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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
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loonytunz
164 posts
 
There are no universally accepted ethical standards. Each individual has their own level of conscionable action.

The truth is, unless you have inspected his collection, neither of you really knows its' value. You may find that your example price per would be less than favorable to YOU!

Personally, it would bother me if I didn't forewarn the fellow that he could be sitting on a substantial windfall, provided that is indeed the case. If he decided he would rather just get rid of them all at once than go to the trouble of 'parting out' his collection to the highest bidder, I wouldn't feel badly about offering less. After all, you're taking all the thorns with the roses, so to speak.

Have a close look first and then be honest about your findings. The man can then make an informed decision and you can feel confident that you did the right thing.
mags5000
73 posts
 
If you are going to keep the collection for the listening enjoyment it seems as though you are offering a fair price and not trying to take advantage of anyone. If you are buying for resale, why not offer to split any profit made after expenses you incur. By doing it that way you will never have to worry that you took advantage of someone who may be less knowledgable. The fact that you even asked the question leads me to believe you will do the right thing. Good luck.
entrope
482 posts
 
An items value is based on perception driven by circumstance. It is incumbent on the buyer and the seller to establish "worth" of an item when in transactions based on their circumstances. Circumstances drive the perception of somethings value.

If a mutual agreement of worth is reached a transaction can be made.

I recently sold 60 classic albums for about $1 each because I do not own a turntable and have no plans of acquiring one. the albums were taking up space I do not have, and I do not have a method of checking each album for condition.

Were they worth more-yes, probably. If the buyer had told me that I would have said "I know- do you want to offer more?" If he said "no" I would have sold them anyway at the original price offered due to my needs at the time.
mechans
3,048 posts
 
This is totally unlike the question that arose from buying from a compromised person. You are taking a substantial risk, these records are played and therefore many will be scratched etc. Very few collections from garage sales have mint condition records. I don't know what your playback is but mine loves to find every scratch mote of dust etc. These are unbaerable so its a fair benefit/risk ratio. You will likely only find mint condition record that nobody wants to hear. The 78s are worth money if you are buying them only to flip them you might be a very ethical person and separtate them and give him extra for those- not a lot - but at least you acknowledge they are worth a bit more.
jeffreybowman2k OP
216 posts
 
thanks for all of the input. to clarify, my intention would be to keep, not flip, the records. i would particularly not look to sell the old blues 78s, which would probably fetch the most $$.

in most business transactions, i believe that as long as both parties have access to all relevant information that would form the basis for their decision to buy/sell -- and absent any fraud or duress -- an arm's length bargain is inherently fair.

My unease is due to the fact that i probably have significantly greater knowledge than the seller about the market value of the records, and I suspect he wouldn't even know where to look to find out what they are worth. My unease is also probably due to the fact that I know the gentleman who has offered to sell the records, and I like him. I wonder if I would feel the same about the situation if it was a stranger who I would likely never see again?
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