Manufactured Gold

[phoenix215]

It is a shame that there is nothing on the comic itself that could be used to identify it now and in the future

 

Start making small, inconsequential marks on the books you sell, perhaps in the interior margin on page 17 or something. Then you will have your tag..

 

 

 

*hides thick marking pen behind my back*...whatever do you mean?

 

Pencil would be better, or invisible ink!

 

 

Oh NOW you tell me

[MasterChief]

Every once in a while you come upon the written word which succinctly captures the essence of thought. So much so you’re encouraged to share the text with those who you feel could appreciate its breadth.

 

The follow represents just that. It is a well-thought out piece written by sacentar, and I believe it embodies the spirit of this thread. With his permission it is reposted here for you.

 

Thanks, Steve!

 

***************

 

What is a Golden Age Hobbyist?

 

A hobbyist belongs to an unusual club, a grouping of talented and intelligent individuals who are passionate about and dedicated to their collecting hobby yet they almost universally display one tragic flaw - they allow [insert name of Big Name disreputable Dealer or manipulative Auction House here] to sell them overgraded and overpriced books, sometimes with undisclosed restoration, on a recurring basis. After a period of incredulity and frustration, they invariably return to the same source and the cycle repeats itself all over again.

 

No one has been able to explain this phenomenon, but several likely theories about the Golden Age hobbyist do exist.

 

First, as a niche collecting environment there exists few venues for hobbyists to pursue the rare objects of their desire. It's not like the hobbyist can simply walk into the local market and pick up old and valuable books off the rack. Some purveyors of these rare comics are well aware of the facts of a restricted market economy, so they stretch grades, push prices, and foist comics with hidden restoration upon unsuspecting buyers because they know that they can.

 

Second, the hobbyist is in a sense an 'addict' for these books so they often return to the 'dealer' for product to satiate their need, even after being taken advantage of (often repeatedly). Why does the wife stay with the husband who abuses her? Why do the residents of our nation's capital elect a crack cocaine user as their Mayor? Why do women line up by the dozen to marry serial killers? Why do Golden Age aficionados do business with entities that they know continue to display unethical business practices? We suspect the answer lies somewhere in the realm of yet unexplained human nature.

 

Third, Golden Age hobbyists are ultimately optimists who hope that their books will increase in value and though they may have been burned this time around, the next transaction will go better (we hope). They are a very forgiving bunch, still willing to eat the soup served by the waiter though the fly is still swimming in the broth. We have also learned that many comic collectors are [insert name of floundering and hopeless baseball team here] fans displaying a 'wait till next year' philosophy for their team to finally win the World Series.

 

Fourth, mitigating factors such a collector gatherings, mutually satisfying private deals, and chat boards help ease the pain for the hobbyist who has been misled down a path of thorns more times than they care to recount. These gatherings, private deals, and chat boards restore a sense of balance to the hobbyist and so allows them to continue on before anger, frustration, and remorse can overwhelm them.

 

Finally, the Golden Age hobbyist does not yet comprehend that they - and not [insert name of Big Name disreputable Dealer or manipulative Auction House here] - are the ones in power in this whole business. Both the comic dealer/auctioneer and the collector are stakeholders in a hobby with a fragile existence. If either supplier or consumer shuts down completely, the other would surely wither away and die. If Golden Age collectors - as a group - would stop rationalizing away the egregious actions of the shady characters and greed merchants who rule their beloved hobby, positive changes would have to occur. Collector confidence could be restored as the more infamous comic book sellers would have to display more integrity, thus invariably increasing their sales. A new surge of energy could infuse the Golden Age market, transforming a collecting arena of overhype, wary and caution to one of dynamic vitality. More cash would flow and more books would be sold - everybody wins.

 

But as it stands now, a heavy cloak of uncertainty often hangs over old comic book collecting as new and insidious ways are devised to fleece the hobbyist sheep of their wool, sheep whom the farmer knows will rapidly grow a new coat to soon be harvested once again (and over and over and over again). Though a few rays of sunshine and rapture indeed do break through this mantle of disappointment, it lingers on nonetheless because the hobbyist permits it to do so.

 

So who will prevail, [insert name of Big Name disreputable Dealer or manipulative Auction House here] or [insert your name here]? Will deception and fraud triumph over honest disclosure and fair play? Will pernicious practices be overcome by fortitude and a determination to invoke change? Will irresolute buying habits be replaced by confident spending? Will market manipulation continue on unabated because hobbyists have already resigned themselves to its perpetuation?

 

These are questions that only time - and the hobbyist - will be able to answer.

[OldGuy]

I just read that post a few minutes ago in the gold forum. Brilliant insight.

[Red Hook]

Excellent piece.

[Davenport]

A very thoughtful and thought-provoking essay.

Thanks for posting it here.

[sacentaur]

Every once in a while you come upon the written word which succinctly captures the essence of thought. So much so you’re encouraged to share the text with those who you feel could appreciate its breadth.

 

The follow represents just that. It is a well-thought out piece written by sacentar, and I believe it embodies the spirit of this thread. With his permission it is reposted here for you.

 

Thanks, Steve!

 

Thank you, Mitch (and others) - I sincerely appreciate the kind words and private messages and emails that have been sent to me. To stimulate discussion and provoke thought was my sole intent.

 

Strangely, I am now prevented from logging into the Board from my own computer - I'm now on my son's machine to get on for the first time and without any problem.

 

Interesting.

 

STEVE

[FFB]

Every once in a while you come upon the written word which succinctly captures the essence of thought. So much so you’re encouraged to share the text with those who you feel could appreciate its breadth.

 

The follow represents just that. It is a well-thought out piece written by sacentar, and I believe it embodies the spirit of this thread. With his permission it is reposted here for you.

 

Thanks, Steve!

 

Thank you, Mitch (and others) - I sincerely appreciate the kind words and private messages and emails that have been sent to me. To stimulate discussion and provoke thought was my sole intent.

 

Strangely, I am now prevented from logging into the Board from my own computer - I'm now on my son's machine to get on for the first time and without any problem.

 

Interesting.

 

STEVE

 

Well, you're either being sent a message from CGC in the most passive-aggressive manner, or you need to expire your cookies before you can log in again on your computer. I'm guessing it's the latter, since I and others have that problem all of the time.

[sacentaur]

Strangely, I am now prevented from logging into the Board from my own computer - I'm now on my son's machine to get on for the first time and without any problem.

 

Interesting.

 

STEVE

 

Well, you're either being sent a message from CGC in the most passive-aggressive manner, or you need to expire your cookies before you can log in again on your computer. I'm guessing it's the latter, since I and others have that problem all of the time.

 

I was unaware of that Scott, thanks for the info - I'm guessing it's the latter too.

 

STEVE (Happy Thanksgiving everyone)

[MasterChief]

The concept of conducting due diligence prior to a purchase may seem like a daunting task. With the numerous venues available to liquidate manufactured gold, one can quickly become overwhelmed by the thought of performing research and analysis in advance of an acquisition.

 

Nevertheless, the hobbyist would be well advised to determine the value of the subject with a certain degree of care before entering into a business deal. Essentially, the investigation will serve to prevent unnecessary material harm to the parties involved in the transaction. After all, determining that there are “skeletons in the closet” after the fact can become problematic to the owner of an acquired asset.

 

***************

 

All-American Comics #1

 

Certified with a grade of Very Good/Fine (5.0), this copy of All-American Comics #1 with its distinctive CGC text notation of “2 pieces of tape on cover” and upper left-hand pencil marks sold to one of six bidders for $1380 in the early spring of 2002.

 

Exactly one year later the very same certified copy was up for auction again. Four bidders showed interest in the item; however, they were unwilling to meet the auction reserve set by the consigner. The book was not sold.

 

Listed at auction for a third time in January of 2004, the copy again advertised in its original certified state. Interest in the book doubled to eight bidders but the item ended with the same result. It failed to sell.

 

Just four months later the book reappeared on the market. It was in a completely different condition. Two pieces of tape had been added to the interior and the pencil marks on the cover were almost completely removed. Moreover, the certified grade changed to Good/Very Good (3.0). The copy was advertised with a new CGC text notation of "2 small pieces of tape on cover, 1 small piece of tape on interior cover, 1 large piece of tape on interior spine" and sold to one of seven bidders for $978.

 

The 3.0 manufactured version of All-American Comics #1 (0040412004) is not/not searchable in the Collectors' Society certification database. It has been deleted. The book was resubmitted and it now carries a third serial number.

 

Certification/Resale Provenance:

 

 

Resource Links:

 

All-American Comics #1 (5.0)

All-American Comics #1 (3.0)

 

Images:

 

 

 

[FFB]

OK, I get the point of most of your posts, but on this one, I'm scratching my head and saying "so what?" Sure, it's a shame that someone added tape to this book and erased some of the numbers. But we're talking about a book that was damaged after being cracked from the slab and then was reslabbed at a lower grade. Didn't the eventual buyer get what he paid for? And more importantly, does this example even belong in a thread titled "Manufactured Gold"? It would seem more at home in the "Oops I krapped my pants" thread.

 

The concept of conducting due diligence prior to a purchase may seem like a daunting task. With the numerous venues available to liquidate manufactured gold, one can quickly become overwhelmed by the thought of performing research and analysis in advance of an acquisition.

 

Nevertheless, the hobbyist would be well advised to determine the value of the subject with a certain degree of care before entering into a business deal. Essentially, the investigation will serve to prevent unnecessary material harm to the parties involved in the transaction. After all, determining that there are “skeletons in the closet” after the fact can become problematic to the owner of an acquired asset.

 

***************

 

All-American Comics #1

 

Certified with a grade of Very Good/Fine (5.0), this copy of All-American Comics #1 with its distinctive CGC text notation of “2 pieces of tape on cover” and upper left-hand pencil marks sold to one of six bidders for $1380 in the early spring of 2002.

 

Exactly one year later the very same certified copy was up for auction again. Four bidders showed interest in the item; however, they were unwilling to meet the auction reserve set by the consigner. The book was not sold.

 

Listed at auction for a third time in January of 2004, the copy again advertised in its original certified state. Interest in the book doubled to eight bidders but the item ended with the same result. It failed to sell.

 

Just four months later the book reappeared on the market. It was in a completely different condition. Two pieces of tape had been added to the interior and the pencil marks on the cover were almost completely removed. Moreover, the certified grade changed to Good/Very Good (3.0). The copy was advertised with a new CGC text notation of "2 small pieces of tape on cover, 1 small piece of tape on interior cover, 1 large piece of tape on interior spine" and sold to one of seven bidders for $978.

 

The 3.0 manufactured version of All-American Comics #1 (0040412004) is not/not searchable in the Collectors' Society certification database. It has been deleted. The book was resubmitted and it now carries a third serial number.

 

Certification/Resale Provenance:

 

 

Resource Links:

 

All-American Comics #1 (5.0)

All-American Comics #1 (3.0)

 

Images:

 

 

 

[Harvey Dude]

I think the post is appropriate. Work was performed on the book with no mention of

the disclosure. In this case, it backfired.

 

Who knows?

 

Maybe a professional restorer can take a crack at this book to obtain a higher unrestored

grade since this may be a good candidate for an increase.

 

[tth2]

OK, I get the point of most of your posts, but on this one, I'm scratching my head and saying "so what?" Sure, it's a shame that someone added tape to this book and erased some of the numbers. But we're talking about a book that was damaged after being cracked from the slab and then was reslabbed at a lower grade. Didn't the eventual buyer get what he paid for? And more importantly, does this example even belong in a thread titled "Manufactured Gold"? It would seem more at home in the "Oops I krapped my pants" thread.

I think it's good to show that resubmissions are not always one-way traffic to a higher grade.

[Forbush-Man]

I think it's good to show that resubmissions are not always one-way traffic to a higher grade.

 

Absolutely. Shows that it's a two-way street. Also shows MasterChief is here to point out all manipulation, wether it worked or not.

[Red Hook]

Agreed. It's revealing to see what kind of approach is taken in different cases. Regardless on the bump up in price or lack of one.

[Davenport]

 

The 3.0 manufactured version of All-American Comics #1 (0040412004) is not/not searchable in the Collectors' Society certification database. It has been deleted. The book was resubmitted and it now carries a third serial number.

 

Is this the 3rd serial number? All-American Comics #1 CGC 3.0 GD/VG Universal

"Certification # 0130451001"

"large piece of tape on the interior spine, 2 small pieces on cover, 1 small piece on interior cover."

 

[FFB]

OK, I get the point of most of your posts, but on this one, I'm scratching my head and saying "so what?" Sure, it's a shame that someone added tape to this book and erased some of the numbers. But we're talking about a book that was damaged after being cracked from the slab and then was reslabbed at a lower grade. Didn't the eventual buyer get what he paid for? And more importantly, does this example even belong in a thread titled "Manufactured Gold"? It would seem more at home in the "Oops I krapped my pants" thread.

I think it's good to show that resubmissions are not always one-way traffic to a higher grade.

 

Is that a big mystery if you add two pieces of tape (one that is probably book-length in size) to a book and then resub it? I'm sorry, but I still don't see how that book counts as "manufactured gold." Looks more like "manufactured duh I'm a dork because I put more tape on my book" to me. This isn't "work" or "manipulation." It's damage caused by a total spoon. Sorry, I just think that adding books like this waters down this thread and makes it look like we're scraping the bottom of the barrel because there are no more real cases of "manipulation" out there.

[Harvey Dude]

Hi FFB,

 

I see your point but I don’t believe there are any shortages of candidates. Off the top of

my head, I can think of the Pennsylvania Boy Commandos #1 old label 6.5 to new label

7.5 and the Mile High Magic Comics #1 increasing from 6.0 to 7.0. In both cases, the 2 grade

increase resulted in at least a $1000 increase in sales price over the original grade.

[JiveTurkeyMoFo]

Sorry, I just think that adding books like this waters down this thread and makes it look like we're scraping the bottom of the barrel because there are no more real cases of "manipulation" out there.

 

Only if that were the case. I've sent a couple of samples to Masterchief for his review, which he had already pegged, but they are still on his "To Post" list.

 

Sadly Scott, I think this thread will go on for quite some time.

[Davenport]

 

Is that a big mystery if you add two pieces of tape (one that is probably book-length in size) to a book and then resub it? I'm sorry, but I still don't see how that book counts as "manufactured gold." Looks more like "manufactured duh I'm a dork because I put more tape on my book" to me. This isn't "work" or "manipulation." It's damage caused by a total spoon. Sorry, I just think that adding books like this waters down this thread and makes it look like we're scraping the bottom of the barrel because there are no more real cases of "manipulation" out there.

Doesn't it show attempted manipulation that went south?

 

It raises interesting questions. What happened? Why would a conservator add more tape instead of doing appropriate archival repairs? Was it too fragile to attempt pressing, but done anyway because it wasn't netting a desired price after repeated auction attempts? Is it better to add more tape, and avoid a PLOD, than use japan paper?

 

I think it's an interesting example to see of unnecessary (and botched) manipulation, of trying to game the system.

[MasterChief]

Fair questions, Scott, I’ll try to answer them.

 

It certainly is a shame. Contrary to what some may believe, this type of behavior isn’t all a bed of roses, IMHO.

 

There are those examples that have proven to be damage cases. Where the work performed actually degraded the overall condition of the book. The Sub-Mariner #1 is a good example of that. There are a few others interwoven throughout the thread. Was the All-American case one of the better examples? Perhaps not. But it was one nonetheless.

 

That said, does anyone really know how many of these manipulated books ended up being spoiled to some degree in the process. Personally, I have seen others, and there have been rumors to the effect that a number of books have actually been physically ruined by misguided treatment procedures. As a hobbyist, I find that to be troubling; especially in light of the limited Golden Age availability pool.

 

Not sure if the eventual buyer got what they paid for. To answer that question, I’d consider one would have to ask whether or not the buyer, or for that matter all the bidders, new what they were bidding on.

 

Given that unsold items are not automatically shown when viewing past auctions, one can presume that some of the bidders, if not all, did not know that the item failed to sell in two preceding attempts. And that the owner of the item decided to take matters into their own hands to realize the price in which s/he believed the copy was worth. Obviously the attempt at enhancing the monetary value backfired.

 

Unfortunately, we my never know if the perspective buyers realized these events occurred – or even if they knew the book was once two grades higher – and took them into consideration when setting their price target. Personally, I’d be very much interested in knowing if the eventual buyer was aware of the book’s history. With that information, one can unequivocally determine if they got what they paid for.

 

--Mitch