Dear Moral Money,
I’ve been helping my friend clear out his recently deceased father’s house. I found some old antiques in a cardboard box while clearing the garage, including some old watches and lighters, which he suggested we throw out.
He’s in need of cash, so I offered to buy the items from him and save them from the bin.
I offered him a very good price – £100 and a pub lunch – for what I thought was essentially junk. He was reluctant to accept my money at first, but I insisted. I paid him the cash and he wrote me a receipt so I could prove to my wife where the money had gone.
However, out of curiosity, I looked online and was shocked to see that they could be worth much more than what I paid. After a few hours of research, I think that with a bit of luck I could probably get close to £5,000 for the lot.
Should I tell my friend? I bought the items from him fair and square, but he could really do with the money. On the other hand, if it wasn’t for my kind offer, the items would be in a skip and he would be none the wiser. I’d quite like to use the money to do up my kitchen.
BP, via email
It was kind of you to offer to buy what you thought were worthless items, when simply offering cash outright may have left your friend embarrassed.
Knowing nothing about antiques, you assumed they were destined for a car boot sale rather than an auction room. However, you are now left with a major dilemma.
You didn’t discuss the items’ potential value with your friend before the sale, and they are now yours so you can legally do what you please. It was wise to ask for proof of purchase as this could help alleviate complications further down the line.
However, your friend remains in a financially precarious position and the proceeds from a sale would help him substantially. His late father had very little to leave him, and may have viewed these items as some form of inheritance.
Given you essentially bought the items as a way to give your friend £100, you could simply give them back to him. As you didn’t expect to see your money again, you are in the same position you thought you would be to begin with.
Another option would be for you to sell the items back to him for what you paid for them. This means you would not be left out of pocket, and it would mean your friend would not feel like he is accepting charity.
Alternatively, you could try to sell the items yourself to see what price they actually fetch on the market. It may end up being far less than you think, and you could end up only making a small profit, or even a loss. Your research leads you to believe this is unlikely, however.
If you do decide to sell the items, and you receive a good price, you could always split the profit with your friend. Given the antiques were destined for the bin if not for your intervention, this is not an unreasonable outcome for him.
Legally, you are within your rights to sell the items and keep all of the money. Be warned however, that depending on the items’ true value, buyers may wish to know their provenance.
This means they may want to know where your friend’s father acquired the items to begin with – which could make for a very awkward conversation with your friend.
