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One's trash is someone else's treasure

I would be interested to find out what “treasures” you people have come across in your journey to audio nirvana on the used market. For me, it was in 1993 (I don’t remember if the internet was already at its early stages of development – I don’t think so), and I came across an ad in our local newspaper for a Linn LP-12. The second I read the ad, I immediately called the seller who happens to be this older fellow who obviously didn’t have the slightest clue what he’s about to relinquish. I drove to his apartment and there it was, a Linn LP-12 complete with an LVX tone arm, a K9 cartridge and the smoke dustcover – all in excellent condition. The asking price? $100!!!! While I was in his apartment checking the table out, the seller received about three phone calls regarding the LP-12 too bad for those prospective buyers but first come, first serve. Talk about someone’s trash being someone else’s treasure!!!! About three years later, I sold the table for $900! It was about this time when the digital front end was really taking off with the transport and outboard DAC options. Now, I’m back into vinyl (just recently got back actually) and have a VPI Scout Aries with JMW 9 arm and a Dynavector 10x5 cartridge. This time, my analog set up is a keeper!!!! What treasures have you come across??????
gemini
sherod
1,690 posts
 
Thanks for the comments about my cute Picasso story, Punkawalla, but it wasn't meant to be an analogy but another scenario.
michaela
314 posts
 
Punkawalla,

Let's not confuse the matter with the concept of fair market value. Fair market value is the collective perception of all individuals having in interest in the item as to is value or worth. Between Gemini and the elderly gentleman, the concept of fair market value was not in play. One paid the other what the other expected or asked for the TT, and each person's perception of its value is what controlled the transaction. The problem that most folks are doing here is, like you, adding the concept of fair market value into the transaction as a measure of whether or not it was a good deal for each participant in the transaction.
punkawalla
29 posts
 
Michaela,

Please don't try to tickle my fancy with words about fair market value, i've been in the retail industry for 42 years, and my description did not require the additional commentary that you came up with.
Incidentally, whether clear to you or not, we actually agree in our support of gemini's role in the transaction, just not on the principals behind how it came to be.

many thanks

pW
wwwrecords
172 posts
 
I have never perceived paying a seller his full asking price as being unfair. I find giving someone a hard time over paying the sellers full asking price very weird. Is this another case of political correctness? Was the OP not meeting moral standards by paying the sellers full asking price? Geesh, this turned into a weird thread.

Some of you guys are really putting yourselves on the moral mountain top. And I would imagine you would have done the same thing the OP did if the opportunity arose. Very weird indeed.
rnm4
308 posts
 
I think it rather self-righteous and mean spirited of the many of you who are trying to make him feel bad about his good fortune. Ageist too. I see no indication in the OP that the gent was in any way unable to look out for himself. If it had been some fellow in his prime, with an equally nice place, and equally unaware of the value of what he was selling, none of you would have said anything but "good score!"

Gemini had no obligation to educate the man or offer him more for the Linn. It might have been nice of him, but strictly beyond the call of duty. If any of you happened to be in a pawn shop or nick-knack store or flea market and found something you wanted and knew to be a great bargain, you'd buy it right up, offering no more than the asking price. Now if the seller in any of these cases was obviously in bad financial shape, needing the money to make ends meet, then things would be different, but only in the sense in which such people deserve charity, and you ought to give it to them. Similarly, if there were some reason to think the gent was in the grip of some self destructive obsession or was in any systematic way unable to look out for himself and his interests (here I think of the kid stretching his tiny savings to buy his first stereo, but not knowing better than to pay MSRP, or the retailer steering him towards crap gear with a huge markup). But if there was no reason Gemini ought to have just given the guy money (if he had it to spare) regardless of the TT's value or even existence, and no reason why this guy was unable to look out for himself generally or being a fool rather than just uninformed in this instance, there's no reason he should have given him more than asking price.

Besides that, you've got your economics backwards. No one is entitled to FMV of their goods. FMV is a function of what sellers and buyers in fact trade their goods at, not just what knowledgeable experts tend to trade those goods for. Widespread information makes it easier to determine FMV, and tends to normalize the actual prices at which things sell, but it doesn't turn FMV into anyone's right. Nor does it mean that paying less, even way less, than FMV for something is per se taking advantage of anyone, even if they have gray hair.

I've no idea whether Gemini is a stand up fellow who does his part in this world, but if he is, then this transaction is no reason he can't look at himself in the mirror. Indeed, he can even say "good for you, you fortunate man"!
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