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so there's this Leica...

This is excellent advice. Your friend has other risks to consider with selling on eBay:
1. Time factor for listing, awaiting payment, waiting who knows how long for a bogus return claim.
2. Inconvenience of packing and taking to the post office or UPS.
3. Risk of scammers removing parts.

With a higher price trendy item, don't discount the latter. Sellers of Rolex or other prestige names suffer the same scammer factor. If you are selling a $100 camera, who cares? But a $1,500+ Leica?
 
Perhaps it's also wise to keep in mind that it's not necessarily possible to reach a fair agreement with all and every acquaintance?
 
Key word is "friend" and in my interpretation that means fair.
 
It's a sketchy situation in some ways. And no, you can't bid on it if you're the seller. If you do it using a second identity, it might even be criminal, but will certainly get you banned from the 'Bay.

Here's what I would do if I were you.

1) Investigate sold listings, KEH and other resellers' offers, and even B&M stores if you have any around.
2) Determine what you are personally willing to pay for it, and set that as the seller's reserve price.
3) Put it up for auction, with a reasonable timeframe, no "Buy it now" price, and see what develops.
4) If it goes for more than the reserve, then you've maximized your friend's return, certainly more than a wholesale offer, even with the eBay fees.
5) It it doesn't reach the reserve price, you should withdraw the item and buy it directly from your friend at the reserve price.

This depends on you being entirely ethical in all respects, but it's a way to give you a chance to buy it at a fair price. You should probably explain the plan to your friend up front and explain how you determined what you were willing to buy it for.

Andy
 
I definitely agree with @AndyH here; an auction with a reserve that you're willing to pay gives her a best of both worlds option, and gives you peace of mind that you haven't shortchanged her for your own benefit, you evil evil monkey!

In any case, I would suggest being transparent with her about your research. Obviously I don’t know her knowledge of all things Leica, but it would be a shame if you bought it from her at a “friends and family” discount and out of later curiosity, she sees and is bothered by completed auctions for Leicas (which may or may not be the same version as her Leica) that sold for 50-100% more than what you paid. We all know that model, condition, lens version, accessories, recent CLA, seller reputation, etc. will have a large influence on final selling price; your friend might not be aware of the weight of these factors.
 
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