Record grading...

With the advent of reasonably priced USB turntables many of us are in the process of transferring our LPs bought in the 1950s and 1960s via our computers onto CD. The CD is a much easier format to listen to and means that there needs to be no more wear and tear on our treasured LPs. Once the record is transferred to CD it seems logical to try and sell the records - many records from this period, particularly from the British modern musicians, are said to be very valuable. Anybody trying to sell records has to have a realistic view of the condition of their records. Dealers and serious collectors grade records very precisely. Records bought fifty years ago and played regularly will never be near the top of the grading system and values drop significantly for even normal wear and tear. In order to assist everyone who buys and sells rare records, "Record Collector" magazine has originated a set of standards for describing the condition of second-hand records. Anyone buying or selling records through the magazine must use these conditions to state what amount of wear and tear the disc, it's sleeve and/or contents have been subject to. These standards are widely used by record dealers and collectors. Anyone intending to offer second hand records for sale is advised to abide by them and grade records accordingly to avoid hassle and dispute after sale. It is also helpful to state in any advertisement or auction details that the record has been graded in accordance with the conditions when selling. Please read below before offering records for sale:
The seven standard condition categories, and a description of what each one means are listed below: 1. MINT: The record itself is in brand new condition with no surface marks or deterioration in sound quality. The cover and any any extra items such as the lyric sheet, booklet or poster are in perfect condition. Records advertised as Sealed or Unplayed should be mint... 2. EXCELLENT: The record shows some sign of having been played, but there is very little lessening in sound quality. The cover and packaging might have slight wear and/or creasing... 3. VERY GOOD: The record has obviously been played many times, but displays no major deterioration in sound quality, despite noticeable surface marks and the occasional light scratch. Normal wear and tear on the cover or extra items, without any major defects, is acceptable... 4. GOOD: The record has been played so much that the sound quality has noticeably deteriorated, perhaps with some distortion and mild scratches. The cover and contents suffer from folding, scuffing of edges, spine splits, discoloration, etc... 5. FAIR: The record is still just playable but has not been cared for properly and displays considerable surface noise; it may even jump. The cover and contents will be torn, stained and/or defaced... 6. POOR: The record will not play properly due to scratches, bad surface noise, etc. The cover and contents will be badly damaged or partly missing... 7. BAD: The record is unplayable or might even be broken, and is only of use as a collection filler...	"Record Collector" magazine has also produced a formula for calculating the value of the same record in the various conditions. Very few records sold by people who bought records to play and listen to can be classified as MINT. Only dedicated record collectors are likely to have records in this condition. Record dealers may also sell records that can be described as Mint... A record graded as EXCELLENT is reckoned to be worth about 80% of the value of the same record in Mint condition. Thus a record valued at £50 Mint is worth £40 in Excellent condition... After this values drop quickly. A record graded VERY GOOD is valued at only half of the same record in Mint condition. A record valued at £50 Mint would be valued at £25 in Very good condition... A record graded GOOD is valued at just 30% of the Mint value meaning that a record valued at £50 Mint would be valued at £15 in Good condition... A record graded FAIR is valued at just 15% of the Mint value meaning that a record valued at £50 Mint would be valued at only £7.50 in Fair condition... If it is graded POOR a record is valued at just 8% of the Mint value meaning that a record valued at £50 Mint would be valued at only £4 in Poor condition... Finally if it is graded BAD a record is valued at just 2.5% of the Mint value meaning that a record valued at £50 Mint would be valued at only £1.25 in Bad condition...
Anyone intending to sell records should remember that the prices shown in record pricing guides are the value of a record in MINT condition if bought from a dealer. Most dealers will only buy the record from you at half the sale price. Thus a record they are selling for £50 you could only receive half that amount if you were selling to them. Your record will not be mint condition so it will be graded at very good, if you are lucky. So for a record priced at £50 mint by a dealer you may be offered around £12.50 for your copy! Selling records to dealers is not a money making option - don't get seduced by the price guides! You may get a better price selling by auction on e-bay but many dealers buy on e-bay so be accurate with your grading...