This is Bruce Hershenson.
Not surprisingly, some of the buyers and consignors who have called in the past week have asked me (Bruce) how I feel the current health situation (and the stock market turmoil) will affect our auctions, and I wanted to post this to tell you my views on this.
Remember I have done nothing but auction movie posters full-time for the past 30 years, so I have a LOT of past experience in how the movie poster collecting hobby reacts to major world events (and in addition, right before I started auctioning full-time, I was an options trader on the floor of the Philadelphia Stock Exchange for 7 years, including on that October 1989 day when the market fell by 23% in a single day, dwarfing the current drops).
First, I want to remind you that we are located in tiny West Plains, Missouri, in the middle of the Ozark Mountains, over 100 miles from a small city, and 200 miles from the nearest large city. There are some drawbacks to being in such a remote location, but in this case, it works the other way, because as of today, there have only been six cases of Corona virus in all of Missouri (and no deaths), and NONE in West Plains at all. So ALL our employees are safe and well, and we have continued preparing our auctions, and filling and sending orders.
My heart goes out to all of you in big cities or in places where there are many cases of Corona virus, and I would imagine most of you are reacting in the way that makes the most sense, which is to limit travel and avoid public gatherings, and I imagine this will continue until there is a sign of the outbreaks leveling off, or if a vaccine or cure is developed.
Which brings me to how it will affect the movie poster collecting hobby. People still have to do SOMETHING with their time. They will be spending more time at home than ever before, so it may well prove to be that they spend far more time looking at poster auctions online (especially since so many sporting and special events you would normally watch on TV have been cancelled). So don't be surprised if you see MORE bidding than usual.
And then there is the issue of the stock market decline. First off, no one knows whether it is temporary, but it sure seems like it is not the end of the world. For example, on Friday, when NO real "good" news of any kind came out, the stock market not only rose, but it rose by around 10%, the greatest single daily rise in history.
And I have found that, with a few exceptions, movie poster collectors generally are NOT major stock investors. Many are too busy buying posters to buy stock, so for all those people the rise and fall of the stock market does not affect them. Most of those movie poster collectors who are "in the market" are in it through their retirement plans, and they have learned from the past that they will have to deal with rises and falls in the short term.
Now I am sure there are some collectors who have large stock market positions who are currently sitting on large paper losses, and others whose work or business is affected by the many announced closures, and those people may have to scale back on purchasing, but I have generally found that poster collectors are very dedicated, and that, when something they really want shows up, they figure out a way to buy it, because they have seen in the past that many items don't come up again for many years, if ever.
IF ANY OF YOU HAVE BEEN AFFECTED BY THE CURRENT SITUATION, AND WANT TO DISCUSS A PAYMENT PLAN FOR ITEMS YOU BUY, PLEASE EMAIL ME. We WILL need you to put around one-third down right away, but we are willing to be flexible on the balance, and unlike EVERY other auction, we NEVER charge you interest on the unpaid balance (other auctions do, and it is almost always a very high rate).
And adding to your collection is one of the safest things you can possibly do right now, health-wise. Bidding online does not involve any physical contact with anyone. The posters do not carry any germs, and they arrive to you wrapped in plastic, and once you unwrap them, you can add safely them to your collection (or display them on your walls) with no fear of catching "something".
And as everyone know, movie poster collecting is lots of FUN, much more so than most other hobbies, because you can display what you own and enjoy it on a daily basis, and everyone you know can appreciate your collection too, much more so than baseball cards, coins, or comic books.
IF ANY OF YOU ARE WORRIED ABOUT HOW SHIPPING COMPANIES WILL OPERATE IN THE NEXT MONTH OR TWO, PLEASE REMEMBER THAT WE OFFER EVERY BUYER 12 FULL WEEKS OF "PAY AND HOLD". You have to pay for the cost of your purchases, but then we WILL hold onto them for a full 12 weeks, if you wish, before shipping them to you. And let me make this added offer. If after 12 weeks there is any kind of interruption of shipping service of purchases, we will extend your Pay and Hold (with no penalty) until the shipping company resume normal deliveries.
And some last thoughts about the effect of these kinds of events on poster sales. Remember the tragic and awful day of 9/11 in 2001? It was a Tuesday, and we had hundreds of poster auctions ending on eBay (where we auctioned at that time). I expected that no one would be bidding or buying, and that the final prices would be lower than usual. But the auctions actually did far better than "normal", and I think it was because people found that bidding on the posters took their minds off the tragic real life events unfolding before their eyes.
And in 2008 and 2009, when the stock market fell by well over half, our auctions again did better than they had before, and again I think people found that buying posters helped get their minds off of events they could not control. In times of trouble I think it is natural for everyone to nostalgically look back at the past, and movie posters are one of the best ways to do so.
And of course, for centuries, we, the people of this planet have weathered every tragedy thrown at us, and emerged stronger than ever before, and I feel certain that this will happen yet again in the current tragic circumstances. However, it may well alter how people live their lives to some degree, and it may mean a real change in how we gather publicly.
So our auctions will continue as usual. I note that our current Tuesday, Thursday, and Sunday auctions ending this coming week already have lots of spirited bidding, and I have every reason to believe they will do great.
Of course, if anything changes, I will let you all know. And know that my greatest wish is that everyone reading this stays safe and healthy through these trying times, and I so hope that in a few months we will have put all this behind us. My very best to you. You are in my thoughts and prayers!
Bruce
