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I'll sell this to you on ONE condition........

Started by buyatari,

62 posts in this topic

Doc Joe

Doc Joe

Posted
Posted

Renegotiate..

 

I have purchased things with "first right of refusal" if I decide to sell down the road but never at the original purchase price.

 

Say yes I will offer it to you but not at this price.

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DocR

DocR

Posted
Posted

 

When you say the seller "has right of first refusal at the current selling price" does that mean he can buy it back for what he is selling it to you for? Or for the current price at the time you decide to sell? If the former than that doesn't seem like a good deal for you. For example, you buy the piece today for $XXXXX and hold it for 8 years. In that time the price has gone up several thousand dollars or more. You decide to sell, but have to offer it to the previous owner. He says he'll take it back. then puts it to auction the next month and reaps the gain.

 

If he gets first refusal at whatever the current FMV is at the time you want to let the piece go, I think that is only fair.

 

It means that if I buy it today for X dollars if I do sell it back to him in say 20 years it will be for X dollars. No appreciation.

 

 

 

lol

So he's either forcing you to keep it if it's someday worth a million OR he's forcing you to give him an interest free open ended no end date loan secured against the artwork.

 

That's not a right of first refusal btw. Right of first refusal includes matching an offer not rescinding the original deal.

 

exactly, he should get to buy it back at the price someone else is offering.

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Eric Seffinga

Eric Seffinga

Posted
Posted

Agreed. I

 

've been on the giving and receiving end of right-of-refusal agreements several times over the last 20 years. it's let me grab some pieces that are otherwise not on the market. Often from people I know, or come to know well, and all have been good experiences, not to mention leading to some great friendships.

 

But setting an indefinite time period on a fixed price condition is just naive.

 

 

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AnkurJ

AnkurJ

Posted
Posted
Renegotiate..

 

I have purchased things with "first right of refusal" if I decide to sell down the road but never at the original purchase price.

 

Say yes I will offer it to you but not at this price.

 

Unless it's a barks painting at the peak of the market.

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SquareChaos

SquareChaos

Posted
Posted
Looks like the community spoke pretty firmly on this question.

Because it was a no-brainer.

 

I still say it depends on the type of collector. Some people never sell anything, period. If he's that type, if he isn't concerned with the purchase as an investment (as so many are), then why not?

 

It's all about meeting the buyers individual needs. If any of those criteria are other, then it is a no brainer.

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irchooker

irchooker

Posted
Posted

I'm a real outlier. I don't think this is the end of the world at all. Do you want the piece to hang on your wall for decades? Then you buy it and hang it. And the other person eventually stops collecting, doesn't reply in a timely manner, it goes into the spam folder, gets a new email address and you have no contact info, or dies.

 

There are lots of scenarios where you get to keep the piece for decades-long enjoyment and then sell it to whomever you want for however much you want. And because we are all going to be a bunch of greybeards with no collecting interest in 30 years, you won't get your money out of it anyway... right? That is what that crazy long thread concluded? I kind of drifted off after 4 posts and couldn't read it.

 

 

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Nexus

Nexus

Posted
Posted

Terrible deal.

 

BUT...if you offer it back to the seller, and he declines, then are you off the hook?

 

If so...buy it now...and immediately (say in a week or two) offer it back to him. It's likely he won't want it back so soon, and you'd be in the clear.

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irchooker

irchooker

Posted
Posted
If so...buy it now...and immediately (say in a week or two) offer it back to him. It's likely he won't want it back so soon, and you'd be in the clear.

 

That's outside the box thinking. Make the deal a one-time-reoffer, and without time payments. Then return it to him in a couple weeks, while all that money has had a chance to sit in the bank account for a bit. It might be hard to return that money; though just coming into it, it might be easier.

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Nexus

Nexus

Posted
Posted
If so...buy it now...and immediately (say in a week or two) offer it back to him. It's likely he won't want it back so soon, and you'd be in the clear.

 

That's outside the box thinking. Make the deal a one-time-reoffer, and without time payments. Then return it to him in a couple weeks, while all that money has had a chance to sit in the bank account for a bit. It might be hard to return that money; though just coming into it, it might be easier.

 

I'm guessing that he's selling because he needs the money (maybe for another piece). If the money's going to be immediately tied-up, he won't be able to buy it back anyway.

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aqualad34

aqualad34

Posted
Posted

I had a buyer that was so extremely rude and disrespectful to me that I would never sell that person the page he wanted for any amount. If I ever did sell it, it would be under the condition that the new buyer would never sell to said "ill-mannered" person.

 

 

 

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