The art of buying a comic collection

[ramrodcar]

It's been a while since I've been on these boards and I'm just starting to get back into the groove of collecting and buying/selling again.

 

I've made a one large collection purchase in my life (to me - xmen 94/gs x-men 1, hulk 181, couple boxes of bronze and a couple boxes of silver age +lots of 90's filler) about 8 years ago. I've also picked up a number small lots at auctions/flea markets.

 

In the one large collection I bought I used strictly a blended rate per book. I'm interested to know, when you buy collections, how do you come up with your offer? I'm not looking for a complicated formula or anything, just your technique - nothing top secret!

 

Do you pull all keys, offer X% of guide, and then give a X/per issue blended rate?

Do you strictly offer on a blended/per bock price, regardless of the any keys (but obviously taking those into account in your calculation)?

Do you count how much money you find in the sofa cushions and offer that per book?

 

Again, not rocket science here, just some curiosity on my part.

 

Please don't flame the old noob!

[shadroch]

I ignore book value. I estimate what I can sell half the collection for in rapid fashion and offer about 40% of that figure for the whole thing. Thats not etched in stone, but thats a rule of thumb.

My bottom line is I want my investment returned quickly. If I spend $1,000 then I want to be able to sell X number of books quickly and have almost all of my money back. I'll wholesale it off as long as I get my money back quickly.

Bankroll preservation is paramount. Space is also an important factor.

I no longer get in bidding wars over collections. I recently turned down a collection when I'd bid $500 for it. Owner said he'd think about it and the next week offered it to me for $550, then $525, then $500.

99% of the collections I come across are nothing special, but at the right price they can be profit makers.

[Moondog]

Here's how I do it from an old post of 6 years ago.

 

Overstreet is important because chances are that the seller has one or knows of it. To dismiss Overstreet as "out-of-date, old-fashioned, or nobody uses it anymore" is a huge mistake. It could appear that you're trying to pull a fast one.

 

1. Pull out all the keys and semi-keys. Tell the seller that these are the meat and potato books that the collectors want and that they are basically the entire deal.

 

2. List each key and semi-key on a sheet of paper and then grade each book. Make sure that you count the pages of each one in front of him. This is important because you're showing the seller that you're very thorough and that you're leaving absolutely nothing to chance. Explain this to him during the grading process. "A clipped coupon can be the difference between a $500 book and a $50 book, etc..." It's important to not rush this process because the seller will take note of how much work has to be done if he decides he wants to proceed on his own.

 

3. After the grading process take your Overstreet and price each book. It's important that you not overgrade. I know that sounds silly, but what I mean is that you must always grade on the side of caution. F/VF or a solid VF? Always take the lower grade/price. You can really get hurt if you make a mistake at this point. 95% of the books I grade when I'm buying collections are VG to VF.

 

4. Count up all the rest of the books. You'll be giving the seller a "bulk price" for these. Avengers 7-47. TOS 68-99. Etc. Even common G/VG golden age books like Fawcett's and Quality's will come under this bulk price. For example: if there are 800 bulk comics left, I would say, "I''m interested in this small pile of key issues. The rest of these comics are good books but it will take forever to sell them. I'm prepared to pay you $xxxx for this small pile and I'll add another $1,000 for the rest." I have never lost a deal using this approach. Of course there will be plenty of $10 to $30 books (and even higher) in the bulk batch (which you just paid $1.25 for...).. Good for you when you sell them because you bought them right.

 

5. Now the tricky part is coming up with the price for the keys. Here's where you can be aggressive. Since you've graded them as tightly as possible you can offer the seller 60% of Overstreet. "I really want these books. I'm prepared to offer $8,000. This figure represents over half the value, but I think I can turn them quickly enough to still make a nice profit." Or: I really want these books. These are the ones I'm keeping for myself so paying over half the value is a good deal for me."

 

6. Make sure you look like you know what you're doing. The grading guide is useless so don't bring it. Overstreet and a yellow pad is all you need. The key is not to rush the process. During the past two years I bought 4 collections for over $60,000. In each case I took over 6 hours to grade and price books as well as going through everything so as not to look like I was hiding anything good in the bulk stuff. And in each case they accepted my offer with no counter offer. You must be honest and forthright with the seller to earn his trust. When you find an exquisite item, make a big deal about it. In one instance I told the seller how pleased I was that her Spider-Man 1 was a VF beauty and that I was pleased to offer her $6,000 for it (later sold for $13,000). I told her how hard it was to find a copy that nice. She told me she was happy that I was so happy!

 

7. Sound like you know what you're talking about. Sellers want assurances that they are dealing with an expert. If you have any credentials show them off (I'm a long-time Overstreet advisor). If you've been to San Diego or Chicago, mention how you gather with fellow dealers/collectors at these huge shows.

 

8. Stress that you are going to offer the absolute best price you can. And then be prepared for their counter offer. I always try to offer something that can be rounded up by just a small amount. For instance, if you were prepared to offer $10,000...instead offer $9,200 (in almost every case the seller will say, "Make it $10,000 and we have a deal.") or $4,600 if you were prepared to offer $5,000...

 

9. Be prepared to walk away if you can't get a price you're absolutely comfortable with. Comics just aren't liquid enough to overpay on. They will sit and sit and sit unless you're prepared to sell at substantial discounts on eBay or at shows.

 

10. As soon as the seller accepts your deal, write the check or pay him as quickly as possible, box everything up and get out as soon as you can. You don't want him changing his mind...and never leave the yellow pad list behind whether he sells them to you or not.

 

Good luck. Buying collections is both and art and a science. It's also a heckuva rush when you get everything in your car and you're driving home knowing that you've just bought some great stuff and you can't wait to get started selling it!

[Duffman_Comics]

 

Thank you Gary!!

 

I remember reading this yonks ago and thinking what great advice it was - and for the last 3 months have been trying to find it.

 

Couldn't remember who posted it, and I just love the search facility on the Boards.

 

It's committed to memory now, though (thumbs u <---- (the nice way)