IASPM-US conference presentation (2009). Who holds the upper hand at record fairs? The dealers sell the commodities, yes, but the collectors decide what to buy, from whom, and (often, via bargaining) for what price. While dealers frequently self-identify as collectors, interactions between dealers and collectors necessarily rely upon the commodity status of music recordings and their role in the exchange of economic, cultural, and social capital. Through ethnographic research at Chicago-area record fairs, I explore the tensions between record dealers and record collectors, and investigate the ways in which capital and exchange contribute to musical meaning.