Collectors Dillema - you be the judge

[Guest]

So I have run into a collectors dillema. I recentlydid a trad with a fellow collector I've been dealing with for over the last couple of years. He found an Indiana 45 I have been looking for since I heard it on a John Manship cd several years ago. We did an even swap and it then the record I got suddenly appears on ebay the next week and went for large dough. The record I gave him was worth about $300-$350 I figure. The record I got turned out to be worth $1000+. Now he wants more and he's a bit angry about it.

What do I do?

[Guest]

re: your dilemma - personally i feel you did a fair swap deal. record values are not cast in stone remember (a lot of prices nowadays are based on demand, whether or not the record is big at the moment etc - e.g. just look at some of the prices for items sold on ebay over the last 12months - especially KFC stuff!!!! Also bear in mind that many record values vary between who is selling them i.e. from one list to another. As you got the record from a collector, surely he should have had some idea of its value (give or take £100/200!), thereofre i think you did the deal in good faith mate.

Hope this helps u sleep better!!

Grant

[TheBigO]

Grants right on this one - you did the deal in good faith and that's all that counts. The prices of records are just crazy at the moment, as Grant said, with no real basis on rarity, more demand and the dealer should have known what the value was before selling. Ebay is NOT a good guide for prices as it seems to be somewhere in 'the Twilight Zone' when it comes to prices being paid for 45's!!!!

In summary forget it, he will just have to take it on the chin (as we have all had to do, myself included when I sold stuff like Timeless Legend, Tony Fox, Mind & Matter etc for less than £20 each!!!) Don't lose sleep over it.

[Guest taffy]

and what happens if the 45 you traded him went for a $1000 dollars next month on e-bay and his newly aquired 45 only fetched $300-$400 next time up on e-bay would he be prepared to make up the shortfall?hey a deals a deal.

[Guest]

I do appreciate the advice.I think we both agreed to the trade and that's the end of the story. And anyway, it's not like it has any real value since I have no intention of selling it or trading it! It just sits in my box and I listen to it a couple times a day.

Hopefully he'll get over it.

But it brings a larger question to mind. Obviously in the record business information is king. I've screwed myself (when I traded Hamilton Movement She's Gone for $200 a few months ago!) But really, I don't care, because I got a record I had always wanted. So that's that!

If you are trading someone records at what point do you feel guilty exploiting their lack of knowledge. How much information are you obliged to give out when trading?

I have traded $30 records for $500 records in the past with less knowledgeable collectors. I'm always afraid that kind of thing will come back to haunt me.