Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion Newbie needs advice

Hey guys, I'm new to this site and this hobby in general. I have inherited a pretty extensive collection that to be honest I don't think I've even uncovered everything yet. I sought some value advice from a dealer that attended the Iowa Gas swap meet thinking that would be a safe place to find a trustworthy contact. In return for his expertise, I sold him a few pieces of my collection, taking his word that I would get a fair price. Unfortunately, since then I've done some research and think I got taken advantage of. From what I've read on oldgas, you guys seem to try to keep the hobby honest but this guy apparently couldn't pass up the opportunity to pounce on a new guy. What do I do? Call him and confront him? Rat him out at the next Iowa Gas? Or just learn from my mistake and keep doing my homework. I just don't want anyone else to make the same mistake I did with their family heirlooms. Thanks for reading and for your advice.

IMO- what is done is done,
that's like bringing the fox into the chicken coop
you agreed too sell- you were totally taken advantage of
as long as you learned from this I'm sure it won't
happen again- do your homework.. ...

I would recommend taking your time. Time in this hobby is your friend, as values continue to increase. Create relationships with known/ethical collectors, they will give you honest advice. Dealers are looking to profit.

Thanks Randy, that's kinda what I was thinking. The deal is done and a deal is a deal it's just a tough pill to swallow. But I learned from it and won't make the same mistake twice.

Thanks Camron. I'm hoping I've come to the right place now to build those relationships with ethical collectors.

If the discrepancy was small in valuation I doubt you'd be mentioning this topic.

If the person told you some $5000 worth of pieces were only worth $1000 and then bought them for $800 for 'helping you out' none of us would be very pleased with them.

It's wrong when someone does something like this. And though you learned a lesson, I think it is right to also let the community know who did this.

Peer pressure to be forthright in dealing with others should be the norm, not the exception. Especially if this person is well know to the community and not some near-do-well.

Here on Oldgas you'll get a range of valuations depending on experience and area of the country, and that will help you going forward. Be assured there are more good-guys than bad-guys in this hobby, just cultivate a wider ring of trustworthy people before you move forward in which ever direction you decide to go with the collection you now have.

This an unfortunate situation, but it does happen. I have a small group of friends that I rely on as a sounding board for some 20 years now. This stuff is growing in value because of demand and supply. Ask lots of questions and try to build a group of fellow collectors you trust.

I'm not suggesting to start a fire but this may be one of those times this person should be called out if you have been taken advantage of.

The "golden rule" of treating others as you would like to be treated seems applicable here, especially in a hobby where many transactions take place daily in a relatively small circle. Although you may just put this experience behind you by filing it in the "I should have done my homework first" or "This will not happen to me again" folders, other collectors are just as vulnerable as you were without your input. I agree with some of the previous comments, disclosure of the seller does 2 things; it provides knowledge for all of us and an opportunity for both sides to comment. Don't be discouraged, this site is full of great information and "straight shooters".

Perhaps if you provided specifics (photos and prices) on what you sold and what you received from the items, others on the forum could form their own opinion of whether they believe you were taken advantage of. If you don't have photos of what you sold, it may difficult to determine if you were taken advantage of since no one can see the quality of the items.
Joe

We all from time to time buy in order to sell for profit in order to help fund the next buy. Heck, I'm sure to a point we all take pride in having built a percentage of our collections without any cash out of pocket. I don't think there is anything wrong with that to a point. It's partly what drives the hobby. But yes, knowingly taking advantage of someone can never be acceptable.
I certainly of course hope the OP didn't get screwed to bad.
But I would like to know if what he is seeing as having been taken advantage of, may have been a reasonable amount given the buyer was also giving him advice that was likely learned over many years in the hobby. I know when I first found Oldgas and was nothing but a bag of questions pulling at the coat tails of the seniors, I was told many a times by senior hobbyist that experience did in fact carry value, and I needed to do some of my own homework. And I can respect that, again to a point.
So my question, which may bring some relativity to the OP's comments and concerns, is this, what is a fair percentage? 10%? 20%? If I find an old widow who has a pump on her property that I think is worth $1000, and I offer her $700, am I taking advantage of her? Where is the line? In the end we all have to define our own line. Like Neil said, the golden rule certainly is a good base.

By doing your research did you find asking prices or actual selling prices?
There can be a major difference.

the magnitude makes all the difference.

if he gave $700 for a $1000 sign... he did not take advantage of you.

if he gave you $500 for a $5000 sign, he took advantage of you.

please clarify. something tells me there is a little more to the story.

Ditto!!

As a dealer with over twenty five years in business, I have been in your shoes, more than once. Although I might have been angry at being taken advantage, I was way too embarrassed to bring it to a National forum like this. What it did was to make me very aware of whom I could and could not trust. You should learn from your mistakes and not make them again. It's called experience. Paul www.severngaspumps.com

As a person who is constantly asked "What is the value of this," I many times feel I am being taken advantage of. Most of the time when I give a value I don't even get at "thank you." Nor do I get an offer to purchase the item. Usually I will see the item on Ebay with a couple of hundred dollars added to the value I gave him.

By the way, which value should I give them, what I want to buy it for, or what I expect to sell it for?

Why is it that every time I put something on the table at a swap meet, someone will make me an "offer" for it, sometimes it makes me feel that I paid too much for the item.

Education, education, education. Buy value books, watch Ebay, watch the "Items for Sale" here on Old Gas, attend as many swap meets as you can.

I have told this story a few times here on OG. It was my first swap meet (actually it was the 2nd Iowa swap meet. I had just purchased the contents of a bulk plant in southern Illinois. I backed the trailer into the spot and parked the truck, it was about 6 am in the morning. I told Cindy I would be back in a while, she said where are you going. I told her I had no idea what we should be charging for anything we had, so off I went going table to table asking what was the price of similar items. A lot of guys got some good bargains because we really didn't know what they were worth.

This is doing your homework.

Jack Sim