You should not expect to pay dealer prices for anything, including rare
specimens, in such a situation.  The person who inherited the collection
undoubtedly wants to get rid of it as soon as possible and with as
little fuss as possible.  You on the other hand, have a golden
opportunity to pick up some nice specimens at a good price.  I am not
suggesting taking undue advantage of the person's lack of conchological
knowledge (if this is indeed the case).  I'm just saying that walking in
and offering to pay list price is not the best approach to buying a car,
a boat, a house, or a shell collection.  It is just a matter of reaching
a mutually satisfactory price, in which both parties feel they got a
good deal - hopefully well below list price for you, and also well above
what the seller would be able to get for the collection in any other
market.  A local buyer for a shell collection is a rare opportunity.
Hopefully the seller knows that.  If he had to sell the collection to an
out-of-state dealer, he would have an immense packing and shipping job,
and would be offered wholesale prices.  Just avoiding that situation is
good reason to sell to you well below dealer prices.  Also, before
thinking of "dealer prices", make sure the shells are "dealer quality".
I'm not suggesting that all shells from dealers are great specimens, but
in general the quality of specimens available from the stock of a
reputable dealer is likely to be better than that of most shells you get
by trading with other collectors for their "extras".

The difference between wholesale and dealer prices is greatest for
common species.  There are common shells I can purchase wholesale at
$40.00 per hundred, and resell at $2.00 or $2.50 each.  That's a pretty
good markup (of course, you have to figure in shipping costs, breakage,
hidden flaws in some specimens, cost of cleaning, labeling, packing,
etc.).  Still, the net percentage of profit is relatively high on such
shells.  In contrast, I might pay $75.00 for a nice golden cowrie, and
sell it at $125.00, not nearly as much profit in terms of percentage.

Paul M.