Oblivion Thieves Guild Fences: Your Complete Guide To Selling Stolen Goods In Tamriel
Ever wondered who actually buys the stolen daggers, enchanted amulets, and rare Nordic artifacts you lift from noble mansions in The Elder Scrolls V: Skyrim? Who’s the shadowy figure waiting in the dark corners of Riften to turn your ill-gotten gains into gold—without asking too many questions? If you’ve ever whispered “Thieves Guild” in a crowded tavern and seen a dozen eyes dart toward the back alley, you’re not alone. The Oblivion Thieves Guild fences—yes, even though the name references Oblivion, the mechanics live on in Skyrim—are the unsung heroes (or villains) of Skyrim’s underground economy. But who are they? How do you find them? And more importantly—how do you maximize your profits without getting arrested, betrayed, or worse… turned into a vampire’s snack?
In this comprehensive guide, we’re diving deep into the world of Thieves Guild fences, exploring every hidden alley, every whispered name, and every gold coin exchanged in the shadows. Whether you’re a new thief just stealing your first loaf of bread or a seasoned master thief with a vault full of Daedric artifacts, understanding the fence system is critical to thriving in Skyrim’s criminal underworld. Forget the merchants in the market square—they’ll report you to the guards the moment you pull out a stolen Dwemer cog. But a true Thieves Guild fence? They’ll buy it, pay you well, and even offer you a job to steal something even bigger.
This isn’t just about selling loot. It’s about building a reputation, unlocking exclusive quests, accessing rare items, and becoming the most feared (and respected) criminal in all of Skyrim. And we’re going to show you exactly how.
The Thieves Guild and Its Fences: A Historical Overview
Before you can master the art of fencing, you need to understand the organization behind it. The Thieves Guild is one of Skyrim’s oldest and most powerful criminal syndicates, operating in every major city—though its heart beats strongest in Riften, the city of thieves. Founded centuries ago, the Guild once ruled the underbelly of Tamriel with an iron fist, controlling smuggling routes, black markets, and even influencing noble politics through bribery and blackmail.
But by the time Skyrim begins, the Guild is a shadow of its former glory. Ruled by the corrupt and cowardly Brynjolf, the Guild has been weakened by infighting, betrayal, and the growing power of the city’s Jarl and his guards. Your mission, should you choose to accept it, is to restore the Guild to its former glory—and that begins with re-establishing its most vital link: the fences.
Fences are the lifeblood of any criminal organization. They’re the middlemen who buy stolen goods, launder their origins, and resell them to legitimate buyers—or to other criminals who don’t care about the paperwork. In Skyrim, fences aren’t just merchants. They’re quest-givers, allies, and sometimes, betrayals waiting to happen.
The three main Thieves Guild fences in Skyrim are:
- Tonilia – The primary fence in Riften, located in the Bee and Barb.
- Gulum-Ei – A mysterious Khajiit fence operating in the Black-Briar Meadery in Riften.
- Madesi – A fence in the Windhelm marketplace, accessible only after completing certain Thieves Guild quests.
Each offers different services, prices, and access to unique items. But here’s the catch: you can’t access them all until you’ve proven your worth to the Guild.
Who Are the Thieves Guild Fences? Meet the Key Players
Not all fences are created equal. Each has a distinct personality, backstory, and set of rules. To maximize your earnings and unlock the full potential of the Thieves Guild, you need to know who you’re dealing with.
Tonilia: The Reliable Fence of Riften
Tonilia is your first point of contact with the Thieves Guild. You’ll meet her after completing the introductory quest, “A Chance Arrangement,” where Brynjolf introduces you to the Guild’s hidden base beneath the Bee and Barb. She’s a no-nonsense, pragmatic Argonian who runs the fence operation out of a back room in the tavern. Unlike other merchants, she doesn’t care if your items are stolen—she’ll buy anything you bring, no questions asked.
But Tonilia isn’t just a buyer. She’s also a quest provider. She’ll give you jobs to steal specific items, often from high-security locations like the Palace of the Kings or the Temple of the Divines. Completing these quests increases your reputation with the Guild and unlocks better prices.
Tip: Always sell to Tonilia before accepting a new job. She’ll pay more for items you’ve already stolen than if you sell them fresh off the body.
Gulum-Ei: The Khajiit with a Secret
Gulum-Ei is one of the most fascinating fences in the game. He operates out of the Black-Briar Meadery, a seemingly legitimate business owned by the corrupt Maven Black-Briar. Gulum-Ei is a Khajiit with a penchant for rare magical items and Daedric artifacts. He pays top gold for enchanted weapons, soul gems, and any item with “Daedric” in its name.
But here’s the twist: Gulum-Ei is secretly working for Maven, and he’s been feeding information to the Black-Briars for years. This means that if you’re playing the long game, selling to him too often might alert Maven to your activities. However, if you’re just looking to make quick cash and don’t care about Guild politics, Gulum-Ei is your best friend.
Pro Tip: Use the “Persuasion” skill to increase your barter with Gulum-Ei. His prices are already better than most, but with the right speech check, you can squeeze out an extra 20%.
Madesi: The Windhelm Fence (Post-Guild Restoration)
Madesi is not available at the start of the game. He only appears after you complete the Thieves Guild questline and become its new leader. He’s located in the Windhelm marketplace, near the Temple of the Divines. Unlike Tonilia and Gulum-Ei, Madesi doesn’t carry a large inventory of items to sell—but he does buy everything you’ve stolen from the holds of Eastmarch.
Why does this matter? Because Windhelm is a High Rock stronghold with strict laws and heavy guard patrols. If you’re stealing from the Palace of the Kings in Windhelm, you need a safe place to unload your goods. Madesi fills that role perfectly.
Fun Fact: Madesi is the only fence who will buy “Cursed” items—like the Cursed Amulet of Talos—which other merchants refuse outright.
How to Access and Unlock All Fences in the Thieves Guild
Unlocking every fence in the Thieves Guild isn’t just about completing quests—it’s about strategy.
Here’s the step-by-step progression:
Step 1: Start the Thieves Guild Questline
Begin with “A Chance Arrangement” in Riften. Speak to Brynjolf in the Bee and Barb. After a few simple tasks (stealing a ring, then a bottle of wine), you’ll be officially inducted.
Step 2: Complete “The Job” and “The House of Horrors”
These early quests introduce you to Tonilia. After completing them, you’ll be granted full access to her inventory and her quest board.
Step 3: Gain Reputation with the Guild
Every successful job increases your “Thieves Guild Reputation.” As your reputation rises, so do your fences’ prices. At 100% reputation, you unlock the “Fence” perk in the Speech skill tree, which increases the amount you get from selling stolen goods by 20%.
Step 4: Complete “The Pursuit” and “The Perfect Crime”
These quests lead you to Gulum-Ei. After stealing the “Black-Briar Mead” from the meadery, Gulum-Ei will begin offering you exclusive quests—like stealing a unique Dwarven artifact from the ruins of Kagrumez.
Step 5: Become Guild Master
To unlock Madesi, you must complete the final Thieves Guild questline: “Thief in the Shadows” and “Under New Management.” After defeating Mercer Frey and taking control of the Guild, you’ll be granted access to Madesi in Windhelm.
Note: You can only have one active fence quest at a time. Plan your thefts wisely.
Maximizing Profits: The Art of Fencing in Skyrim
Selling stolen goods isn’t just about walking up to a merchant and clicking “Sell.” There’s a science to it.
1. Know What’s Valuable
Not all loot is created equal. Here’s what sells for the most gold:
- Daedric Artifacts (e.g., Mehrunes’ Razor, Volendrung)
- Enchanted Weapons & Armor with high-level enchantments
- Soul Gems (especially Grand and Black)
- Nordic Artifacts (e.g., The Elder Scroll, Dragon Priest Masks)
- Unique Quest Items (e.g., the Skeleton Key, the Gauldur Amulet fragments)
Example: Selling a single Daedric Bow with the “Soul Trap” enchantment to Tonilia can net you over 3,000 gold. That’s enough to buy a house in Whiterun.
2. Use the Fence Perk
The “Fence” perk in the Speech skill tree is non-negotiable. It’s the single most effective way to boost your fence income. Combine it with the “Merchant” perk (which increases vendor gold) and the “Paragon of the Guild” perk (unlocked at max reputation) to get up to 40% more gold per sale.
3. Stack Items Before Selling
Don’t sell one item at a time. Stack 10 soul gems, 5 enchanted daggers, and 3 stolen rings into your inventory and sell them all at once. Fences have a “bulk discount” system—selling in bulk increases your total payout by up to 15%.
4. Use the “Steal” Skill to Avoid Detection
If you’re caught stealing, your bounty increases. Use Invisibility potions, Silence spells, or the Shadow Stone to avoid guards while stealing. Then, sell your loot to a fence before the bounty expires.
5. Avoid Selling to Non-Guild Merchants
Most merchants in Skyrim have a “Stolen Goods” filter. If you try to sell a stolen item to a general merchant, they’ll refuse—unless you have the “Blacksmith” or “Merchant” perks. Even then, they pay less than a true fence. Always go to a Thieves Guild fence first.
Common Mistakes New Thieves Make (And How to Avoid Them)
Even seasoned players mess up when dealing with fences. Here are the top 5 blunders—and how to dodge them:
Mistake 1: Selling to the Wrong Person
You steal a rare artifact and head to the nearest merchant. Big mistake. That merchant will report you to the guards. Always use a Thieves Guild fence.
Mistake 2: Ignoring Reputation
You complete one job and think you’re done. But reputation unlocks better prices, new quests, and exclusive items. Always keep doing jobs—even if you’re rich.
Mistake 3: Not Using the Fence Perk
You’re spending 50 levels in Destruction and ignore Speech. Don’t. The Fence perk is the best investment in the entire Speech tree.
Mistake 4: Forgetting to Reset Fences
Fences have limited gold. If you sell too much at once, they’ll run out. Wait 24–48 in-game hours (sleep or wait) to reset their gold supply.
Mistake 5: Trying to Steal from Fences
Tonilia, Gulum-Ei, and Madesi are protected. If you try to steal from them, you’ll be kicked out of the Guild permanently. No second chances.
Frequently Asked Questions About Thieves Guild Fences
Q: Can I join the Thieves Guild without becoming a thief?
No. The Guild requires you to steal, lie, and betray. If you’re not comfortable with crime, you won’t last.
Q: Do fences sell items back to me?
Yes! Tonilia and Gulum-Ei both sell unique items you can’t find elsewhere: Black-Briar Mead, Daedric Arrows, and Guild Armor. These are essential for high-level play.
Q: What happens if I kill a fence?
You’ll be permanently banned from the Thieves Guild. No quests. No rewards. No access to exclusive gear. Don’t do it.
Q: Can I have multiple fences active at once?
Yes, but you can only have one active fence quest at a time. You can sell to all three, but you’ll only get one quest per day from one fence.
Q: Do fences disappear if I don’t join the Guild?
No. Tonilia and Gulum-Ei remain in their locations even if you never join. But you won’t be able to sell stolen goods to them unless you’re a member.
The Hidden Power of the Thieves Guild Fence System
The Thieves Guild fences are more than just merchants. They’re the backbone of Skyrim’s underground economy. They turn your chaos into capital, your crimes into career opportunities. By mastering the fence system, you’re not just becoming rich—you’re becoming part of something ancient, powerful, and deeply woven into Tamriel’s history.
Every piece of gold you earn from Tonilia, every enchanted blade sold to Gulum-Ei, every artifact laundered through Madesi—each one is a brick in the foundation of your legacy as the new Master Thief of Skyrim.
And when you stand in the Dark Brotherhood’s shadow, whispering your name to the winds of Solstheim, they’ll know: you didn’t just steal from the rich.
You stole from the gods.
And you got away with it.
The fences didn’t just buy your loot. They bought your future.
