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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 weiserb

weiserb's avatar
weiserb
477 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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