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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

Showing 1 response by newbee

newbee
4,811 posts
 
I sort of agree with Kthomas. Unless you actually inspect the records before you buy them you really don't know what condition they are in. For all you know they could be totally trashed and valueless, even those rare typically highly prized ones. If I were buying them blind, based on the condition I have seen most typical old vinyl in I'd be hard pressed to offer much at all.

What might be something fair to both of you is to actually inspect the records, cherry pick the good ones and offer him a fair 'wholesale' price for them and offer to dispose of the rest for him. (Include in your offer the value of the time you need to inspect the records and dispose of the ones of no value.)

BTW, if he mentioned the old 78's I suspect he already knows that they have some value - most folks wouldn't think old 78's would be worth anything, unless they just loved the music (and they had played the record endlessly right up to its demise).

Hope that helps a bit.
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