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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
emailists
923 posts
 
I think offering Market value is too high.

AFter all, you are buying in bulk, without the considerable time
and effort (not to mention knowledge) required to sell these
at market cost.

I have quite a few LP's I'd like to sell but just don;t have (or rather feel like)
investing the time to sort, gather, grade, take pics, list on ebay, follow auctions, receive payment, ship out, deal with any lost in shipping or dissatisfied customers, etc.

We're talking days of time here. If you are willing to pay market prices, just buy the 20 or so items you really want at 50-70% of what you deem market price, and pay $1 -2$ for any others you just want that are not valuable - that's all he'd get anyway.

Also consider the economic circumstances of the parties involved. If this person was getting kicked out of their home, I'd offer more, or even suggest places to sell as I'd want to help no matter what.

If it's just found money to the seller, and you're not loaded, then enjoy the good deal. They come around too little in life.
mittg
30 posts
 
If I went to a garage sale and there was an old book for sale with a parchment paper that read " Magna Carta", I would buy the book. Ask him what he feels is a fair price. If you like it give it to him.
musky1963
28 posts
 
I can go to the flea market or garage sale every week and buy LP's anywhere from 10 cents on up. Most are a dollar or under. Geez, just ask the guy what he is looking to get. If it is real low, then give him more. What is so hard aout that? Billions of LP's out there and some think that they are rare as hens teeth.
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