What's the value of a PLOD?

[MCJ]

I have given it a lot of thought, and weighed whether or not it is worth filling out a run with restored books at a fraction of the cost, and I decided against it.

 

What's the value of a PLOD? (Purple Label of Death)

 

Watching the marketplace, unrestored high grade silver age books are increasing in value, while the restored books with the dreaded Purple Label of Death tend to sit unsold, even when priced at a third or less of the FMV of the Blue label books.

 

Some of the Keys (like AF 15) still move, perhaps because the buyers cannot afford (or otherwise justify purchasing) an unrestored copy in the same grade, and just want a copy. The restored copies currently for sale are considerably cheaper than their blue label brethren, at a third or less of the cost of unrestored books.

 

Ultimately, PLODs aren't likely to appreciate in value at the same rate as the unrestored copies will, and in the big picture, buying restored books could encourage more restoration. Our hobby has enough trouble with restoration on raw books to pass them off as higher value unrestored copies. Concern over that possibility is a factor in why the encapsulated unrestored books demand such a premium in the marketplace.

 

Some restoration firms market restoration removal services, but they cannot guarantee that they'll be successful.

 

(So no PLODs for my collection. I say let's continue to stigmatize Purple.)

 

What do other people think? I'm only considering Silver Age books, in the case of Golden Age books, does restoration carry less of a stigma?

 

What's the value of a PLOD to you?

[oakman29]

1/3 of the Universal grade book. (thumbs u

[faster friends]

Don't buy them. More for me

[VintageComics]

There are a lot of factors that affect the value or sale price of a restored book.

 

The type of resto work performed

The amount of resto work performed

How well the resto work was done

 

There is no real rule of thumb except that the less resto done to a book the more the book will fetch in terms of dollar value.

 

A slightly restored book (SP) might fetch 1/2 of an unrestored book or more whereas an extensively restored book (EP) might fetch 1/4 or less.

 

A rare book might fetch almost full price whereas a more common book will fetcha fraction of FMV.

 

Too many factors to draw the line in the sand.

 

I love restored books when it comes to filling a run of expensive, tough to find books. I'd rather own a slightly restored book at a fraction of the price than never own a copy.

[the blob]

It doesn't make much sense to me that a book with a small CT would sell for 1/3 of what it would if it didn't have it when a small stray magic marker mark on the cover might only knock it down half a grade (or mabe not at all).

[MCJ]

A slightly restored book (SP) does fetch more, though I'm surprise to hear up to half the value of a comparable unrestored copy.

 

One trend mentioned in the current Overstreet guide's market report by Dave Anderson and that I've noticed myself is that the low grade silver age keys are selling quickly and typically above guide, while Gary Dolgoff was surprised at the higher values that Bronze Age keys were getting.

 

Everyone wants to own the keys, even if they have to settle for a lower grade copy. This is my favorite bit from Chris Swartz, p. 126 (or p. 85 for the downloaded edition):

 

"I realized that collectors are willing to spend 20-50% above Guide value on lower graded key books, such as Amazing Fantasy #15, Fantastic Four #1, and Incredible Hulk #1, more so than spending the extra $5,000-$10,000 on a mid grade copy of the same book. Most collectors just want to own a first appearance of their favorite character without having to tell their kids that college is out of the question because daddy spent $30,000 on a comic book."

 

I'm counting on that when I sell my mid-grade Journey Into Mystery #83

 

I can see how a PLOD copy of AF 15 can have such appeal, given that a mid grade copy is out of reach for most. Which includes me, and I don't want a copy that looks like a gerbil made a nest in it. So *maybe* I'll buy a PLOD AF 15...

 

Thanks for the feedback!

 

[shadroch]

Buy a PLOD 9.0 for one tenth the price of a Blue label. Find the spot of CT, remove with a scapel and resubmit. Four months later sell the now Blue labeled 8.0 for twice what you have invested, and repeat.

[AGGIEZ]

It doesn't make much sense to me that a book with a small CT would sell for 1/3 of what it would if it didn't have it when a small stray magic marker mark on the cover might only knock it down half a grade (or mabe not at all).

 

It amazes me that you can have a 1/8" black marker CT in the middle of the book, but take a hole puncher to the CT area and the book is "worth more"...crazy

[RockMyAmadeus]

Dirty PLODs.

 

Shun them.

 

Shun them well.

 

In fact, just send them to me, and I will shun them for you in person.

 

I'm a good shunner.

 

 

[Count]

I would never buy a PLOD....

 

[VintageComics]

It doesn't make much sense to me that a book with a small CT would sell for 1/3 of what it would if it didn't have it when a small stray magic marker mark on the cover might only knock it down half a grade (or mabe not at all).

 

It amazes me that you can have a 1/8" black marker CT in the middle of the book, but take a hole puncher to the CT area and the book is "worth more"...crazy

 

It depends on the book, the resto done and the condition before and after removal.

[trmoore54]

PLOD is DOLP spelled backward...

[shadroch]

Depends if you are buying it or selling it.

[ciorac]

My rule of thumb for key GA restored books is:

 

EXT = 10-20% of apparent grade (depending on the key and the work)

 

MOD = 40% of apparent grade

 

SLIGHT = 60% of apparent grade

 

No science to it, just what I have observed over the years, and typically will pay. I'll exclude Action 1 and Tec 27 from this as those prices have a life of their own

[Mr. 10%]

My rule of thumb for key GA restored books is:

 

EXT = 10-20% of apparent grade (depending on the key and the work)

 

MOD = 40% of apparent grade

 

SLIGHT = 60% of apparent grade

 

No science to it, just what I have observed over the years, and typically will pay. I'll exclude Action 1 and Tec 27 from this as those prices have a life of their own

 

"A life of their own" - what does that mean?

Take the current Heritage Action1 8.0 plod: do you think it will sell for "below" 40% of apparent grade. Or do you think it will sell for "above" 40% of apparent grade?

 

 

[Hibou]

It doesn't make much sense to me that a book with a small CT would sell for 1/3 of what it would if it didn't have it when a small stray magic marker mark on the cover might only knock it down half a grade (or mabe not at all).

 

It amazes me that you can have a 1/8" black marker CT in the middle of the book, but take a hole puncher to the CT area and the book is "worth more"...crazy

 

Completely agree!

[Gotham Kid]

I have to disagree with most that has been said about PLOD. A recent ComicLink auction for a CGC 9.6 cpoy of Daredevil #1 with SP resto ( cover cleaned !!! and that's it) sold for $2, 505. A 9.6 Universal will easily fetch 40-50K

 

BTW, that DD scan is still on CL and the guy who bought it just sold it on ebay for $3000

[Junkdrawer]

As with all collectibles, cars, coins, comics, etc. If there are multiples out there and we are not talking about "one of a kind" Mona Lisa type collectibles now, but items that can be obtained on any given day, AF15, 1967 Ford Mustang, or a 1909sVDB penny. Condition is everything, from the best examples of original down to the worst. People restore cars to showroom condition, coins throughout the years have been cleaned and yes comics restored. Restoration is actually hiding the wear and tear of time. Too many untrained eyes accompanied with wishful thinking may take home a grail collectible only to find it had been altered in some way, face it " ain't nothin' like the real thing". When people hear restored, they know another exist somewhere in the world as a better example. A poor original can always boast that it is in fact...original. Cars actually have very little options for replacing parts such as foam and rubber that even the best known originals have dried up and the only option is a remanufactured part. Cleaned coins like restored comics take a big hit as well and though some can live with it, some just can't. The other thing is that the buyer never can know what has actually been done unless of course they saw the work being done. A beautifully painted car hides all the areas of bondo and the same with a comic. I always try to buy a collectible with the foresight of selling it someday and being able to get my money back and hopefully more, but loosing is not an option. Deciet and restored items have been going hand and hand for so long now that I think this is what keeps the market on restored items down, plain and simple, a comic with just the slightest color touch earns a PLOD and to some a PLOD is a PLOD. A person caught urinating outside must register as a sex offender, but to the neighbors, well they think the worst and they need to watch the kids and keep a close eye on the perv (happened to my friend).

[VintageComics]

I have to disagree with most that has been said about PLOD. A recent ComicLink auction for a CGC 9.6 cpoy of Daredevil #1 with SP resto ( cover cleaned !!! and that's it) sold for $2, 505. A 9.6 Universal will easily fetch 40-50K

 

BTW, that DD scan is still on CL and the guy who bought it just sold it on ebay for $3000

 

It all depends on the book. A scarce book will fetch a larger percentage of FMV than a more common book.

 

For example a Batman #1 CGC 9.0 with a cleaned cover sold for $50K or $60K which is roughly 1/5 or 1/6 of the FMV.

 

For the record, even though a cleaned cover is technically a CGC SP designation, a small amount of color touch (also an SP designation) is generally more accepted (and therefore considered more valuable) than a book where the entire cover was removed and cleaned.

 

So that simply shows, yet again, that there is no simply way to evaluate the value of a restored book unless you are able to factor in all of the variables and not just one of them.

 

The problem is education (or a lack of it). A lack of understanding and recognizing restoration is what keeps prices of restored books down. Those that are well educated on restoration are generally more adept at pricing it out and therefore will pay more for certain books than someone who is simply scared away by the restored label.

[Cat-Man_America]

My rule of thumb for key GA restored books is:

 

EXT = 10-20% of apparent grade (depending on the key and the work)

 

MOD = 40% of apparent grade

 

SLIGHT = 60% of apparent grade

 

No science to it, just what I have observed over the years, and typically will pay. I'll exclude Action 1 and Tec 27 from this as those prices have a life of their own

 

My rule of thumb: I would go 25% (E), 50% (M) & 75% (S) of Apparent grade (for GA), but I concur with your POV.

 

The illogical fear of PLOD-ville is pervasive, but changing, especially for the appreciation of GA books.

 

I know that I've said this before: The antique market has had a somewhat more sophisticated position on the issue of professional restoration for preservation and eye appeal (as opposed to practices designed to deceive the buying public) for many years.

 

The restoration vs. value scale for silver age to modern may need tweaking based upon the real world rarity of books, but if supply & demand drives the collecting market then maybe PLOD and GLOD needs a little out-of-the-slab rethinking.