LOOKING for cash in the attic?
If there’s a box of records gathering dust in the corner of your loft, it could be a good place to start.
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The vinyl revival is still going strong, and with the annual Record Store Day taking place today to support independent shops, it’s the perfect time to see if there’s money to be made from your old collection of LPs.
Rob Palmer, 63, owner of Roan Records (roanrecords. com), in Teddington, south-west London, said: “Get into your attic and see if you are sitting on something valuable.”
More than five million vinyl records were sold in 2021 — the highest number for 30 years, according to the British Phonographic Industry (BPI). But, despite the boom, many people still don’t realise that their old record collection might be worth something.
Martin Hughes, 39, vinyl specialist at Wessex Auction Rooms (wessexauctionrooms.co.uk) in Chippenham, Wilts, said: “It breaks my heart that so many gems might have ended up in the bin in the past 20 years.”
But spinning some decent profit from your records can take a little more effort.
Having some specialist knowledge will help you know which records will make the most money. Sites like Discogs can arm you with some essential know-how.
The first thing to work out is whether your record is worth anything at all. Some vinyl, such as mass-produced records from Sixties crooners, for example, may be heading straight for the charity shop.
Bidding war
But there are a load of other factors to think about, including when the record was made (or “pressed”), how many were released at the same time, what condition the record and the sleeve are in and how many people might want to buy it.
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Once you’re ready to sell, you may find it pays to get some expert help. If you’re happy to go it alone, a huge number of records are sold on eBay.co.uk.
Emma Grant, head of preloved at eBay UK, said: “Whether it’s a rare LP set to spark a bidding war, or a lost gem that could mean the world for your buyer to hear played again — there’s plenty of money to be made.”
While a rare 1963 first edition of The Beatles album Please Please Me sold on eBay for £4,544 earlier this year, the average selling price for a vinyl record on the site is £21.
The marketplace can be a bit of a minefield if you don’t have specialist knowledge, though. Some of that know-how can be surprising. For example, one of the best-selling eras for vinyl albums is the 1990s.
Martin said: “There were so many CDs in that decade and very few people buying vinyl. As a result, little of it was made. An album like Oasis’s Definitely Maybe will sell at auction for at least £100.”
Rob also sees the ’90s as a golden era for vinyl. “It’s all to do with supply and demand and how many copies were originally made.” Rare presses or limited editions are where the big bucks lie, or finding the very first records that a band made before they were famous.
The state of the albums and their cover and sleeve also affect the price. Vinyl deteriorates when the record is played and the “crackle” that many people love can bring down the price. Collectors, who use a grading system for a record’s condition, have very high standards. Something you think is in great nick might not pass their exacting eye. Martin said: “You can learn all this, but it’s time-consuming, so it can be better to get someone else to do it.”
If you do want to call in an expert, there are different routes to go down.
An auction house like Martin’s takes a cut after the item goes under the hammer, so he wants to achieve the best possible price for the items.
Record shops like Rob’s give a percentage of the price the item is sold for. That varies depending on different factors, including how quickly he thinks it will sell.
So dig out your old records and you may be able to spin some serious profit.
ON TRACKS TO A TREASURE TROVE
VINYL enthusiast Faye Matthewman set up eBay shop Scratch The Surface with her partner Simon Heaney four years ago.
The music fan from Chippenham, Wiltshire turns over £120,000 a year and sells 80 to 100 records a week.
She says the most popular records are classic Seventies and Eighties albums from the likes of The Eagles and Fleetwood Mac.
Faye, 46, said: “Hotel California, for example, can sell for £10 to £20, while Nineties Britpop bands like Oasis can go for hundreds of pounds for an original album.
“Records are like collectors’ pieces. People love the artwork, the smell reminds them of their childhood and the whole process of taking the record out of its sleeve and putting the needle on it is reminiscent of their youth.”
Faye recently sold some signed albums by Nineties American grunge band Pearl Jam for around £200 each and she says you can get an idea of what a record will sell for by looking online.
But she warned that it can take years to learn all the little details that determine the price, and added: “There are so many nuances. I learnt it from hours and hours of research.”
Your rare albums could be worth a fortune
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