Ethics and moral obligations when buying?

[Shield]

I knew a fellow who would scour the obituaries for old guys who died, find their address and then contact the widow to see if she had any old tools for sale. He purchased a lot of valuable tools from uniformed widows for pennies on the dollar and resold them for a tidy profit. I thought it was a slimy thing to do and I imagine comics and collectibles aren't much different. People die and the vultures start circling. I've heard many collectors laugh about the unsuspecting rubes they bought comics off of over the years. I have to honestly say that the only safe option for me would be the consignment option if possible, If not I'd mention the possible auction price if auctioned offer a quarter guide and hope for the best. If they didn't take the offer I'd refer them to someone I trusted with deeper pockets.I like to think I'd behave in and honest and ethical manner. I hope I would.

 

What if it was some other type of collectible, like say an old King Kong poster? If you were a comic dealer and someone approached you with a non-comic item (yet you just happened to be well-versed in other types of 1930's paraphernalia) do you still have the same obligation to tell the person what it's worth? Or do you pass it off as worthless junk and make a lowball offer? (Thus solidifying your place in hell)

[The Black Hand ®]

Ten years ago I won a couple of books on ebay and called the seller to pay by CC. It was an antique store. I asked if he had any similar books and he said he had an early Archie in good condition and wanted price guide for it. I really wanted the book and payed good guide. When I got it it was a lot better than good and sat at the bottom of my stack of Archies. As I became more experienced over the next ten years I realised that the book was a 9.0 or better with white pages and sold it about 8 years after I bought it for a whole lot more than I paid for it. I no longer knew who I had bought it from and am curious what my obligations might be in this case and whether it bares any similarities to the example I brought up.

[The Black Hand ®]

I knew a fellow who would scour the obituaries for old guys who died, find their address and then contact the widow to see if she had any old tools for sale. He purchased a lot of valuable tools from uniformed widows for pennies on the dollar and resold them for a tidy profit. I thought it was a slimy thing to do and I imagine comics and collectibles aren't much different. People die and the vultures start circling. I've heard many collectors laugh about the unsuspecting rubes they bought comics off of over the years. I have to honestly say that the only safe option for me would be the consignment option if possible, If not I'd mention the possible auction price if auctioned offer a quarter guide and hope for the best. If they didn't take the offer I'd refer them to someone I trusted with deeper pockets.I like to think I'd behave in and honest and ethical manner. I hope I would.

 

What if it was some other type of collectible, like say an old King Kong poster? If you were a comic dealer and someone approached you with a non-comic item (yet you just happened to be well-versed in other types of 1930's paraphernalia) do you still have the same obligation to tell the person what it's worth? Or do you pass it off as worthless junk and make a lowball offer? (Thus solidifying your place in hell)

 

Well if you pass it off as worthless junk and thus misrepresent the item, then you are indeed hell-bound. But who on earth would do something that slimy? No one on these boards I hope.

[Aces]

So, if someone posts a $5,000 book on eBay with a BIN of $500, then is someone supposed to contact the seller and let them know that they have under priced their book?

 

Yes.

 

After I buy it, pay for it, and have it in my hands I'll send an email letting them know how dumb they are.

[Shield]

Ten years ago I won a couple of books on ebay and called the seller to pay by CC. It was an antique store. I asked if he had any similar books and he said he had an early Archie in good condition and wanted price guide for it. I really wanted the book and payed good guide. When I got it it was a lot better than good and sat at the bottom of my stack of Archies. As I became more experienced over the next ten years I realised that the book was a 9.0 or better with white pages and sold it about 8 years after I bought it for a whole lot more than I paid for it. I no longer knew who I had bought it from and am curious what my obligations might be in this case and whether it bares any similarities to the example I brought up.

 

Your obligations are ZERO. You paid the man's $199 asking price for an Archie #3 in NM. Just because you sold it for $4500 a few years later - that's business. What if a warehouse find resulted in a hundred thousand NM Archie #3's being put on the market? Then your $199 purchase may have been worth $50. Would he feel obligated to call you and give you a refund?

He was an antique dealer and should have taken it upon himself to get educated on the worth of what he had. That book was pretty cherry from the scans - I can't imagine an antique dealer noticing it was from 1943 and in excellent condition and not making an effort to find out the true value of the book. He may have paid $25 a day ago to the original owner's grandson, and felt comfortable with a 800% markup.

[The Black Hand ®]

I suffer from catholic guilt complex.....

[cd4ever]

If I see a very valuable comic at a garage sale for a crazy cheap price, I buy it and run out of there faster than you can say 'burn in hell'.

 

If I have my own garage sale and am stupid enough to price something far less than it's value, I certainly don't expect to be corrected by someone who knows better. I expect them to buy and go.

 

If someone come up to me and asks what certain books are worth, they got an honest answer.

[KingOfRulers]

If I see a very valuable comic at a garage sale for a crazy cheap price, I buy it and run out of there faster than you can say 'burn in hell'.

 

If I have my own garage sale and am stupid enough to price something far less than it's value, I certainly don't expect to be corrected by someone who knows better. I expect them to buy and go.

 

If someone come up to me and asks what certain books are worth, they got an honest answer.

 

Well said (thumbs u I agree on all three accounts.

[october]

If I see a very valuable comic at a garage sale for a crazy cheap price, I buy it and run out of there faster than you can say 'burn in hell'.

 

If I have my own garage sale and am stupid enough to price something far less than it's value, I certainly don't expect to be corrected by someone who knows better. I expect them to buy and go.

 

If someone come up to me and asks what certain books are worth, they got an honest answer.

 

Absolutely. It's not my responsibility to do the seller's homework for them, just as it isn't a buyer's responsibility to do my homework for me.

[DrWatson]

I suffer from catholic guilt complex.....

I can't believe I missed it! It was as plain as the habit on a nun. Now it all makes sense.

[Paratrooper]

I suffer from catholic guilt complex.....

I can't believe I missed it! It was as plain as the habit on a nun. Now it all makes sense.

 

Did someone mention habits?

[DrWatson]

I suffer from catholic guilt complex.....

I can't believe I missed it! It was as plain as the habit on a nun. Now it all makes sense.

 

Did someone mention habits?

You are nasty.

[MutantKeys]

Ditto

[whomerjay]

If a little old lady approaches you with an Action1 or Detective 27 to sell, are you obliged to tell her what the value of the book is, or do you keep your mouth shut and ask"What are looking to get for this book?" What if she's on social security and the money could go a long way towards her finacial security and you're a younger person with a lot of working life left ahead of you?

 

Realistically, little old ladies aren't hanging around your average collector offering up books.

 

So,

 

If you were at a garage sale, and a little old lady was running it, and there were copies of TEC 27 and Action 1 priced at $1 each...would you buy them, or would you tell the lady. If you told her after you bought them, would a call to the police or a recanting of sale take place.

 

I think I'd probably buy them, sell them, and then give a chunk of change to the previous owner in my scenario.

 

In the previous scenario, I'd probably buy them also, and then get their name and number and return a large chunk of change also. My reasoning is that if you tell someone that you're going to take 20-30% for selling a $100,000 comic for them after you've told them the value, I'm betting they walk away and find another cheaper avenue to sell the book, and do a bit more research. I don't think I could live with myself for not making the deal.

 

I know how stupid I felt when I missed out on a long box with TOS 39 up and TTA 27 up for $500 at an auction when I mistakenly thought I was high bidder........... Still got everything else though (thumbs u

 

If the seller knows that they are extremely valuable and still came in to talk, then I'd go with Flaming's option and sell them for them and try to get the best price I could with a commission.

 

Of course this is all conjecture, as....Realistically, little old ladies aren't hanging around your average collector offering up books.

 

 

I think it is interesting to see that almost no one on this thread really even considers keeping these 2 books, but just flipping them as quickly as possible.

 

Yes

[The Black Hand ®]

If a little old lady approaches you with an Action1 or Detective 27 to sell, are you obliged to tell her what the value of the book is, or do you keep your mouth shut and ask"What are looking to get for this book?" What if she's on social security and the money could go a long way towards her finacial security and you're a younger person with a lot of working life left ahead of you?

 

Realistically, little old ladies aren't hanging around your average collector offering up books.

 

So,

 

If you were at a garage sale, and a little old lady was running it, and there were copies of TEC 27 and Action 1 priced at $1 each...would you buy them, or would you tell the lady. If you told her after you bought them, would a call to the police or a recanting of sale take place.

 

I think I'd probably buy them, sell them, and then give a chunk of change to the previous owner in my scenario.

 

In the previous scenario, I'd probably buy them also, and then get their name and number and return a large chunk of change also. My reasoning is that if you tell someone that you're going to take 20-30% for selling a $100,000 comic for them after you've told them the value, I'm betting they walk away and find another cheaper avenue to sell the book, and do a bit more research. I don't think I could live with myself for not making the deal.

 

I know how stupid I felt when I missed out on a long box with TOS 39 up and TTA 27 up for $500 at an auction when I mistakenly thought I was high bidder........... Still got everything else though (thumbs u

 

If the seller knows that they are extremely valuable and still came in to talk, then I'd go with Flaming's option and sell them for them and try to get the best price I could with a commission.

 

Of course this is all conjecture, as....Realistically, little old ladies aren't hanging around your average collector offering up books.

 

 

I think it is interesting to see that almost no one on this thread really even considers keeping these 2 books, but just flipping them as quickly as possible.

 

Yes

 

I'd have to stick it in a safe deposit box and I'd always want to look at it. They are probably too much book for me.I'd worry about them too much. Plus....I suffer from catholic guilt complex and wouldn't enjoy them anyway.

[Shootydog]

Buy low, sell high.

 

As far as keeping a book like that....I could not do it. If the book sold for that much money I could easily justify selling it to someone who can foot that bill while I use the proceeds to make things a little better for my families future.

 

Its a no brainer. I would flip that book like a russian gymnast.

[sterlingcomics]

Just run over the old hag and take the books by force. Why pay for them when you can just take them?

 

Oh, this is theoritical what if 101...

 

I would ask for her price, I eiher buy (or not)...and then do with what I want with my books (and that's a secret no one here will know...)

[JoeRod]

Every time I've bought collections or groups of books, I've never told anyone "hey, you know what... your books are worth x-amount, you should be selling them for much more!" If it's a good deal, I just bought it. If it wasn't worth it, I'd walk away, or offer a lesser amount.

I would never however, make a lesser offer than they are asking if the books are worth their asking price already.

- small box of comics = $25 (lower grade SA including X-Men #2)

- approx. 1000 comic collection = $450 (including MANY late SA X-Men & Spidey's)

 

These were the asking prices, and I had no problem paying the full amount.

Not to mention the large "newsstand" collection I bought

 

just my

[ciorac]

If a little old lady approaches you with an Action1 or Detective 27 to sell, are you obliged to tell her what the value of the book is, or do you keep your mouth shut and ask"What are looking to get for this book?" What if she's on social security and the money could go a long way towards her finacial security and you're a younger person with a lot of working life left ahead of you?

 

I'm ammending this to cover a LCS or dealer.

 

Yes you are obligated. This happened to me. I told her the value, gave her a price guide, and made an offer. She appreciated the honesty and sold me the Action 1, and 2 thorugh 23 as well.

[Paratrooper]

Action #2