Two different million dollar books in the same week

[Dr Hackenbush]

Some of you may have heard about the Action Comics #1 8.0 the sold for 1M dollars a few days ago.  Well, the second million dollar comic was just sold by Heritage Auctions.  It was a copy of Detective Comics #27 8.0, the fist appearance of Batman.  This copy is tied for the highest graded with one other.  At the end of online bidding, the book was at $425,000.  Live bidding began this afternoon for the first session that included the Tec 27.  Once the frenzy of bids was over, the book closed at $900,000 (1,075,500 with BP)     The second book within a few days to break the 1M dollar barrier.

[CSM]

So where are you going to display both of them Angelo?

 

[Dr Hackenbush]

In the poor house with the rest of my possessions  lol  It's funny, I've been looking forward to the Heritage Signature Movie Poster auction more than the comic one.  Guess I got the movie paper bug more than the comic one right now, Chris.  Might even go after a couple of lots in there.

[kauaitx]

Are the million dollar comics encased in that sealed plexi-glass thing (I don't know what it's called)?   I understand that collectible comics are sealed in that plastic casing once they've been authenticated and graded so that if you break the casing to get to the actual comic, you've nullified the grading.  It seems awfully defeating and sad if you can't even touch your own comic that you spent $1 million on.  For that amount, I'd put the comic on my chest and let it soak up my body oil so that it becomes mine, all mine!

Did you make a bid for it, Angelo?  I bet it was exciting to watch the bidding on that one.   


Jeannie

[Dr Hackenbush]

Both books were slabbed (in a CGC case), Jeannie.  I didn't put in any thrill bid on the Tec 27, but I didn't put some laughable bids on a couple of other books.  Within a couple of days of the start of bidding, the Tec 27 was over 200K.  I thought it would sell between 450-500K.  The sale of the Action 1 spurred this book to reach 1M, in my opinion.  Watching the bidding on Heritage Live was pretty exciting as it began the day at 425K before BP (507K+ with BP).  Never would I have thought it would reach or exceed the 1M mark.  It was a historic event, to be sure.  Does Heritage do the live feed during movie poster Signature auctions?  That would be fun to watch

[CSM]

In the poor house with the rest of my possessions  lol  It's funny, I've been looking forward to the Heritage Signature Movie Poster auction more than the comic one.  Guess I got the movie paper bug more than the comic one right now, Chris.  Might even go after a couple of lots in there.

Good to hear Angelo.  We need more converts

The bug is highly contagious...

[Harry Caul]

Does Heritage do the live feed during movie poster Signature auctions?  That would be fun to watch

Yes, they definitely do... Very exciting indeed!

[Dread_Pirate_Mel]

Here it is:



Buying a permanently-encased comic book is ALMOST as crazy as buying a movie poster and NOT framing it  

P.S. Why does Heritage bother with movie posters?  They probably made more $$$$ on these comics tonight than in a year of selling movie posters.

[Dr Hackenbush]

Half of their take in the first session was from that one book.  If I remember correctly, comics/comic art comprise about 4% of their yearly sales.  I'm sure Heritage wants to be players in as many collectible/antique markets as they can, including movie paper.

One thing to consider about slabbing books like the Tec 27 is that the stories inside have been reprinted dozens of times.   Granted, there's nothing like opening and paging through a vintage book, but if you had a poster worth 1M would you have it archivally framed or would unroll & roll it every time you wanted to show it off?  When you get into six-figure and up territory, you have to think about preservation.  If you should have a mishap that results in damage, it doesn't affect the poster as restoration isn't frowned upon as much as in comics.  If this comic was raw (unslabbed) and suffered damage, the grade - consequently the price - would go down.  And if the owner opted to get the damage addressed by a restorer, the book would be worth 1/2 to 1/4 what it is now.  Also, CGC has given people the confidence that the book doesn't have any hidden restoration (remember what I just said about the value of restored books).  There are enough stories about unscrupulous people selling high value comics, with undisclosed resto, as unrestored.  Unfortunately, quite a few people only found out about the resto after they sent their books to CGC, like the owner of this book.  I know of quite a few collectors that buy slabbed books, crack them out and read them.  Hell, I paged through a friend's copy of Action 1 (yes, it's an authentic copy of the book) and it was an amazing experience as I hadn't held a real one before.  I was scared to death as I knew it was worth a bundle, but my friend was like "Don't worry about it.  The book is extensively restored.  You can't do anything to it that can't be fixed."  Aside from the Superman story, most of the other stories are in b&w (monochrome, for our UK friends).  I never knew that as those stories are never included in reprints, so I have an appreciation for raw books.  But I also understand that once you get into that rarified air, collectibles sometimes become commodities.  As such, preservation takes priority above all else.

[Harry Caul]

If you have a $1M to spend on a comic book, you probably have another $50k you can put towards a beat up version to read 

[Dr Hackenbush]

No joke.  Even a coverless copy will suffice if all you want to do is have an original copy to read

[Dread_Pirate_Mel]

Granted, there's nothing like opening and paging through a vintage book, but if you had a poster worth 1M would you have it archivally framed or would unroll & roll it every time you wanted to show it off? 

I just cannot understand this argument at all.  It's like:

- owning a Ferrari - and NEVER driving it, not even once;
- marrying Angelina Jolie - and NEVER, er, touching her, not even once;
- owning a vacation home in Hawaii, and NEVER visiting it or using it, not even once

A comic book has a function - it's meant to be read, viewed, perused, etc.  Locking it up fundamentally thwarts its primary raison d'etre.  I could understand if it were a pure, short-term investment.  But the price has irrationally zoomed from 300K to 1M and it most likely will take DECADES for the market to catch up.

And the same thing goes for movie posters, by the way. Buying an expensive poster, storing it in a cabinet, and occasionally pulling it out and glancing at it occasionally is inexplicable to me.  But that's a fight for another day....

[Harry Caul]

If you are going on "original purpose" of the item, those are probably bad analogies... for collectibles, it is probably more like:

Having an expensive stamp collection and never using them to mail packages (not even once! )
Having a rare coin and never using it as legal tender!
Having a rare movie poster and never using to advertise a showing of the film!

We are a funny lot, aren't we!

[Dread_Pirate_Mel]

If you are going on "original purpose" of the item, those are probably bad analogies... for collectibles, it is probably more like:

Having an expensive stamp collection and never using them to mail packages (not even once! )
Having a rare coin and never using it as legal tender!
Having a rare movie poster and never using to advertise a showing of the film!

We are a funny lot, aren't we!

Not the same - in your first two examples your suggested actions would instantly ruin the item's value.  The third example is a good idea for a party!

You could buy a pair of gloves and peruse an expensive comic book and not damage it.

By the way, the National Archives are just a few blocks away from me.  They display the Consitution and Declaration of Independence - which are priceless - despite the small risk a determined miscreant could damage them.

But I get your point - ultimately it's an unresolvable theological dispute.  I'm a utilitarian/displayer and youse guys are pure accumulators.  

[Harry Caul]

Not all of us can display every poster we own!

[Dr Hackenbush]

The price hasn't gone from 317K to 1M.  The 317K was for an copy of Action 1 in 6.0 (Fine) condition and the copy that just sold was in 8.0 (VF) condition.  Consider also that there's only one unrestored copy currently graded higher at 8.5 (VF+) and you'll understand why collectors place a premium on these copies.  People can do whatever they want with what they own, but if you have a rare Ferrari with only one other example known, and you total it in a vintage race, good luck getting a replacement.  The best copy of Action 1 hasn't been slabbed and probably never will.  Does that mean that the owner takes it out every day and reads it?  Highly doubt it.  I know of people that have handled it and looked through it, so he does show it off when he wishes, but that's his choice to make.  I don't begrudge him either way.  Were it me, there's no way in hell I'd want people handling a raw copy of that book.  You can show it off easier in the slab.  Besides, who the fuck wants to read the Scoop Scanlon or Sticky-Mitt Stimson stories.  The only story that matters is the Superman one, and it's been reprinted.

[Dr Hackenbush]

Not the same - in your first two examples your suggested actions would instantly ruin the item's value.  The third example is a good idea for a party!

You could buy a pair of gloves and peruse an expensive comic book and not damage it.

By the way, the National Archives are just a few blocks away from me.  They display the Consitution and Declaration of Independence - which are priceless - despite the small risk a determined miscreant could damage them.

But I get your point - ultimately it's an unresolvable theological dispute.  I'm a utilitarian/displayer and youse guys are pure accumulators.  

Nic Cage was a displayer at one point, too, until his copies of Tec 27 and Action 1 were stolen from his house during a party.  I know the A1 is still unaccounted for, not sure about the Tec 27.  Gloves don't keep a book from slipping out of your hands or have a corner/edge snare on the mylar sleeve, Mel.  I know of one 40k book becoming a 15K because of that.

[Dread_Pirate_Mel]

The best copy of Action 1 hasn't been slabbed and probably never will.

He hath taken the path of the righteous!

Like I said, it's an unresolvable theological dispute:

[kauaitx]

Hey, Guys,

I thought Angelo's topic thread brought up the need for a Board section that was specifically for collecting talk in other areas besides posters.  And, this is a really interesting discussion, too.

So, I've created a new section and will move this thread to that, as its being in the Off-topic area is kind of diminishing it.


Jeannie

[Dr Hackenbush]

Thanks for doing that, Jeannie. 

[kauaitx]

I actually feel both ways about this: wanting to protect the ultra-rare $1 million prized acquisition in as preserved condition as possible and wanting to touch, breathe on, and imprint it with my DNA.   

I spent what I consider to be a lot of money for a Battlestar Galactica's Sharon's hero bloodied dog tags and, for that kind of money, enjoy it by wearing the darn things (to work where I showed it off!)  But, because it's a prop with blood (albeit stage) and is one-of-a-kind because of that, I didn't want it to lose the blood that made it unique and so decided that I really needed to protect it somehow.  I have yet to figure out a case for it.

I'm thinking the same as Harry, though.   I had already decided to get another set of hero BSG dog tags that I can wear with impunity!  That makes me sooooooo happy.


Jeannie


P.S. No problem, Angelo.  It's a good discussion that applies to every collecting we do.

[Dr Hackenbush]

I feel the same way, actually.  I've looked through and read all of the books I've gotten slabbed for my collection, which aren't many (15-20).  The core of my collection consists of about 320 or so books, 285+ are raw.  Usually the only time I'll slab a book is either to sell it or if I'm putting a run together, but I always page through them and enjoy 'em

[kauaitx]

I knew that Nicolas Cage had a pretty impressive comics collection.  And I'd heard that he sold (rather, had to sell) it. I had no idea about his stolen comics.  Any further details about possible suspects, on-going investigations, etc?  That must have hurt, because I hear that Nic Cage is quite passionate about these things and collects for the right reasons rather than for investment.

And, was the $1 million for the Superman comic inclusive of the buyer's premium.  How do the two Batman and Superman measure up with regards to Hammer price and then hammer price + BP ?



Jeannie

[Dr Hackenbush]

The Action 1 was a fixed price listing, most likely the deal was done behind the scenes and the book put on ComicConnect to publicize the site.  The Tec 27 sold at Heritage for 900K, 1.075M with the BP.  I'm not sure how much, if any, commission CC got for the sale of the A1 as I've heard conflicting stories.  One is that they brokered the deal between the seller and buyer, and I've also heard that they bought the book back and then sold it to the new owner.  Not sure which is true.

Nic Cage had amassed quite an impressive collection that was sold through Heritage on 10 Oct 2002.  Keep in mind that Cage had 2 copies of Action 1, the one in the auction and the one that was stolen (about a VF).  Here's the story from the comic forum I'm on.  As an aside, the person telling the story is the same person that brokered the sale of the million dollar Action 1.  Rumor had it that the theft was one of the factors that influenced Cage to sell off his collection.

[kauaitx]

Thanks for the link to info, Angelo.  Fascinating -- that someone who had access to Cage's home took the opportunity to steal from him.  Oh, to know the people you let into your house....

Are you planning on watching the Live Heritage Signature Auction in March?  I went in 2006 and have some photos of that and even provided a live feed thread back to NSFGE to tell people what was going on that couldn't be seen on the videocam.  I'd only attended one other Live Auction.  I have to say that it's interesting and fun the first time around, but it's not that exciting in person after that, not because of Heritage, but because poster collectors are kind of a subdued lot at this.  I was bidding online during the second of the Live Battlestar Galactica auctions and I was so pumped, because the exciting energy seen through the video feed was palpable.


Jeannie