We have all heard the expression,"Buyer beware.", but what if the tables are turned. Is this a moral dilemma or is it just business?

In the United States, there are two shows on television that demonstrate the fact that many sellers have no clue of the value of things they own. On Pawn Stars, the seller will give a price to the pawn shop, only to find out after the expert looks at the piece that it's worth ten times as much as they thought. On Antique Road Show, how often is someone shocked to find out that Grandpa's antique is worth a fortune?

So, if you come across an item being sold and the price is far far below it's worth, do you say anything? Does it matter if it's on eBay, in an auction, in a store, or being sold by an elderly old lady? Do you have a moral conflict?
How would you feel if you were the individual that just sold Great Grandfather's watch for 5,000 dollars only to find out it is really worth 250,000 dollars? I know, do your due diligence, but sometimes people just see antiques or vintage items as old junk. I remember my Grandfather selling off his Depression Era glassware for pennies, and my Uncle selling my Grandmothers Art Deco Statues, to him they were just old glass; some guy name Rene Lalique.

I feel a bit of a quandary, especially if it is an individual; not so much, if it's an auction house. I have told individuals the true value of their watches when they offered them to me at a low price. Call me a fool, but, I like to treat others the way that I want to be treated, and I'm definitely not an expert on everything.

Your thoughts....

 

Say you came across the Rolex’s in that other thread and saw the holiest of all grails for 50k. Knowing the guy is selling them because of his health and wants to leave money for his kids, you said in that thread

Would you have picked it up for 50k without second thought or told the guy to jack up his prices?

 

I am a great believer ‘in what goes around comes around’. Tell them a fair price.

 

For an in-person transaction, I think it might depend on what I thought of the seller as a person and what I'd imagine that person doing in the same situation. On eBay, I'd grab it without hesitation. As far as Pawn Stars is concerned, have you noticed that the sellers never reciprocate appropriately with any kind of appreciation for being treated so nicely and always try to bargain for much more than the fair price being offered? I can't remember ever watching one of those exchanges and not thinking "should have just given him what he came in asking for it" after seeing the seller's ungrateful response to being told the item was worth much more than the original asking price.

 

I tried once with a dealer - figured I was being friendly and it wasn't even a piece I was interested in; figured marking it so low must've been a mistake. He got angry, then literally said "you probably just trying to show how smart you are and get me to come down on the one you want!"

...Never once have I attempted to explain anything to a dealer since. A private individual? Sure, it's good faith if nothing else.

 

I was trying to make a point, and considering he didn’t buy the watch, if you read my other comments in that thread, you’d see that I advise the individual who started the post to tell the gentleman to get it appraised.

No, I would have told the seller that he has something very special and needs to get an accurate appraisal from a qualified expert.

 

I think it’s a sliding scale and much is based on human interaction- as said above, how we feel about the seller. I don’t think anyone on this forum hasn’t purchased a watch well below market value on eBay-be it won at action or a ridiculously low BIN that we saw pop up and snatched up immediately- and felt elated, not once thinking about what personal life drama the seller might be having....it’s totally impersonal.
But, happen upon a kindly elderly gent with a watch he has has for 50 years, knows it has some value and is trying to pay for his wife’s chemo...you have to be some kind of asshole to not want to at least give him a fair price.

 

I think it does depend who the seller is, whether they are a private party vs. a professional, and how knowledgeable the seller is in general. If someone with knowledge is willing to let something go for a good price, I'm not going to complain about it. He may have his reasons.

And if I am buying from a private seller who wants me to make an offer, I'll probably make an offer that leaves some room for me. If later on I decide to sell it, I don't want to be in a position where I'm barely breaking even after fees and shipping. If the seller feels like he needs to get every penny out of it, he can put it on eBay himself.

 

But to the OP’s question- when I was buying and selling record collections. I would assess every collection with the same approach- evaluate total value, let them know what I thought the collection was worth, and what I was willing to pay. It was then up to them to decide if they felt comfortable with the cash price is as offering, or if they wanted to attempt brokering it themselves- 90% of the time they decided my offer was fair.
I never lost a wink of sleep with that approach and regularly had referrals because I treated people openly and honestly.

 

I agree, but, at times people do get hammered... remember the Polish medal....the person who sold it at garage sell, the person who bought and sold to Rick. I don’t remember all the numbers, but it was something like 100, then 8k, then 30k, then 40k.

 

Key words... Openly and Honestly

 

I think "seller beware" is one of life's lessons, as much as buyer beware.
For my part, auctions are anything goes.
Buying from a friend or member of my community, I am more likely to think about karma & ethics. I am the kind of guy who may not make any offer, rather than make an offer that may be seen as lowballing. So that may not help the seller either.

 

Good karma can be finding a 70’s Speedmaster at a flea market for $500.
Instant Karma is while you were checking Speedy101 on your phone rather than just paying and moving along, someone grabs the 5513 at the next table for $100....karma is a bitch

 

From a dealer/pawnbroker/marketstall etc, I would not bat an eyelid. It takes all of about 30 seconds to get an idea of what something worth.
From a private person I don't think I would be quite so black and white about it. I would prefer my conscious to be clear so I would probably tell them, even if I thought they should know better or they were a knobhead.

 

Pawn Stars is completely a phony staged "reality" show. Antiques Road Show much more authentic.

 

With some objects the supposed value is one impossible to get in reality.
They often say something "could" go for some outrageous price at auction, then again it might not bring a fraction of that price.
When they say, one like it brought X number od dollars at auction a few years ago, it does not automatically mean any other example will do so in the future.
I bid on a badly damaged Seamaster deVille years ago. I made a reasonable offer since literally nothing was undamaged, the hands were wound into corkscrews, how that happened I'm still wondering, and the part I wanted, the back case, was in sad shape. I then watched in amazement as a bidding war broke out and some dimwit bought that piece of junk for several hundreds of dollars, more in fact than I've seen good condition running examples go for.
I wish I'd saved the image of that watch. It looked like it had been in an airline crash and spent years in the ocean.

 

I’d separate buying from a totally unknowing source to that of a business. I buy and sell a little and regularly use my knowledge to help offer a general value when people ask.
I have bought well from watch dealers who should have known better, but if it was a private sale from someone completely ignorant of what they were selling, I’d definitely offer them a fair price, by educating them.
I’ll never be rich, but I can sleep at night!

 

Bought a chicken thing the other day and was supposed to be $8 but scanned at $1.15 or something. If I have to scan stuff myself I can make a executive decision whilst scanning
Winner winner chicken dinner.

 

I wish you did too

 

I get it, sometimes it simply comes down to the amount of money we are dealing with when it comes to a purchase. If someone was selling an item worth 100.00 for 80.00, most of us would call it a good deal because if sold in auction there is a buyers premium. Sometimes we let ethics slide a little and I get it... enjoy your dinner.