The value of vinyl: how to know if you are sitting on a music goldmine

The vinyl record revival has been in full swing for years, but it’s now becoming easier for album enthusiasts to buy, sell and find the true value of their collections.

The vinyl record revival has been in full swing for years now, but it’s now becoming easier for album enthusiasts to buy, sell and find the true value of their collections.

Whether customers are crate-digging for old favourites in second-hand stores, seeking out new releases in the increasing number of vinyl specialists, or inheriting rare or limited-edition records from parents and grandparents, what was once written off as an outdated format is very much a growth area again.

And while many music lovers have embraced compact discs, iPods and the convenience of streaming services, there still remains a band of buffs who favour the more dynamic sound of vinyl records.

Australian Music Retailers Association (AMRA) president Blake Budak.

Australian Music Retailers Association (AMRA) president Blake Budak says the growth in sales of vinyl is undeniable.

“The demand is so great the pressing plants are struggling to keep up … there is up to a six-month wait at most plants around the world to get something pressed,” Budak says.

“The demographics are broad; young and old, male and female. Some discovering the joy of collecting records for the first time and others returning to collecting after decades away.”

There are almost 300 active indie record stores nationwide, and with Australia’s Record Store Day on April 23, vinyl sales are likely to increase more.

“It’s a day where the local record store also pays tribute to its loyal lovely customers by making the day a fun party, usually putting on live bands in the store or DJs,” Northside Records Melbourne and AMRA vice-president Chris Gill says.

Here, experts provide their tips for buying and selling vinyl.

Vinyl music by The Beatles continues to be popular with collectors.

SPINNING STREAK

Data by eBay Australia shows a resurgence in vinyl over the past few years, with sales increasing nearly 115 per cent since February last year. “Collectors are looking for rare vinyl from the ’50s and ’70s like Elvis Presley’s That’s Alright Mama (1957) which sold recently for nearly $4000 and David Bowie’s Man Who Sold The World (1970) which went for over $3000,” eBay Australia’s Sophie Onikul says.

“Music fans this month are spinning modern tunes from Frank Ocean and classics like The Beatles but it’s Aussie rock royalty AC/DC that’s top of the pops, with buyers forking out hundreds for vinyl like Highway to Hell (1979) and High Voltage (1975).”

Gumtree’s David Low says searches for vinyl on Gumtree jumped 21 per cent in January compared to last November and December.

THINK ORIGINAL

If you think you’re sitting on a goldmine of vinyl, Budak says to determine the condition of the record (both vinyl and cover) and then work out which exact pressing you have.

“Take for example a record like Pink Floyd’s Dark Side Of The Moon. There are hundreds of different pressings from all over the world and an original UK pressing is going to be worth vastly more than an Australian copy pressed in the 1980s,” Budak says.

“What also makes a record valuable is its scarcity. People often make the mistake of thinking an album like Michael Jackson’s Thriller is worth a fortune but it’s actually the biggest selling album of all time and sold in the millions.”

Condition is everything when it comes to monetary value.

“If you want your collection to retain its value, you need to take care of your records,” Budak says. “Carefully handle them and invest in some plastic sleeves to stop the covers from becoming worn and damaged.”

Blake White, 24, loves collecting vinyls.

MUSIC MAD

Bake White, 24, started his vinyl collection during lockdown. “My first record was a Smashing Pumpkins album. Opening the box up and seeing the amazing album artwork then spinning it for the first time was so exciting … from that moment I knew this was now my new hobby,” he says.
“Collecting and buying vinyl
triggers such a nostalgic feeling that makes the whole experience of listening to an album from start to finish all the better.”

TIPS FOR BUYING

Australian Music Retailers Association vice-president Chris Gill recommends online music database Discogs or visiting your local store for buying vinyl.

“Discogs is an active multi-seller, user-friendly site that is used by both record stores, collectors and enthusiasts and even novices,” Gill says.

If the shop has a turntable, ask to test and play the record. Use your smartphone to keep up with the varying value of second-hand vinyl.

TIPS FOR SELLING

If you’re selling a vinyl, Gumtree’s David Low suggests doing some research to find out what’s currently trending and what’s on demand.

“Compare pricing with other records to see where yours stands,” Low says.

“Make sure you give it a spin on a record player to ensure it’s got no scratches before listing it. Always give an accurate and informative description of the item and show its true quality.”

AMRA president Blake Budak says to grade the condition of your records before you sell. “The grading system generally used is the Goldmine Grading Standard. Using the system, a record that is rated as ‘good’ is actually in poor condition and would only be worth 10 per cent of the value of the same record in near mint condition.”