Richard Morrison, Financial Post
In 1974, a local rock band called Rush played our high school cafeteria and after the concert was over I bought a copy of the group's debut album from the singer, a genial, hawk-nosed fellow named Geddy Lee. He smiled, pointed to the pile of records and spoke, but since my eardrums were still ringing from the 120-decibel music, I had no idea what he was saying. But now I know: "Buy all the records in this pile and don't open any of them because they'll be worth a fortune in 35 years."
The pile of LPs Mr. Lee was selling next to the stage were some of the 3,500 pressings of Rush's first album, produced by Moon Records. A sealed version of the album sold for US$831 on eBay in November, according to popsike.com,a site that tracks record prices. With LP records, the first recordings by artists who later went on to superstardom are the most valuable, but even obscure musicians who couldn't fill a church basement have their followers, says Matt Oehmen, who runs Honest Reds Records, an online record store on eBay.
"Every artist has a fan somewhere, no matter how uncool or obscure. This is a lesson that has never failed to amaze me."
There is plenty of evidence that LP records are still being listened to. Best Buy, for example, offers about two dozen turntable models, many of which are sold out. Amazon.comlists more than 200 turntable models for sale. Mr. Oehmen says he was selling LPs last fall at a show near the University of Ottawa, "and never have I seen so many young people excited for vinyl. They were ravenous."
Like all collectibles, rarity and condition are key. Most LP records are worth less than a dollar, either because there are still thousands of them around, they are scratched or their covers have been damaged, Mr. Oehman says. But there are still some gems.
"The diamond in the rough -- the kind of collectible record that doesn't advertise itself as so, the obscure bands you've never heard of, that weird jazz album, that private pressing soul 45. These kinds of things are either spotted by luck or by a well-seasoned eye."
If you have a box of old records in your attic, basement or garage and you want to know what they're worth, log on to eBay and under "advanced search" check "completed listings," which details the results of auction sales that ended over the past 90 days. You will have to key in each artist and album title individually -- a time-consuming process that can be exasperating, especially when you go through 250 LPs and not a single one has sold for more than a dollar.
Along with the usual Pink Floyd, Beatles, Michael Jackson, Rolling Stones, Jimi Hendrix and other major stars, LPs by bands so obscure they don't even have a Wikipedia entry attract the attention of collectors. For example:
- In 1968, the Immediate Record Co. Ltd. rounded up some budding British rock stars, called the group Billy Nichols, and tried to create a British version of the Beach Boys. But after 100 or so promotional copies were made, the label ran out of money and the album was pulled. A copy in near-mint state sold for US$9,700 on eBay on March 7.
- A 45rpm single from the mid-1960s, Lady In Green recorded by The Magnetics, a Detroit-based soul group, sold for US$5,500 on Feb. 22. Last year, the surviving members of the group reunited for a concert in England, where the group members were astounded at the value of their record. You can log on to YouTube and see the reunited group perform the song.
- Mind Odyssey, an LP by the 1960s California psych-rock group The Aggregation, sold for US$860 on Feb. 14. The group recorded the album while under the influence of LSD and most of its fans were similarly stoned. YouTube has a few cuts from the album, appropriately illustrated with kaleidoscopic images and lava lamps.
- A sealed copy of I'll be alright by Dave Lamb & Gye Whiz attracted 30 bids and sold for US$753.73 on Feb. 24. This English folk-rock group from the early 1970s is so obscure that it has neither a Wikipedia entry nor any clips on YouTube, but collectors love it.
- Asylum's First & Last original LP sold for US$710 after 22 bids on Feb. 26. The group, formed by members of the Fork Union Military Academy school in Virginia, had only 500 copies of this album pressed.
There are collectors willing to pay up for classical LPs, and those obsessed with 78-rpm disks. If you're at a garage sale and see a Columbia LP from 1965 featuring a Beethoven concerto by Soviet violinist Leonid Kogan accompanied by an orchestra conducted by Constantin Silvestry with a turquoise and silver label, buy it. It sold for $6,363 last month. A mint-state 78-rpm recording of Alabama bluesman Ed Bell, made in 1928, sold for US$3,939 on Feb. 28.
A few weeks ago, a music store owner gave me a pile of 65 dance records from the 1980s, warning that the whole box of 12" 45-rpm records were likely worthless. He was right: after checking them against completed eBay listings and on Popsike, I tossed them all out. But not all 1980s dance albums are worthless, as a copy of Italian disco artist Ryvon DJ sold for US$3,551 on Feb. 21.
The best places to find LPs are garage sales, classified ads and estate sales, Mr. Oehmen says. This often means buying in bulk, so you may end up getting a good deal on 5,000 records where there may be 1,000 worthwhile selling.
"It's a lot of work, and is certainly not a get-rich-quick scheme. You must be actively passionate in collecting yourself in order to sell successfully."
Along with Popsike and eBay's completed listings, you can search record values at U.K.-based Record Collector magazine ( recordcollector.com),a bible of the hobby. A one-year subscription from Canada is £72. The magazine also offers a hard-bound price guide for £28.
Locally pressed LPs that are common in some parts of Canada may be collectors' items elsewhere, Mr. Oehmen says. "There can be regional variations, what's common in your home town isn't necessarily common elsewhere in the world. This really only comes in handy when selling on eBay or the like, where your marketplace is the entire world."
If you think you might have a valuable record, check it under a good light to make sure it is not scratched or badly scuffed, and if you have the time and access to a turntable, give it a listen.
Mr. Oehmen says he has 8,000 LPs in his inventory, and taking the time to play them all would "drive me clinically insane. I grade visually, and I've become better at it as I go. The only time I play-grade something is if it's a particularly collectible, scuffed disc, sometimes an ugly one will play through fine."
SOURCE: http://www.financialpost.com/
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