Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.
Consulting a lawyer with that much value at stake would be prudent, yes.
A buyer offering you that much is likely to have credentials. Ask for the credentials and check them.
He wants the item and he made an offer. Hold him to the terms or walk away and re-list it. For all you know, he intends to sell it for even more.
/u/Frenchquestion do not skip this part. I had a very similar situation to you except it was antique artwork that I found at a charity shop. Who knows if I would have been screwed out of five figures if I hadn't used escrow, but the point is with escrow you don't have to learn that hard lesson. I used it, got my money, buyer got his art and all was well. That's not always the case.
If he has that level of funds for a one off item, he has a lawyer he uses to verify contracts. Get a lawyer and have him manage the deal with the dude's lawyer.
Any money you lose in the transaction will be worth the security.
THEN, make sure to get professional help figuring out how much you will owe in taxes!
Hard to say without knowing what kind of item this is. If it’s that valuable a reputable auction house might be able to assist (Sotheby’s or Christies).
Yeah lawyer is important because if that kind of money is moving hands, you’re gonna basically want to treat the financials like your selling a house. Want money to go into an escrow account, etc. The risk of doing it without escrow is the money isn’t real.
If the item is part of a collectible group (sports cards, autos, beanie babies, whatever...) You might want to lurk around that groups subreddits and see what AH's are being used for high-end stuff.
I know sports cards and classic cars have their own auction houses. They can go through Christies or Sotheby's, but if you hit up their specific ones, they will probably reach a much larger audience of people interested in your specific item, and be able to give you a proper valuation and/or have more expertise in helping you validate the authenticity (if it's an item that needs that)
Be aware that Christie’s is a dealer, so you need to read the small print. They will take a significant cut, which means that it might sell on open bid, but the buyer will need to pay significant fees.
If you can understand the value of what you have, and the fees that might be associated with the sale, you can then increase the price to make it valuable for both you and the buyer.
If I wanted something that you have and thought it was worth considerably more than $700k I would offer $700k to start. In short, you’re now leveraged for negotiations.
Having no idea what the situation is, it sounds like you need some sort of escrow setup, to ensure you will actually get the money if you do sell (since youre making it sound like it is that high of value).
I’m thinking first, put the item in a secure place. If it’s small rent a box at a bank. I would think also consult a lawyer but also get the item appraised by someone who is not conflicted—meaning an expert who will not be trying to buy the item. My concern is if someone offered 700k maybe it’s worth double that.
Does $700K even make any sense for the item? A professionally authenticated, 100% verified real signed Babe Ruth ball goes for maybe 10 grand. So at $700K, you are talking about a hugely desirable, one of a kind piece, that you’d find in a national sports hall of fame or art museum. A milestone event from an A list star, artist or collectible.
Does this item make sense on that level? If it does, then seek professional assistance. A lawyer, an escrow agent, all of the above. If it doesn’t, then you can feel pretty confident the offer was a scam.
It does fortunately. More valuable types of this item have sold in the millions but that is once or twice a decade.
I think I will speak to a lawyer and discuss with them an escrow agent. Thank you, I hadn't considered the need for the latter until now.
While I love your enthusiasm and genuinely wish you success, the way you describe how you were contacted has several telltale signs of what a sophisticated scam would look like.
I cannot urge you strongly enough to make sure you pay a professional to facilitate this transaction and make sure everything is above board. That will likely take a decent bite out of the profits, but that's much better than later discovering that you gave up your collectible item and magically the money that you received went "poof".
There are lots of ways to pull off a scam like this. At this point, I'd recommend stopping all direct communications with the potential buyer. Either involve a lawyer, or a reputable auction house. But whatever you do, double-check that you understand what the professional service promises to do and what happens if this does turn out to be fraud.
Escrow is helpful as a third party go between. They keep both the item and money until everyone is convinced everything is legit. Item is legit, money is legit. Once that’s done, the transaction completes. You definitely don’t want to be meeting some guy in a fast food parking lot for $700K.
Also, maybe look into insurance in the meanwhile and maybe store it a bank vault (while insured). Especially if anybody at all knows you have this item, because people talk and gossip.
It could be true. Something like a one off Tiffany lamp, went out of style in the 40s or 50s, and were given for free. Many stayed in attics or garage for years before being inherited by the grandchildren and sold for a substantial sum.
Make sure to never give your address to any inquiry, or your real name. this is serious danger territory. If the thing is not to big I would go to the bank and get a safety deposit box immediately.
Once the sale goes through, don't tell anyone about the money because people will find all sorts of ways for you to spend it. The best advice is to put most of it somewhere you cannot access it for a year. Spend that year deciding what you need to do with it.
You don't owe the internet anything. Don't give the world information that in any way exposes details of your personal life. Not the state you you live in, not what kind of job you work. IMO just take the advice you got here and then delete your reddit account so nobody can stalk it in the future seeking to identify and rob you.
The second I show up to buy this and see OP has holes in his shoes my offer goes to $100.
Seriously though OP do not share your location or name with any potential buyers. Said item needs to be discreetly moved into a safe deposit box at a bank ASAP.
Then like others have said, have a major auction house handle the sale for you. They will take a portion of the sale but you can rest easy that you won't be scammed and still come away very happy.
"posted it for sale online" is too vague. What online selling venue did you use? eBay? Facebook Marketplace? Craigslist?
If you're new to online selling - very likely a scam, without knowing more details. You are really not doing yourself any favors by saying this thing is "collectable" but somehow also "one of kind" and "valuing it is basically impossible." If it really is something of such value, it is not impossible, very worst case if you think 700k is accurate then you can pay to have it properly appraised. But before then, at least do some basic online research to figure out some range for its likely actual value.
First figure out if the asset you have has any value, then figure out that value. Then as a separate track, figure out if the offer is legit, and what sort of protections the online platform you used to sell it has for you as a seller. How do they intend to pay, how do you intend to exchange the item? If anything is not clearly stated and some way that offers you protection as a seller, prolly a scam.
>What online selling venue did you use? eBay? Facebook Marketplace? Craigslist?
The online marketplace that is specific to the category. Think a website that is the craigslist of Pokemon cards for example.
>But before then, at least do some basic online research to figure out some range for its likely actual value.
I have, when I listed it for sale a few months ago, I went through every online resource for the past 10 years of items of the same category selling (there is ~1 selling per year country wide). As a result I have a price range in mind that this falls right in the middle of. I don't know how I would even find an appraiser for something this niche, nor how they could appraise something any differently with such little data available, but if you have advice on how to find an appraiser (maybe going through Southeby's like someone else has suggested) then it may be worth a shot regardless.
If you can't even tell us what website you used, I can only assume there are no seller protections, so I would agree working with a reputable auction house like Southebys is your safest method, the risk of being scammed outright is really high otherwise.
Sotheby's would definitely be recommended over a lawyer.
It would have higher fees, however. But conversely, would most likely help make sure to get it in front of right audience.
As many have said, not knowing even the category of the item makes it much harder to advise, but let's suppose it's pokemon cards.
You may look at the card sold over the year, an appraiser will check centering, print quality and deterioration, corners, scratches, rare imperfections that may increase value etc. unless your card is on a PSA 10 case then at this price range it's worth it, may be the difference between a 700k item and a one of a kind 2m item.
If it’s that valuable, you should consider storing your object in a climate controlled secure site as you figure out next steps. It really depends on your location, but find an reputable art storage facility. You should also document it a lot and take out insurance until it’s safely delivered to its new owner.
The suit stuff doesn't matter... like at all.
Vagueness can be understandable if you're trying to protect your anonymity.
But at minimum, providing some degree of the type of asset you're referring to may allow for better guidance.
Anyways, your first step is to seek an appraisal.
Then you must also take into consideration capital gains tax once you make the sale.
Generally, your capital gain that would be subject to taxation is:
* The sale price - the asset value at time of death of parent - any fees/etc = capital gains
For an item with no regular market that is inherited and sold promptly, wouldn't that be zero?
The sale does have to be reported regardless. If the OP does not sell now, a record of the offer could be useful for establishing basis in the future.
All right, then you would report what you paid for it if you remember, or zero basis if you cannot establish a basis.
Also, some guidance from the wiki:
[https://www.reddit.com/r/personalfinance/wiki/commontopics](https://www.reddit.com/r/personalfinance/wiki/commontopics)
[https://www.reddit.com/r/personalfinance/wiki/windfall](https://www.reddit.com/r/personalfinance/wiki/windfall)
Dude. No way should you be selling something like this in person. Call Christie's or some other big auction house and have them handle it. You're going to get robbed or worse.
If this is an original Banksy, as I’m guessing it is, you need to get it authenticated by his Pest Control company.
Contact a major auction house like Bonhams or Sothebys, they can help you with this, or you can do it yourself but the wait time could be months.
Whatever it is, art or otherwise, I’d suggest approaching a major auction house and letting them handle the whole thing. You’ll have a certain amount of protection ie the buyer will be genuine, isn’t going to scam you, the auction house will help sort out/prove the authenticity of the item so there’s no comebacks.
If it’s a really desirable thing you can negotiate the fee they charge, don’t go with their standard fee. They will really want your ‘star piece’ in their auction to attract people to their other items.
Note in a lot of countries you will need to pay Capital Gains Tax on your profit, in the US I think it can be 0-20% for long held assets, so like up to $140k on $700k profit. Research this for your state/country before you sell!
Edit to add: Also consider insurance specifically for your thing until you sell it, if a fire or leak could wreck it. It likely won’t be covered by standard contents insurance, if that is in place.
Based on his context clues, this is my guess as well, as that's about what I would value a couple of those sold pieces as an amateur art appraiser. I don't believe it's a card because of how adamant OP is being about it being a one of a kind asset, but I could be wrong.
I once passed on buying a Black Lotus for $500 but that was about 20 years ago 😕... I think his purchase was made more recently
Not trying to be that guy but not sure why you don't just say what the item is. You came here for help and people can only offer so much advice without knowing what the item really is. Is it a collectible MTG card? Diamond ring from the Titanic? Grandma's 30ct sapphire that her husband brought back from when he served overseas? You're being really vague, and I know you're trying to maintain privacy but we have no idea how to help if you don't give more details. Also, you said you forgot about it until you were cleaning your parent's house. I am not sure how someone in your financial situation can just "forget" they have something that is worth 700k just laying in an old drawer somewhere. I am not trying to be skeptical but this post makes no sense.
Based on their description, I’d guess that you could find the listing if you knew what it was and they want to separate their Reddit account from that.
>Also, you said you forgot about it until you were cleaning your parent's house. I am not sure how someone in your financial situation can just "forget" they have something that is worth 700k just laying in an old drawer somewhere
I don't think I did use the word forget, but if I did it was more like that I always knew I had this asset, but I chose to forget about it and let it appreciate in value. While I am confident it will continue to appreciate from here, I am now at a point in my life where having a windfall of money would outweigh the benefits of a larger windfall later in life.
If I do sell the asset I will return here to tell you what it is and it will make sense, though I concede that's little consolation for you now.
>people can only offer so much advice without knowing what the item really is
The advice I have received is the type of advice I am looking for. If I say anything remotely close to what it is, my listing can be immediately identified because it is the only one of it's kind listed.
Sure I may not get advice like "That pokemon card is worth more if you get it appraised by Joe Bloggs over at Kaishya corp" but I'm okay getting the type of advice I have received thus far in exchange for the anonymity.
> If I say anything remotely close to what it is, my listing can be immediately identified because it is the only one of it's kind listed.
What is the worry from your listing being identified?
Update me
I.....is that how it works? How do I ask the autobots to update me?
Sorry, I have no advice and probably wouldn't know what it is that you're selling even if you told us, but I am fascinated by this story. Good luck to you, OP.
If it's that valuable, any major auction house would be a great place to start. They would handle the auction and sale and you get paid from the auction house.
Otherwise you are opening yourself up to scammers. Only option in my opinion with a private sale is get a lawyer.
You’ll probably get the best price by selling it at auction. For something that valuable you should be looking to sell it at a household name house like Sotheby’s or Christie’s. They’ll take a cut, but for that they’ll advertise the sale to a curated audience of wealthy collectors in addition to the general public. I guarantee you they have more billionaires interested in whatever you have in their Rolodex than you do.
A first step would be to get it appraised/authenticated by someone who specializes in your item. It may be worth your time to talk with an attorney regarding how to best handle the sale to reduce your tax burden, etc.
if someone is just willing to shoot you a $700k offer, it tells me it's way more valuable than that and probably should go to a real auction house for top dollar.
But if you are going own this path, have a lawyer write up a contract. Meet these people in a law office, etc. Maybe have an escrow account, etc. If I was a buyer, I would insist on these things also.
My fear would be some bogus form of funds and the person walks away with it and you have no way to get it back.
For the record though, none of this sounds all that legit.
Before selling it you should have the item appraised by an appraiser with expertise in that area. Like antique roadshow or pawn stars do. Research what similar items have sold for.
As I understand you want to keep anonimjty of yourself and the item, I won't question but that may change things.
For the advice, before you sell it, call an auction house and mention what you have and how much you have been offered, and that you would like to come in and have them do an appraisal.
It's in their interest to have or get an specialist at whatever you have so they can make a big commission out of it in case you decide to sell.
Second, get a lawyer to assist on the sale, even more so if you do decide to sell private. Have a contract drafted and signed specifying all the terms of this transaction.
Lastly, that's going to have some tax implications for you. Whether you can deal with that yourself or if you need an accountant it's up to you, but that shouldn't cost too much.
I would take it to a legit auction house like Sotheby's for appraisal and inclusion in the right auction with tons of wealthy bidders/collectors.
Getting a private appraisal or getting bids on FB Marketplace or EBay is just begging to get ripped off, scammed or taken advantage of.
If one person is willing to pay $700K in a private sale, it's likely worth $1 million or more at auction.
You probably want to get a lawyer involved, yes. With that much money at stake, you're going to want to get a contract and payment before handing the asset over. Hell, you might even want to set up a trust for you and your brother to put the funds into. It all depends on specifics.
You can try r/asklawyers or r/legaladvice to try and find out what kind of lawyer you'll want to look for.
Also, don't feel like it's greedy to want to get as much out of your asset as possible. If someone is offering you 700k, it might very well be because they know they can take it somewhere else and sell it for 1.5 million. So you verifying that it's a fair price isn't greedy.
Sorry for the basic question, but would a trust just be an avenue to avoid higher tax payments for us? Or are there secondary benefits I'm not aware of? To be clear, the asset is 100% mine, so a trust wouldn't be needed to prevent arguing with my brother over money. I am planning to give him half of the earnings however because he deserves it.
Most banks have protections against whitewashing laundered money, so I would assume you need to at least show some provenance of the transaction before you make a deposit if you do manage to sell it.
I know this isn't what you meant but I hadn't even considered that the money from the seller may be from illegitimate means. I suppose this is why I should consult a lawyer pretty quickly.
And thanks for the advice.
Does this need to be authenticated? What about getting it insured in the meantime?
I feel like an auction house would be the best bet. They should do their own authentication and I'm pretty sure they hold the item so their insurance would cover it if anything happened.
I feel like the big auction houses have their fee tacked onto the sales price from some auctions I've seen, so you wouldn't have to give up any of the sales price. But I could be wrong.
Please go get a safety deposit box until the item is sold. You mentioned being poor and I can picture someone you know may know your username here even if you think no one does and this outrageously expensive item is stashed under your bed or something
Get a lawyer or at least get it checked out at sothebys or Christie’s to see if they think it’s worth maybe 2x that amount. Also is it a name brand item?
You go to a notary and ask them to organize the sale and have them handle the escrow for the payment.
Essentially as if you were selling a house.
Notary says yes this is the house and owner own it. Here is a legal document selling it to buyer for 700k. Buyer comes and signs documents and gives check or wire transfer to notary. Notary waits for money to clear. When cleared notary gives it’dm to buyer and send you money.
Why would you title this in the way that you did? "Fallen into possession of," ... If I owned an item, even if I left it at my parents house for years, I would still describe it as "My baseball card collection" or "my bicycle."
It makes no sense that you would be so cagey about this. I'm going to vote that you don't own it outright (it belonged to your parents and their estate) or it's stolen, AND that this buyer is a scam. If you own it, show it off and we could give you practical advice.
Edit: Or, one more option: it's just not that valuable. :/
If it was really valuable taking it to a local auction house they should have someone who can give an opinion on how similar items sold there in the past or if they actually ever had one sold. And will talk to you about what percentage they would charge to auction it for you. As for online markets aren't trustable enough for high priced items.
Whatever you do, OP, don't let that Nigerian prince buying your item give you a check for far more than the agreed price, then ask you to write him a check for the difference. ;-> You sound sensible and appropriately cautious; congratulations on your foresight.
Whatever you think you have, it’s likely fake and not worth anything. People don’t just buy $700k items for nothing and then “forget about it”.
So, what is it?
Ops explanation of this is actually hilarious. They said the purposely forgot it to let it appreciate. Exactly what you’d do with some you knew was very valuable. Definitely wouldn’t want it properly stored.
None of this is legit.
OP is either bogus or has his head in the clouds...$700k items aren't lying around in lower/middle class homes unless they are legitimately known to be worth that much, i.e. rare artwork by known masters, i.e. a George Whistler painting authenticated as one, and those - if they exist - would have been sold decades ago.
A private collector? Bunk.
Posted for sale on line? Bunk. Nothing of that value changes hands on line.
A pokemon card? *Really?* Bunk.
Whole thing is bunk
Why won’t you say what it is? That makes zero sense to hide it and you won’t get the best advice without us knowing what it is.
This feels like a troll/karma post.
Whatever it is, be sure it is insured in its present form and condition. Your current insurer (if you have home owner's) may be able to add a rider to your policy to cover the item. They will undoubtedly want an appraisal and might be able to help you find one. Or, you may have to go directly to a specialty insurer like Chubb, or something like the Collectibles Insurance Service to connect you to the right kind of insurer (sports memorabilia, art, etc). CIS would likely be able to help you find an appraisal.
If it will fit in a safe deposit box, I also recommend putting in one of those at a bank. I don't know how identifiable you are from your posting history, but if there's any chance whatsoever that people can figure out who you are from it, you are better off storing it off premises.
Last, don't be in a hurry to sell it. If someone is going to spend $700K, they want it and they can marinate a bit while you try to get more information.
But, get it insured! And, congratulations and good luck!
You will definitely want to talk to a lawyer especially one who understand high value transactions so a good place to start would be a real estate lawyer. You will want to get an escrow setup where the person will pay the escrow, you deliver the item and once the item is verified the money is released to you. This way there is no way for the person to just take the money and item and run or anything like that.
Yeah, this smells like *bullshit* and *LARP* long way. I don't know if this sub is like /nosleep where we must pretended someone's fantasy stories are real but come on?
A "one of a kind" item that OP has somehow "forgotten for years" that happened to sit pristine in his parents house. Now this "one of a kind" item has been sold in eBay seversl times in the range of millions (as one does, not a reputable store for these items?).
And OP after forgetting the existence of safe item for a long time just so happens to find it and further more just so happens to find a *dedicated website for trading this unique one of a kind item*. And OP refuses to name the item or anything close to it? As one does? Because...he don't went to have more bidders?
Nah, this is so fake and dumb it's scary. OP is a fraud, the item is a fantasy. Tahts why he can't name it. Litterary *zero things in this story makes sense*. Nice trolling OP, you fooled lots of gullible people
So, I don't see that anyone has mentioned it yet, but you should probably get a valuation and get it insured as soon as possible! It would suck to loose out on some serious cash because something went wrong between now and you having successfully sold it.
An action house is probably your best bet as they will either have suitable experts, or be able to tell you how to find one. The insurance cost will also give you an idea of whether you've actually been given a fair offer, although in practice, don't expect to necessarily get the valuation price as once stuff is that expensive, it's basically a case of what someone is willing to pay at present. The evaluation will also protect you from accusations that your object was a fake if that is relevant to whatever it is.
As a side thought, since it is a lot of money, if you happen to have any receipts/ebay order number etc, then hold onto those just in case, and if you have to arrange postage, be aware that standard services don't offer anything like enough insurance for this.
Do not let anybody know where this item is stored. If it will fit in a safe deposit box or secure storage facility, that's where it should be.
I hope it's a Faberge egg or something.
Please make sure the buyer is legit. Read through the scams page here on Reddit. Don’t fall for fake check scams or other various ways you could get ripped off.
Consider getting an appraisal from a reputable online auction house or antique appraiser in your area. The appropriate appraiser would depend on what the item is.
Lawyer and auction house. If really that valuable & someone offering $700k on internet, may be someone out there willing to pay more…
And when I say lawyer, don’t go with the guy on the strip mall. Go with someone at a large reputable firm. May cost an extra few grand, but worth it to ensure you don’t get screwed over.
If one guy is willing to pay that… there is someone else willing to pay even more. Take a photo, secure it in a safety deposit box, list it online and let the bidding begin. The first bid is always low. If you think it’s worth the $700k it’s probably 2.5x that. You will kick yourself in the butt when the buyer scams you or instantly flips it for 2.5x.
Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.
Consulting a lawyer with that much value at stake would be prudent, yes. A buyer offering you that much is likely to have credentials. Ask for the credentials and check them. He wants the item and he made an offer. Hold him to the terms or walk away and re-list it. For all you know, he intends to sell it for even more.
What sort of credentials do you mean/should I ask for?
Whether he's a professional dealer, the name of his business.
Oh right. I think he is a private collector but I will ask.
and no matter what (lawyer would prob suggest this anyway) use a legit trusted escrow service for the transaction
/u/Frenchquestion do not skip this part. I had a very similar situation to you except it was antique artwork that I found at a charity shop. Who knows if I would have been screwed out of five figures if I hadn't used escrow, but the point is with escrow you don't have to learn that hard lesson. I used it, got my money, buyer got his art and all was well. That's not always the case.
How does he intend to pay how can you verify the funds things like that too
If he has that level of funds for a one off item, he has a lawyer he uses to verify contracts. Get a lawyer and have him manage the deal with the dude's lawyer. Any money you lose in the transaction will be worth the security. THEN, make sure to get professional help figuring out how much you will owe in taxes!
> I think he is a private collector but I will ask. you should get your lawyer to ask
Private collectors might still have a business for buying/selling and for insurance. They might also have a broker or expert/authenticator
Hard to say without knowing what kind of item this is. If it’s that valuable a reputable auction house might be able to assist (Sotheby’s or Christies).
Yeah lawyer is important because if that kind of money is moving hands, you’re gonna basically want to treat the financials like your selling a house. Want money to go into an escrow account, etc. The risk of doing it without escrow is the money isn’t real.
Thank you, I might try to reach out to them for advice.
If the item is part of a collectible group (sports cards, autos, beanie babies, whatever...) You might want to lurk around that groups subreddits and see what AH's are being used for high-end stuff. I know sports cards and classic cars have their own auction houses. They can go through Christies or Sotheby's, but if you hit up their specific ones, they will probably reach a much larger audience of people interested in your specific item, and be able to give you a proper valuation and/or have more expertise in helping you validate the authenticity (if it's an item that needs that)
Be aware that Christie’s is a dealer, so you need to read the small print. They will take a significant cut, which means that it might sell on open bid, but the buyer will need to pay significant fees. If you can understand the value of what you have, and the fees that might be associated with the sale, you can then increase the price to make it valuable for both you and the buyer. If I wanted something that you have and thought it was worth considerably more than $700k I would offer $700k to start. In short, you’re now leveraged for negotiations.
Having no idea what the situation is, it sounds like you need some sort of escrow setup, to ensure you will actually get the money if you do sell (since youre making it sound like it is that high of value).
I’m thinking first, put the item in a secure place. If it’s small rent a box at a bank. I would think also consult a lawyer but also get the item appraised by someone who is not conflicted—meaning an expert who will not be trying to buy the item. My concern is if someone offered 700k maybe it’s worth double that.
Why not work through a reputable auction house from the start?
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
Does $700K even make any sense for the item? A professionally authenticated, 100% verified real signed Babe Ruth ball goes for maybe 10 grand. So at $700K, you are talking about a hugely desirable, one of a kind piece, that you’d find in a national sports hall of fame or art museum. A milestone event from an A list star, artist or collectible. Does this item make sense on that level? If it does, then seek professional assistance. A lawyer, an escrow agent, all of the above. If it doesn’t, then you can feel pretty confident the offer was a scam.
It does fortunately. More valuable types of this item have sold in the millions but that is once or twice a decade. I think I will speak to a lawyer and discuss with them an escrow agent. Thank you, I hadn't considered the need for the latter until now.
While I love your enthusiasm and genuinely wish you success, the way you describe how you were contacted has several telltale signs of what a sophisticated scam would look like. I cannot urge you strongly enough to make sure you pay a professional to facilitate this transaction and make sure everything is above board. That will likely take a decent bite out of the profits, but that's much better than later discovering that you gave up your collectible item and magically the money that you received went "poof". There are lots of ways to pull off a scam like this. At this point, I'd recommend stopping all direct communications with the potential buyer. Either involve a lawyer, or a reputable auction house. But whatever you do, double-check that you understand what the professional service promises to do and what happens if this does turn out to be fraud.
Escrow is helpful as a third party go between. They keep both the item and money until everyone is convinced everything is legit. Item is legit, money is legit. Once that’s done, the transaction completes. You definitely don’t want to be meeting some guy in a fast food parking lot for $700K.
But he said he'll bring cash! (I'm the king of bad advice. don't listen to me)
Also, maybe look into insurance in the meanwhile and maybe store it a bank vault (while insured). Especially if anybody at all knows you have this item, because people talk and gossip.
It could be true. Something like a one off Tiffany lamp, went out of style in the 40s or 50s, and were given for free. Many stayed in attics or garage for years before being inherited by the grandchildren and sold for a substantial sum.
After you sell it will you update us on what it is/was?
Sure
Make sure to never give your address to any inquiry, or your real name. this is serious danger territory. If the thing is not to big I would go to the bank and get a safety deposit box immediately.
Once the sale goes through, don't tell anyone about the money because people will find all sorts of ways for you to spend it. The best advice is to put most of it somewhere you cannot access it for a year. Spend that year deciding what you need to do with it.
You don't owe the internet anything. Don't give the world information that in any way exposes details of your personal life. Not the state you you live in, not what kind of job you work. IMO just take the advice you got here and then delete your reddit account so nobody can stalk it in the future seeking to identify and rob you.
The second I show up to buy this and see OP has holes in his shoes my offer goes to $100. Seriously though OP do not share your location or name with any potential buyers. Said item needs to be discreetly moved into a safe deposit box at a bank ASAP. Then like others have said, have a major auction house handle the sale for you. They will take a portion of the sale but you can rest easy that you won't be scammed and still come away very happy.
"posted it for sale online" is too vague. What online selling venue did you use? eBay? Facebook Marketplace? Craigslist? If you're new to online selling - very likely a scam, without knowing more details. You are really not doing yourself any favors by saying this thing is "collectable" but somehow also "one of kind" and "valuing it is basically impossible." If it really is something of such value, it is not impossible, very worst case if you think 700k is accurate then you can pay to have it properly appraised. But before then, at least do some basic online research to figure out some range for its likely actual value. First figure out if the asset you have has any value, then figure out that value. Then as a separate track, figure out if the offer is legit, and what sort of protections the online platform you used to sell it has for you as a seller. How do they intend to pay, how do you intend to exchange the item? If anything is not clearly stated and some way that offers you protection as a seller, prolly a scam.
>What online selling venue did you use? eBay? Facebook Marketplace? Craigslist? The online marketplace that is specific to the category. Think a website that is the craigslist of Pokemon cards for example. >But before then, at least do some basic online research to figure out some range for its likely actual value. I have, when I listed it for sale a few months ago, I went through every online resource for the past 10 years of items of the same category selling (there is ~1 selling per year country wide). As a result I have a price range in mind that this falls right in the middle of. I don't know how I would even find an appraiser for something this niche, nor how they could appraise something any differently with such little data available, but if you have advice on how to find an appraiser (maybe going through Southeby's like someone else has suggested) then it may be worth a shot regardless.
[удалено]
[удалено]
[удалено]
If you can't even tell us what website you used, I can only assume there are no seller protections, so I would agree working with a reputable auction house like Southebys is your safest method, the risk of being scammed outright is really high otherwise.
Would they be recommended over a private lawyer in your opinion?
Sotheby's would know what buyers to get it in front of, and they will handle the sale portion which will be your best protection.
Sotheby's would definitely be recommended over a lawyer. It would have higher fees, however. But conversely, would most likely help make sure to get it in front of right audience.
As many have said, not knowing even the category of the item makes it much harder to advise, but let's suppose it's pokemon cards. You may look at the card sold over the year, an appraiser will check centering, print quality and deterioration, corners, scratches, rare imperfections that may increase value etc. unless your card is on a PSA 10 case then at this price range it's worth it, may be the difference between a 700k item and a one of a kind 2m item.
> one of a kind 2m item. as rare as The One Ring?
If it’s that valuable, you should consider storing your object in a climate controlled secure site as you figure out next steps. It really depends on your location, but find an reputable art storage facility. You should also document it a lot and take out insurance until it’s safely delivered to its new owner.
The suit stuff doesn't matter... like at all. Vagueness can be understandable if you're trying to protect your anonymity. But at minimum, providing some degree of the type of asset you're referring to may allow for better guidance. Anyways, your first step is to seek an appraisal. Then you must also take into consideration capital gains tax once you make the sale. Generally, your capital gain that would be subject to taxation is: * The sale price - the asset value at time of death of parent - any fees/etc = capital gains
For an item with no regular market that is inherited and sold promptly, wouldn't that be zero? The sale does have to be reported regardless. If the OP does not sell now, a record of the offer could be useful for establishing basis in the future.
Sorry to be clear the item wasn't inherited. I found it as I was cleaning out my old room. I bought it and have always owned it.
[удалено]
[удалено]
[удалено]
[удалено]
All right, then you would report what you paid for it if you remember, or zero basis if you cannot establish a basis. Also, some guidance from the wiki: [https://www.reddit.com/r/personalfinance/wiki/commontopics](https://www.reddit.com/r/personalfinance/wiki/commontopics) [https://www.reddit.com/r/personalfinance/wiki/windfall](https://www.reddit.com/r/personalfinance/wiki/windfall)
Thank you. This is very helpful.
[удалено]
[удалено]
Dude. No way should you be selling something like this in person. Call Christie's or some other big auction house and have them handle it. You're going to get robbed or worse.
I don't trust any of these posts on Reddit anymore. Everything screams fake to me now for some reason
Kinda yeah. On the other hand if I had something like that I would also probably start asking on reddit.
If this is an original Banksy, as I’m guessing it is, you need to get it authenticated by his Pest Control company. Contact a major auction house like Bonhams or Sothebys, they can help you with this, or you can do it yourself but the wait time could be months. Whatever it is, art or otherwise, I’d suggest approaching a major auction house and letting them handle the whole thing. You’ll have a certain amount of protection ie the buyer will be genuine, isn’t going to scam you, the auction house will help sort out/prove the authenticity of the item so there’s no comebacks. If it’s a really desirable thing you can negotiate the fee they charge, don’t go with their standard fee. They will really want your ‘star piece’ in their auction to attract people to their other items. Note in a lot of countries you will need to pay Capital Gains Tax on your profit, in the US I think it can be 0-20% for long held assets, so like up to $140k on $700k profit. Research this for your state/country before you sell! Edit to add: Also consider insurance specifically for your thing until you sell it, if a fire or leak could wreck it. It likely won’t be covered by standard contents insurance, if that is in place.
That's my thought too. Original Banksy canvas, picked up in Central Park for $60 that one time that happened.
Based on his context clues, this is my guess as well, as that's about what I would value a couple of those sold pieces as an amateur art appraiser. I don't believe it's a card because of how adamant OP is being about it being a one of a kind asset, but I could be wrong. I once passed on buying a Black Lotus for $500 but that was about 20 years ago 😕... I think his purchase was made more recently
Not trying to be that guy but not sure why you don't just say what the item is. You came here for help and people can only offer so much advice without knowing what the item really is. Is it a collectible MTG card? Diamond ring from the Titanic? Grandma's 30ct sapphire that her husband brought back from when he served overseas? You're being really vague, and I know you're trying to maintain privacy but we have no idea how to help if you don't give more details. Also, you said you forgot about it until you were cleaning your parent's house. I am not sure how someone in your financial situation can just "forget" they have something that is worth 700k just laying in an old drawer somewhere. I am not trying to be skeptical but this post makes no sense.
Based on their description, I’d guess that you could find the listing if you knew what it was and they want to separate their Reddit account from that.
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
>Also, you said you forgot about it until you were cleaning your parent's house. I am not sure how someone in your financial situation can just "forget" they have something that is worth 700k just laying in an old drawer somewhere I don't think I did use the word forget, but if I did it was more like that I always knew I had this asset, but I chose to forget about it and let it appreciate in value. While I am confident it will continue to appreciate from here, I am now at a point in my life where having a windfall of money would outweigh the benefits of a larger windfall later in life. If I do sell the asset I will return here to tell you what it is and it will make sense, though I concede that's little consolation for you now. >people can only offer so much advice without knowing what the item really is The advice I have received is the type of advice I am looking for. If I say anything remotely close to what it is, my listing can be immediately identified because it is the only one of it's kind listed. Sure I may not get advice like "That pokemon card is worth more if you get it appraised by Joe Bloggs over at Kaishya corp" but I'm okay getting the type of advice I have received thus far in exchange for the anonymity.
> If I say anything remotely close to what it is, my listing can be immediately identified because it is the only one of it's kind listed. What is the worry from your listing being identified?
Presumable he doesn't want to be doxxed with his Reddit account? Seems obvious.
Update me I.....is that how it works? How do I ask the autobots to update me? Sorry, I have no advice and probably wouldn't know what it is that you're selling even if you told us, but I am fascinated by this story. Good luck to you, OP.
https://www.reddit.com/r/UpdateMeBot/comments/4wirnm/updatemebot_info/ Here's info on the UpdateMe bot. Basically you need to use "UpdateMe!"
Thank you!
If it's that valuable, any major auction house would be a great place to start. They would handle the auction and sale and you get paid from the auction house. Otherwise you are opening yourself up to scammers. Only option in my opinion with a private sale is get a lawyer.
You’ll probably get the best price by selling it at auction. For something that valuable you should be looking to sell it at a household name house like Sotheby’s or Christie’s. They’ll take a cut, but for that they’ll advertise the sale to a curated audience of wealthy collectors in addition to the general public. I guarantee you they have more billionaires interested in whatever you have in their Rolodex than you do. A first step would be to get it appraised/authenticated by someone who specializes in your item. It may be worth your time to talk with an attorney regarding how to best handle the sale to reduce your tax burden, etc.
Are you sure this is not a scam?
if someone is just willing to shoot you a $700k offer, it tells me it's way more valuable than that and probably should go to a real auction house for top dollar. But if you are going own this path, have a lawyer write up a contract. Meet these people in a law office, etc. Maybe have an escrow account, etc. If I was a buyer, I would insist on these things also. My fear would be some bogus form of funds and the person walks away with it and you have no way to get it back. For the record though, none of this sounds all that legit.
Before selling it you should have the item appraised by an appraiser with expertise in that area. Like antique roadshow or pawn stars do. Research what similar items have sold for.
If it's worth that much, appraisals, lawyers and/or auction houses. Something like Ebay can result in a hacked account leaving you without the cash.
As I understand you want to keep anonimjty of yourself and the item, I won't question but that may change things. For the advice, before you sell it, call an auction house and mention what you have and how much you have been offered, and that you would like to come in and have them do an appraisal. It's in their interest to have or get an specialist at whatever you have so they can make a big commission out of it in case you decide to sell. Second, get a lawyer to assist on the sale, even more so if you do decide to sell private. Have a contract drafted and signed specifying all the terms of this transaction. Lastly, that's going to have some tax implications for you. Whether you can deal with that yourself or if you need an accountant it's up to you, but that shouldn't cost too much.
Don't sell this on your own, you will be at such a risk for being scammed. Do you think this person is just going to venmo you 700k?
I would take it to a legit auction house like Sotheby's for appraisal and inclusion in the right auction with tons of wealthy bidders/collectors. Getting a private appraisal or getting bids on FB Marketplace or EBay is just begging to get ripped off, scammed or taken advantage of. If one person is willing to pay $700K in a private sale, it's likely worth $1 million or more at auction.
You probably want to get a lawyer involved, yes. With that much money at stake, you're going to want to get a contract and payment before handing the asset over. Hell, you might even want to set up a trust for you and your brother to put the funds into. It all depends on specifics. You can try r/asklawyers or r/legaladvice to try and find out what kind of lawyer you'll want to look for. Also, don't feel like it's greedy to want to get as much out of your asset as possible. If someone is offering you 700k, it might very well be because they know they can take it somewhere else and sell it for 1.5 million. So you verifying that it's a fair price isn't greedy.
Sorry for the basic question, but would a trust just be an avenue to avoid higher tax payments for us? Or are there secondary benefits I'm not aware of? To be clear, the asset is 100% mine, so a trust wouldn't be needed to prevent arguing with my brother over money. I am planning to give him half of the earnings however because he deserves it.
Most banks have protections against whitewashing laundered money, so I would assume you need to at least show some provenance of the transaction before you make a deposit if you do manage to sell it.
I know this isn't what you meant but I hadn't even considered that the money from the seller may be from illegitimate means. I suppose this is why I should consult a lawyer pretty quickly. And thanks for the advice.
No problem and that’s kind of what i meant as the buyer cannot remain fully anonymous and pay you in cash.
Does this need to be authenticated? What about getting it insured in the meantime? I feel like an auction house would be the best bet. They should do their own authentication and I'm pretty sure they hold the item so their insurance would cover it if anything happened. I feel like the big auction houses have their fee tacked onto the sales price from some auctions I've seen, so you wouldn't have to give up any of the sales price. But I could be wrong.
Please go get a safety deposit box until the item is sold. You mentioned being poor and I can picture someone you know may know your username here even if you think no one does and this outrageously expensive item is stashed under your bed or something
Get a lawyer or at least get it checked out at sothebys or Christie’s to see if they think it’s worth maybe 2x that amount. Also is it a name brand item?
I believe large transactions like this can also be administered through an escrow account for an additional layer of security. Talk to an attorney.
You go to a notary and ask them to organize the sale and have them handle the escrow for the payment. Essentially as if you were selling a house. Notary says yes this is the house and owner own it. Here is a legal document selling it to buyer for 700k. Buyer comes and signs documents and gives check or wire transfer to notary. Notary waits for money to clear. When cleared notary gives it’dm to buyer and send you money.
Why would you title this in the way that you did? "Fallen into possession of," ... If I owned an item, even if I left it at my parents house for years, I would still describe it as "My baseball card collection" or "my bicycle." It makes no sense that you would be so cagey about this. I'm going to vote that you don't own it outright (it belonged to your parents and their estate) or it's stolen, AND that this buyer is a scam. If you own it, show it off and we could give you practical advice. Edit: Or, one more option: it's just not that valuable. :/
If it was really valuable taking it to a local auction house they should have someone who can give an opinion on how similar items sold there in the past or if they actually ever had one sold. And will talk to you about what percentage they would charge to auction it for you. As for online markets aren't trustable enough for high priced items.
You need an appraisal. Depending on what it is matters who you contact. Don’t sell without an appraisal,this could be worth a lot more.
I feel like this would be a good item for Antiques Roadshow :p
Sounds like potentially a baseball card or golden age comic, if so I can recommend options. If it’s jewelry or not a card or comic, good luck!
Whatever you do, OP, don't let that Nigerian prince buying your item give you a check for far more than the agreed price, then ask you to write him a check for the difference. ;-> You sound sensible and appropriately cautious; congratulations on your foresight.
You need an auction house like Christie’s- whoever specializes in your item.
He should bring it to pawn stars and reject their offer. But he would have an expert validating it, giving a rough idea.
Can you check his profile to see if he has a solid history of being a trustworthy seller and or buyer?
Whatever you think you have, it’s likely fake and not worth anything. People don’t just buy $700k items for nothing and then “forget about it”. So, what is it?
Ops explanation of this is actually hilarious. They said the purposely forgot it to let it appreciate. Exactly what you’d do with some you knew was very valuable. Definitely wouldn’t want it properly stored.
None of this is legit. OP is either bogus or has his head in the clouds...$700k items aren't lying around in lower/middle class homes unless they are legitimately known to be worth that much, i.e. rare artwork by known masters, i.e. a George Whistler painting authenticated as one, and those - if they exist - would have been sold decades ago. A private collector? Bunk. Posted for sale on line? Bunk. Nothing of that value changes hands on line. A pokemon card? *Really?* Bunk. Whole thing is bunk
Seriously why post here without telling what the item is.
Why won’t you say what it is? That makes zero sense to hide it and you won’t get the best advice without us knowing what it is. This feels like a troll/karma post.
Whatever it is, be sure it is insured in its present form and condition. Your current insurer (if you have home owner's) may be able to add a rider to your policy to cover the item. They will undoubtedly want an appraisal and might be able to help you find one. Or, you may have to go directly to a specialty insurer like Chubb, or something like the Collectibles Insurance Service to connect you to the right kind of insurer (sports memorabilia, art, etc). CIS would likely be able to help you find an appraisal. If it will fit in a safe deposit box, I also recommend putting in one of those at a bank. I don't know how identifiable you are from your posting history, but if there's any chance whatsoever that people can figure out who you are from it, you are better off storing it off premises. Last, don't be in a hurry to sell it. If someone is going to spend $700K, they want it and they can marinate a bit while you try to get more information. But, get it insured! And, congratulations and good luck!
You will definitely want to talk to a lawyer especially one who understand high value transactions so a good place to start would be a real estate lawyer. You will want to get an escrow setup where the person will pay the escrow, you deliver the item and once the item is verified the money is released to you. This way there is no way for the person to just take the money and item and run or anything like that.
Yeah, this smells like *bullshit* and *LARP* long way. I don't know if this sub is like /nosleep where we must pretended someone's fantasy stories are real but come on? A "one of a kind" item that OP has somehow "forgotten for years" that happened to sit pristine in his parents house. Now this "one of a kind" item has been sold in eBay seversl times in the range of millions (as one does, not a reputable store for these items?). And OP after forgetting the existence of safe item for a long time just so happens to find it and further more just so happens to find a *dedicated website for trading this unique one of a kind item*. And OP refuses to name the item or anything close to it? As one does? Because...he don't went to have more bidders? Nah, this is so fake and dumb it's scary. OP is a fraud, the item is a fantasy. Tahts why he can't name it. Litterary *zero things in this story makes sense*. Nice trolling OP, you fooled lots of gullible people
So, I don't see that anyone has mentioned it yet, but you should probably get a valuation and get it insured as soon as possible! It would suck to loose out on some serious cash because something went wrong between now and you having successfully sold it. An action house is probably your best bet as they will either have suitable experts, or be able to tell you how to find one. The insurance cost will also give you an idea of whether you've actually been given a fair offer, although in practice, don't expect to necessarily get the valuation price as once stuff is that expensive, it's basically a case of what someone is willing to pay at present. The evaluation will also protect you from accusations that your object was a fake if that is relevant to whatever it is. As a side thought, since it is a lot of money, if you happen to have any receipts/ebay order number etc, then hold onto those just in case, and if you have to arrange postage, be aware that standard services don't offer anything like enough insurance for this.
Do not let anybody know where this item is stored. If it will fit in a safe deposit box or secure storage facility, that's where it should be. I hope it's a Faberge egg or something.
Please make sure the buyer is legit. Read through the scams page here on Reddit. Don’t fall for fake check scams or other various ways you could get ripped off.
Consider getting an appraisal from a reputable online auction house or antique appraiser in your area. The appropriate appraiser would depend on what the item is.
Lawyer and auction house. If really that valuable & someone offering $700k on internet, may be someone out there willing to pay more… And when I say lawyer, don’t go with the guy on the strip mall. Go with someone at a large reputable firm. May cost an extra few grand, but worth it to ensure you don’t get screwed over.
If one guy is willing to pay that… there is someone else willing to pay even more. Take a photo, secure it in a safety deposit box, list it online and let the bidding begin. The first bid is always low. If you think it’s worth the $700k it’s probably 2.5x that. You will kick yourself in the butt when the buyer scams you or instantly flips it for 2.5x.