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The Elder Scrolls IV: Oblivion Hints
Selling Stolen Goods
There are five people in the game who will buy stolen goods from you once you're a certain rank in the Thieves Guild. Ones with a higher Mercantile skill will be harder to get good prices from, so always sell to lower-Mercantile fences when you can. Also, they won't always be at the exact location(s) listed, so look around town if they're not (or wait in or near a listed location for them to show up). Note that making "Independent Thievery" your active quest will usually give you a quest arrow for the highest-level fence you have access to.
When you're trying to raise your total value of items fenced so you can get quests, only stolen items sold to fences will add to your total, and the amount added is what you got for the item instead of what it's really worth. Be sure to get a fence person's disposition up as high as you can before selling them anything.
NOTE: You can strip the "stolen" status from an item by selling it to a fence guy and then buying it back, though you'll lose some money on the deal.
Fence Req. Rank Mercantile Gold Location ------------------------------------------------------------------------------------------------------- Ongar the World-Weary Pickpocket 60 600 His house or "Olav's Tap and Tack" in Bruma Dar Jee Bandit 70 800 His house in Leyawiin Luciana Galena Cat Burglar 80 1000 Her house or the Lonely Suitor Lodge in Bravil Orrin Shadowfoot 90 1200 Castle Anvil's Smithy or dining area Fathis Ules Master Thief 100 1500 His house in the Imperial City's Elven Gardens There's also at least one other guy in the game who will buy stolen goods from you for reasons unknown. (A glitch, perhaps.)
If you've got the DLC module called "Thieves Den" installed, you can fix up Dunbarrow Cove near Anvil so that it has several merchants, all of whom will buy stolen items.