He never formally gave them to me.


So, would you try to track "John" down to ask if he wants his records back (and explain otherwise I’m going to sell them)?


Or would you just go ahead, assume ownership (and payback) and sell them?


Floor is yours.



prof

Showing 7 responses by chakster

I was in the similar situation, but without records or anything I could sell to get my money back :(

In your situation you have to check the value of the record collection first. Those dealers won’t pay much for collection if you want to sell everything at ones. You’re lucky if there are some rare records that cost a lot, but there might be only some cheapies, who knows. Did you check the titles? Use popsike.com to check for final auction prices, use discogs to check for price statistics. You could sell some of the rarest and most expensive records if there are any. 

Personally I wouldn’t sell record collection if there are good records I could listen to.
If you and/or him did not sign anything about money or/and records then it’s just an illusion (a mutual agreement from 11 years ago). No one can prove anything. A pretty common situation between friends.

You will never get your money back unless he will give it to you for some reason. He will never get his records unless you will give them to him for some reason. Very simple. You both have been waiting for 11 years already.

What you have to know is that records DO NOT COST MUCH unless there is something rare, dealers will never tell you the real value of this collection and they will resell all the records separately for much higher prices. If you really want to sell records you have to look for each record online on the sources like popsike and discogs , then you will be able to separate rare and expensive records (if there are any) from cheap garbage. Dealers will rip you off again giving you about $3 per vinyl and then you will see them for $30 or even $300 (if there are rare records) at their store!
If you are into vinyl then you have to dig into your ex friend collection trying to find some rare gems. I would’t let some decent stuff go for nothing, some of your audio friends could help. If there are some jazz or soul records on vintage vinyl the prices can be crazy and dealers at the shop will not tell you about it for sure, they will buy a bulk for very low prices, it’s just stupid to trust the dealers and let it go for nothing. There might be some record collectors you know personally who can help you, sell junk, keep the gold. If your musical taste is different from the ex owner it can be tricky. 

What kind of music do you have and how many records? 
It’s weird that most people in this thread advised the OP to get rid of the record collection without even knowing what’s in this record collection ! Sell for nothing or even donate - the worst advice, most likely people are into digital, otherwise they could imagine their own record collection instead. Terrible!

“You die, We buy” - this is what the record dealers are waiting for, especially when your beloved wife sells your expensive records for nothing in bulk, because you never tell her how much you paid for rare vinyl :)
I didn’t notice anyone recommending disposal of the LPs as trash or gifting them, but perhaps I have not read the whole thread. In the US, it could work out OK to donate them to a charitable organization and take a tax deduction. I have no idea of the tax laws in Russia. Sure, the OP could go through the collection and keep for himself anything he likes. So far, after X years of storage on his property, it does not appear he has done that. Anything he does now is justified and better from his point of view than what went before. By the way, although I have not discussed the issue with my wife, I plan to suggest to her that she should sell my LPs to a bulk buyer, likely to be a dealer. Or donate them to a charity. She won’t need the money, and I cannot imagine her or our sons selling them piecemeal.

I recently checked again the current auction finals on popsike.com for some of the records from my collection, for many Soul 45s from the 60s and 70s, purchased by me probably 15 years ago, the current prices are simply insane! I often see a typical $300-500 price tag per record when they are sold, here is one of them - this is what I call rare records.

My point is that sometime there might be 1-5 records that cost more than entire collection! Do you think the dealers will tell you that ? :)

P.S. I doubt that record collectors will tell a girlfriend (or wife) how much they paid for stuff they really want. And believe me they pay a lot for rare records. Prices go up every year, but at the end of the day there will be a dealer from the local shop (You die, We buy) with a typical offer of $5 per record for the entire collection and the wife will be like "yeah, fair price" :)

He replied tersely that he doesn’t listen to music anymore and to toss them. Soundse sad. I gather he’s still having some problems. (He generally won’t speak to any of our other friends either).

Would be nice to buy him a turntable and speakers, return his record collection and maybe it will magically cure him. It will bring back some good memories associated with music.