I'll sell this to you on ONE condition........

[delekkerste]

Buy it and put it in the next Heritage auction.

.

 

 

[buyatari]

If so...buy it now...and immediately (say in a week or two) offer it back to him. It's likely he won't want it back so soon, and you'd be in the clear.

 

That's outside the box thinking. Make the deal a one-time-reoffer, and without time payments. Then return it to him in a couple weeks, while all that money has had a chance to sit in the bank account for a bit. It might be hard to return that money; though just coming into it, it might be easier.

 

I'm guessing that he's selling because he needs the money (maybe for another piece). If the money's going to be immediately tied-up, he won't be able to buy it back anyway.

 

Ahh it is a good idea but I wouldn't do that. It is a handshake type agreement. If I agree to terms with someone then I would honor not just the words but the spirit of the agreement. If I don't intend to follow through then I won't agree to them in the first place.

 

I don't mean to paint him in a bad way. He is a great guy. He needs money but he only offered item A to me. However, I was greedy and instead asked for a crack at the best that he had. He has owned it since the 1980s and considers it "his baby"

[Bronty]

I've accepted stranger terms. Bought OA in which I was asked to keep it a secret and never display or tell anyone. I wanted the piece for me so I didn't have an issue with it. Nothing was ever mentioned about selling it though.

 

that sounds a lot like the guy you bought it from told the guy HE bought it from that it was a childhood favorite that he'd keep forever or what have you. So the seller asks you to keep it secret to hide any inconvenient facts that may come out.

[Eric Seffinga]

I've accepted stranger terms. Bought OA in which I was asked to keep it a secret and never display or tell anyone. I wanted the piece for me so I didn't have an issue with it. Nothing was ever mentioned about selling it though.

 

I've done that several times in fact. And often at the behest of an artist.

[buyatari]

I've accepted stranger terms. Bought OA in which I was asked to keep it a secret and never display or tell anyone. I wanted the piece for me so I didn't have an issue with it. Nothing was ever mentioned about selling it though.

 

I've done that several times in fact. And often at the behest of an artist.

 

What piece was that again ?

 

 

[Thawk]

 

What piece was that again ?

 

 

I see what you did there

[Mr. Machismo]

I've accepted stranger terms. Bought OA in which I was asked to keep it a secret and never display or tell anyone. I wanted the piece for me so I didn't have an issue with it. Nothing was ever mentioned about selling it though.

I've done this twice now.

 

Hah. Surprisingly unsurprising. I'm familiar with an AAA modern artist who did a grail piece for his rep at a steeply discounted "friends" price. Rep turns around and sells it at a multiple. Still up in his CAF with a "Never for Sale" memo, heh.

[JadeGiant]

Hah. Surprisingly unsurprising. I'm familiar with an AAA modern artist who did a grail piece for his rep at a steeply discounted "friends" price. Rep turns around and sells it at a multiple. Still up in his CAF with a "Never for Sale" memo, heh.

 

I have heard stories like this on multiple occasions. Most often the artist does the art for free or at a deep discount as a favor/gift/thank-you and no expectations are made on what the rep will do with it.

[AKA Rick]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Five Figures... $10,000 or 99,000 is a wide range.

 

I, personally hate "handcuffs"

 

I think the 2st right of refusal isn't a bad handcuff however, 'tho it gets touchy in that if you strike a deal whether it's a TRADE (and how do you evaluate that type of compensation with the original seller) or you get a genuine offer from a collector that's sincere only to tell that person "I can't sell it to you" is a bit unprofessional.

 

Also, there's a way to circumvent the handcuff by basically telling the original owner, "I got an offer for $100,000" (or make up a gaudy number), do you want to buy it by the 1st rights of refusal terms?"

 

Then when they decline, they're out of the picture, and you can figure out a way to, if you ever later want to sell it, to have it sold through a 3rd party.

 

The best way to eventually sell it, as well, would be to just give it to an auction house like ComicLink and tell the original buyer, you have the opportunity to pay the market price, and I'll reimburse you the incremental bid below the winning bid if you win it (i.e. if he bid $12,000 and won it, and the bid below was at $11,000, you'd pay back the $1,000 difference so he knows he didn't overpay beyond the last highest bid to the spirit of the agreement)

 

This "1st rights" to me isn't so bad in that way.

 

What I'd always disagree with if the original owner said:

 

1) If you decide to sell it, I have the right to buy it back from you for the original sales price for whichI sold it to you for.

 

OR

 

2) If you ever decide to sell it, I am a participant in a % of the proceeds

 

My take is, you, as the buyer are assuming all risks of ownership, if the market crashes and it declines in value or if it gets stolen or damaged, it's all on you. So, if there were ever to be a handcuff based on the 2 scenarios above, you should also have written in, the original seller has to participate in reimbursing you on any losses incurred, which we all know nobody would ever sign off on.

[Terry Doyle]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Personally (as others have suggested), the option to re-sell back to the vendor at some future point at same purchasing price is an unreasonable stipulation.

 

Sounds like your friend wants the cash, but is playing it shrewdly.

 

Would want to amend this to, "first refusal at FMV", as opposed to, "Current selling price".

 

If he's unhappy with that revision, I'd walk away.

 

 

[comix4fun]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Personally (as others have suggested), the option to re-sell back to the vendor at some future point at same purchasing price is an unreasonable stipulation.

 

Sounds like your friend wants the cash, but is playing it shrewdly.

 

Would want to amend this to, "first refusal at FMV", as opposed to, "Current selling price".

 

If he's unhappy with that revision, I'd walk away.

 

 

 

Agreed.

 

I was thinking about this issue today and , while it is unreasonable and beyond the scope of fair dealing and logic, it's actually not the first time I've heard of something like this happening.

 

There was a very high profile piece several years back that one guy bought and his friend stepped aside on so he could get it. The guy who stepped aside said something along the lines of "If you ever move it, I'd like a shot at owning it before you do a deal with someone else." He agreed and would let him know if he ever decided to move it.

 

The buyer took that as "If you ever move it, I'd like a shot at matching whatever offer you get for it."

The guy who stepped aside took it as "If you ever move it, I'd like a shot at owning it for far below market value and well below any offer you get on it, your cost if possible."

 

Flash forward a few years and the buyer is offered a giant pile of cash and an irreplaceable piece of trade for it. To the tune of several times what he paid for it. He keeps his word, as he saw it, and contacted the guy who stepped aside and gave him a shot to come up with an offer that matched/came close to what he was offered.

 

Needless to say, in the spirit of this thread, that's where the wheels came off. Accusations, expectations, recriminations, angry glances, elevated finger gestures ensued....

 

If anyone is going to agree to something like this, they better talk it out, they better put it in writing and they had better ask a few people who know something about agreements to take a dispassionate look at it.

[tth2]

If anyone is going to agree to something like this, they better talk it out, they better put it in writing and they had better ask a few people who know something about agreements to take a dispassionate look at it.

Did you just put your time in this thread into your time notes as business development?

[comix4fun]

If anyone is going to agree to something like this, they better talk it out, they better put it in writing and they had better ask a few people who know something about agreements to take a dispassionate look at it.

Did you just put your time in this thread into your time notes as business development?

 

 

Umm, well, ya see.....it's just that...well....umm...

[The-Collector]

If you're buying for investment it seems like you'd want to pass. If you just want to own it, then why not?

 

One thing I'd add... if you agree, get them to factor in inflation on the buy back.

 

No I'm not buying it with the intention of selling or as an investment. The idea of such a condition hanging over my heads does bother me. It makes me feel as if it isn't really mine.

 

+1

 

the seller then gets all the upside. I would not do at the original purchase price.

[The-Collector]

If you think about it this is then a guaranteed loosing transaction for you.

 

If the price increases (even if it only keeps up with inflation) the original seller (OS) can then repurchase at below FMV.

 

The price goes down he doesn't have to buy and you are stuck holding the bag.

 

I'd do resale to OS at FMV. And make sure there is an objective and certain mechanism for determining FMV in the future.

 

 

[JadeGiant]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Personally (as others have suggested), the option to re-sell back to the vendor at some future point at same purchasing price is an unreasonable stipulation.

 

Sounds like your friend wants the cash, but is playing it shrewdly.

 

Would want to amend this to, "first refusal at FMV", as opposed to, "Current selling price".

 

If he's unhappy with that revision, I'd walk away.

 

 

 

Agreed.

 

I was thinking about this issue today and , while it is unreasonable and beyond the scope of fair dealing and logic, it's actually not the first time I've heard of something like this happening.

 

There was a very high profile piece several years back that one guy bought and his friend stepped aside on so he could get it. The guy who stepped aside said something along the lines of "If you ever move it, I'd like a shot at owning it before you do a deal with someone else." He agreed and would let him know if he ever decided to move it.

 

The buyer took that as "If you ever move it, I'd like a shot at matching whatever offer you get for it."

The guy who stepped aside took it as "If you ever move it, I'd like a shot at owning it for far below market value and well below any offer you get on it, your cost if possible."

 

Flash forward a few years and the buyer is offered a giant pile of cash and an irreplaceable piece of trade for it. To the tune of several times what he paid for it. He keeps his word, as he saw it, and contacted the guy who stepped aside and gave him a shot to come up with an offer that matched/came close to what he was offered.

 

Needless to say, in the spirit of this thread, that's where the wheels came off. Accusations, expectations, recriminations, angry glances, elevated finger gestures ensued....

 

If anyone is going to agree to something like this, they better talk it out, they better put it in writing and they had better ask a few people who know something about agreements to take a dispassionate look at it.

 

that sounds like an enjoyable story to hear about - you have piqued my interest

[Bill C]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Well, as basically everybody commented- the deal is pretty raw. That said, OA is an addiction and sometimes we do irrational things to acquire a new toy. Ultimately, if you are fixated on it, I don't think anyone here can sway you.

 

That was my clean response. I have another one that, while I think it's funny and provides an "out" of the deal, it is also pretty crass so I'll keep it to myself

[buyatari]

I've just been offered something that I've wanted for a long time.

 

However, it comes with a few conditions including that if I ever sell it that the current seller has right of first refusal at the current selling price.

 

He is asking 5 figures so it isn't cheap. Has anyone here ever been offered anything under conditions like this? Has anyone here ever gone ahead with such a sale?

 

Well, as basically everybody commented- the deal is pretty raw. That said, OA is an addiction and sometimes we do irrational things to acquire a new toy. Ultimately, if you are fixated on it, I don't think anyone here can sway you.

 

That was my clean response. I have another one that, while I think it's funny and provides an "out" of the deal, it is also pretty crass so I'll keep it to myself

 

Hmm sounds like a 4 issue Lobo miniseries answer to a problem.

[Thawk]

I'll pile on with more of the same advice.

 

If you have any interest in wanting the ability to re-sell, it's not worth it. It's free storage for the other guy.

 

If you're okay just looking at it and never have need of the liquidation opportunities in the future and you love it that much - then ownership doesn't matter - it's in your home so go for it.

 

[staffman]

I'll pile on with more of the same advice.

 

If you have any interest in wanting the ability to re-sell, it's not worth it. It's free storage for the other guy.

 

If you're okay just looking at it and never have need of the liquidation opportunities in the future and you love it that much - then ownership doesn't matter - it's in your home so go for it.

 

100% with you on this. If you are buying this since it has always been something you have desired then is really anyone or anything going to deter you from it? I know that things can get passionate when one can finally purchase the piece they have wanted so they may agree to anything even if it's not in their best interest so they can seal the deal. I would also stipulate that if this condition really does bother you, you should then add the factor of I will resell it back to you at FMV. Of course with the discussion going on in the other thread the market could drop a bit down the road and selling it back to him at what you purchased it at could turn out to be a win then. Either way, you are the one who has to make the deal, not us, so if you can't sleep at night with that condition hanging over it every time you see the piece then it probably isn't worth it.