freebird
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Post by freebird on Sept 2, 2015 15:00:53 GMT
That it's worth a LOT more than you paid for it, would you tell the people that you bought it from?
About a week ago, I told you guys in the garage sale thread that I bought an original illustration for $300 at an antique store. We talked to an expert on this guy's illustrations (he used to do Saturday Evening post covers... he's from our area). Guess what? This thing is worth $25k-$35k! 
Whose got the eye? THIS GIRL!
My husband and I like to buy art, but I honestly don't look very hard for it. I'm thinking about other stuff. He pointed out a watercolor high on the wall and I said "yeah, that's nice, but I'm interested in THAT." (pointing to the illustration). I actually left it and went home to do some research. Called 2 hours later and bought it off the wall.
So... we're regulars at this store. Would you ever tell? lol
ETA: Actually he said auction estimate, not worth. "Worth" was my words. So, auction estimates can be higher or lower of course depending on if you can find 2 people that love it enough to want it. Illustrations are hot right now though. He did call us and adjust what he said. He thought at first it was oil, but I believe it to be gouache so he said it could go between 10k to 25k. Still great for a $300 investment 2 weeks ago.
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MerryMom
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Post by MerryMom on Sept 2, 2015 15:04:16 GMT
As this was an antique store, I would assume that the owners or managers have some experience in pricing the items, so no, in this case, I would not feel that I needed to tell them. What would be the point? Other than "na na na na boo boo"  ? |
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georgiapea
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Post by georgiapea on Sept 2, 2015 15:04:20 GMT
Nope. Not a word would pass my lips. That would be like buying a house for peanuts and flipping it for a mint. What good would it do to tell the previous owner how much you made. It's guaranteed to cause hard feelings.
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Deleted
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Post by Deleted on Sept 2, 2015 15:04:49 GMT
I would not tell anyone. Well, maybe the peas.  |
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lesley
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Post by lesley on Sept 2, 2015 15:04:54 GMT
I wouldn't say, no. If they are an antiques store, then it is on them to research their products before putting them on sale.
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Deleted
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Post by Deleted on Sept 2, 2015 15:04:53 GMT
I would .... just because it will help them in the future if they see another and honestly I find small stores really need the help! I know they probably bought it for less than 1/2 of what you paid, so it's really the original owner that lost out..... But I am weird like that.
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Post by rainangel on Sept 2, 2015 15:06:40 GMT
If it's an antique store, they should have taken the time to research the illustration and realized its worth. So no... I wouldn't tell.
If you had bought it from some person's garage sale, from someone who OBVIOUSLY had no idea of the illustration's worth, I would probably tell. Share the wealth or something.
I just wouldn't really feel bad about the store being 'incompetent', but I would feel really bad if a private person owned it and missed out on that kind of money.
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Peamac
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Post by Peamac on Sept 2, 2015 15:07:20 GMT
This thread is useless without pictures! and congrats!
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Post by bluepoprocks on Sept 2, 2015 15:08:34 GMT
They should have done their own research so no I don't think I'd tell them.
You said you did research before buying it. Did you know it might be worth that much after your research? If I was a regular customer and knew it was so under priced I might feel a little guilty. I don't know if that would stop me from buying it at the low price because like I said they should have done their research before pricing it but I'd feel a little guilty.
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Deleted
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Post by Deleted on Sept 2, 2015 15:13:30 GMT
I am not sure if I would tell. Part of me would feel very guilty that I got something at such a bargain. The other part of me would feel they should have done their homework and known the real value. Just like a cartoon, I would have an angel and devil fighting it out in my mind. hahaha Should I sell and give the store owner half? But why should I, he probably paid $100 for it. Should I keep quiet and look in his shop for more under-priced items? Is that evil of me? ack!!!!!! Should I give half to charity to relieve my guilt??
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Rhondito
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Post by Rhondito on Sept 2, 2015 15:14:26 GMT
This thread is useless without pictures! and congrats! Yes! We want to see! I'd keep mum on it and not say anything. Doing so would only make them feel like crap. |
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freebird
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Post by freebird on Sept 2, 2015 15:22:40 GMT
They should have done their own research so no I don't think I'd tell them.
You said you did research before buying it. Did you know it might be worth that much after your research? If I was a regular customer and knew it was so under priced I might feel a little guilty. I don't know if that would stop me from buying it at the low price because like I said they should have done their research before pricing it but I'd feel a little guilty. It was signed by the artist and explained what it was (the original prototype artwork for a christmas plate design). I knew the second I saw the signature that it looked like something. Since I'm a painter, I knew it looked like skilled work. I searched on my phone but couldn't find proof of this being the original but the signature looked right. When I got home, I found a video from antiques roadshow appraising one of his works. (The guy that estimated this one's worth this one was the same guy!) I found the plate online and the design is similar, called the shop 3 min later and bought it over the phone. |
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Post by epeanymous on Sept 2, 2015 15:30:32 GMT
No, it is their professional business and they ought to be able to figure out what things are worth.
That said, what things are "worth" and what you can actually get another person to write you a check for are not the same thing, so even if there were some possible ethical issue here (which there isn't), I wouldn't consider it to exist unless a specific person actually was willing to pay me the "worth" of the item.
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happymomma
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Post by happymomma on Sept 2, 2015 15:33:42 GMT
No guilt for sure. I would probably be sure to check back to see what other finds they've dug up. They certainly paid less for it than you did, so it's not like they got the shaft. Business is business and I am sure they sold it to make a profit. They just didn't make as big a profit as they actually could have.
If I really liked the owners I might tell them just so that they will be more careful researching and pricing.
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Post by myshelly on Sept 2, 2015 15:40:19 GMT
Heck no. I would never say anything.
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Post by scrapsotime on Sept 2, 2015 15:41:08 GMT
It doesn't seem like it was that hard for you to find info on the print. The store should have been able to find the same info. I wouldn't say anything or feel guilty at all.
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Post by abr79 on Sept 2, 2015 15:45:04 GMT
I guess the question for me is what would be the purpose of telling them? As an FYI so they can maybe price things appropriately in the future? If you're a regular there and you're friendly with the owners, then I guess I could see wanting to give them a heads up. But if you're just wanting to gloat or something? Then no...there's no use or point. They probably purchased it for half or a third of what you paid so they still made a profit off your purchase. Sure, maybe not as BIG of a profit they could have had they researched but I'm guessing they didn't lose anything. It's just part of that kind of business.
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Post by Bitchy Rich on Sept 2, 2015 15:47:19 GMT
I would WANT to tell them, for selfish reasons, so they would realize how super duper smrt I am. But I would restrain myself for two reasons: so they wouldn't hate me and so I could possibly find more deals there.
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ashwyness
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Jul 22, 2014 17:33:23 GMT
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Post by ashwyness on Sept 2, 2015 15:47:29 GMT
A few weeks ago my Dad called me and told me he picked up an Apple Monitor at an estate sale for $40. He called me wondering if I can use it. I had him send me a photo and lo and behold...it's an iMac computer, with an i5 processor and 1TB hard drive! it isn't even 2 years old! $40...worth about $1200.
He said he did feel guilty, and wondered if he should try to track them down but he goes to so many sales, and flea markets that he couldn't even remember where it came from.
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freebird
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Post by freebird on Sept 2, 2015 15:49:19 GMT
No I wouldn't tell. It's on the store owner to do their due diligence. I also feel the same way about garage sales. In this age of technology, it isn't that difficult to run a quick check to see find the worth of something before discarding it. I do it with pretty much everything I get rid of. It's how I recently discovered an old children's pattern I owned (never used) was worth $70. It sold within an hour of being listed on eBay. Now the big question...are you keeping it?No. I don't have any personal attachment to it (I've had it like 2 weeks). We're talking to the guy that gave us the auction estimate right now to see if his auction house or someone else's might be interested in selling it. |
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Post by blondiec47 on Sept 2, 2015 15:51:05 GMT
Look at it from the other side, how many people over paid for something at an antique shop because they didn't know. This time you won. I would no say anything. Congrats on your lucky find
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suzastampin
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Post by suzastampin on Sept 2, 2015 15:57:11 GMT
If it's an antique store, they should have taken the time to research the illustration and realized its worth. So no... I wouldn't tell. If you had bought it from some person's garage sale, from someone who OBVIOUSLY had no idea of the illustration's worth, I would probably tell. Share the wealth or something. I just wouldn't really feel bad about the store being 'incompetent', but I would feel really bad if a private person owned it and missed out on that kind of money. I feel the same way. Great score, Freebird! |
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Deleted
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Post by Deleted on Sept 2, 2015 16:08:25 GMT
You hit the jackpot-Congrats!
And about telling the store, heck no. They put a price on it, you paid what they wanted, end of story.
So the piece has been authenticated, and it's definitely the real deal? Yeah you!
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MDscrapaholic
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Jun 25, 2014 20:49:07 GMT
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Post by MDscrapaholic on Sept 2, 2015 16:09:34 GMT
Sounds like you hit the jackpot! This is something for PBS' Antique Roadshow!
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Post by gritzi on Sept 2, 2015 16:12:36 GMT
No I would not say anything at all, nor would I be posting photos of the the illustration online. People can go off the deep end when money is involved. The seller sold you an item at a price you were willing to pay & he was willing to accept. However, seller might decide a lawyer & court sound better once seller learns the item is worth a whole lot more!
I would enjoy the illustration and the windfall should you decide to sell!
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Post by anonrefugee on Sept 2, 2015 16:15:51 GMT
Hmm, at a store I don't know. Me and my big mout though...
At an estate sale where the family is probably dealing with retirement expenses and/or end of life care. I'd definitely tell. Probably kick my myself at college tuition time, but tell...
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Post by disneypal on Sept 2, 2015 16:18:15 GMT
It may not be the right thing but no...I wouldn't tell them. I think people should do their own research of the value of something before they sell it. I think it is just the buyer's good luck if it is worth more.
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Deleted
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Post by Deleted on Sept 2, 2015 16:22:21 GMT
Nope, no guilt at all. It's up to each person to do their own research. Especially an antique store?!
I've actually had luck buying stuff at our local thrift store that has more value then they sell it for. I bought eight old window shutters for $1 each that they debated on throwing out. I sold them for $20 each on a decorators selling group and didn't feel an ounce of guilt.
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momto4kiddos
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Post by momto4kiddos on Sept 2, 2015 16:31:25 GMT
I wouldn't feel it necessary to say anything. One of my pet peeves about my dh is that anytime we run across an odd situation, he gives the information he "thinks" he knows. Say you needed to know the law on something or the a fact about something. And he's good thinking he knows something. If i'm uncertain I check into it so that i'm more certain (I like to know, rather than think.)
My feeling is, with research they likely would have known the same thing you did. They chose not to bother checking. We need an update on this when/if you sell/auction it off.
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tduby1
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Post by tduby1 on Sept 2, 2015 16:33:15 GMT
No I would not say anything at all, nor would I be posting photos of the the illustration online. People can go off the deep end when money is involved. The seller sold you an item at a price you were willing to pay & he was willing to accept. However, seller might decide a lawyer & court sound better once seller learns the item is worth a whole lot more! I would enjoy the illustration and the windfall should you decide to sell! I am not a lawyer, I admit, but I fail to see a case here. I can't imagine even the most unscrupulous lawyer could see a case here. They priced it, she bought it at their price. |
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