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Action Comics #1 (1938) CGC 9.0 on the census

Started by valiantman,

398 posts in this topic

passion4comics

passion4comics

Posted
Posted

Well, the buyer anyway.

 

How does that work? If the insurance company paid out, can the original owner claim it and just repay the insurance company? I'm sure if they paid out a million and it was only worth 100k they would be more than happy to take Nicks money back.

 

Here is another issue. It was in a storage locker that was legally sold to a buyer. This could go back and forth that one party says that's the comic sold to Cage and you can have someone else claim it's not. I don't think comics fall into the same category as art where there is no statute of limitations for recovering it and then returning it to its original owner. Cage can make a claim? The Insurance company can make a claim? The buyer of the locker can make a claim? I wonder how this all worked itself out.

 

Still at 1,552,000.00. I'm glued to this to see what it sells for. Someone is going to have a nice Christmas.

 

That someone may be the insurance company.

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Foolkiller

Foolkiller

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I think you'd have to see the details. It could be that the insurance company paid the claim in full and basically said if it's recovered, then the insurance company owns it. But I wouldn't know without seeing the specifics. I doubt Cage is really involved with it any longer.

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FlyingDonut

FlyingDonut

Posted
Posted
I think you'd have to see the details. It could be that the insurance company paid the claim in full and basically said if it's recovered, then the insurance company owns it. But I wouldn't know without seeing the specifics. I doubt Cage is really involved with it any longer.

 

 

Unless he's buying it. hm

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Bronty

Bronty

Posted
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with his 'frathouse bordello' proceeds? hm

 

you never know but I doubt it... bankruptcies and 2m dollar comics don't really go hand in hand.

 

Not to mention that he would probably feel like a prize chump repurchasing something he once bought for far less money

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1koko

1koko

Posted
Posted
I think you'd have to see the details. It could be that the insurance company paid the claim in full and basically said if it's recovered, then the insurance company owns it. But I wouldn't know without seeing the specifics. I doubt Cage is really involved with it any longer.

 

 

Unless he's buying it. hm

 

I think it would be difficult to buy a book stolen from you for $2M knowing that you had originally bought it for $100k.

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comicwiz

comicwiz

Posted
Posted
I think you'd have to see the details. It could be that the insurance company paid the claim in full and basically said if it's recovered, then the insurance company owns it. But I wouldn't know without seeing the specifics. I doubt Cage is really involved with it any longer.

 

This is an excerpt from an article on the stolen Action #1:

 

In April 2011, Cage’s copy of Action Comics no. 1 was recovered in a San Fernando Valley storage locker. The man who found the comic had bought the contents of an abandoned locker. Cage’s publicist released a statement from the actor at the time calling the recovery of the comic “divine providence” and expressing hope “that the heirloom will be returned to my family.” Cage had received an insurance payment for the comic but at the time expressed interest in reaching a settlement to regain ownership of the book.
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Foolkiller

Foolkiller

Posted
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But it doesn't really indicate that he would have a right to its return, simply he'd have to negotiate -- possibly in returning the insurance payout (which is likely well less than the auction proceeds).

 

I have no idea, but it's possible that the insurance company has the final decision authority and decided to sell it. I honestly have no idea. But it sounds like from that snippet that Cage certainly didn't have the "right" to the return of the Action 1

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Foolkiller

Foolkiller

Posted
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You never know, he may be bidding on it. The guy may be a total flake at handling his finances, but you have to give him the benefit of the doubt that he really may love this comic. Wasn't Jerry Seinfeld another Superman fanatic?

 

Yes.

 

And if he's bidding on it, the IRS or his creditors may have some complaints, unless he's settled all of his outstanding debt issues.

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comicwiz

comicwiz

Posted
Posted
But it doesn't really indicate that he would have a right to its return, simply he'd have to negotiate -- possibly in returning the insurance payout (which is likely well less than the auction proceeds).

 

I have no idea, but it's possible that the insurance company has the final decision authority and decided to sell it. I honestly have no idea. But it sounds like from that snippet that Cage certainly didn't have the "right" to the return of the Action 1

 

Purely speculation, but if Cage wasn't given first right of refusal when the book reappeared, then the insurer needs to carefully consider the moral and ethical hazards associated to reselling property to anyone other than its rightful owner.

 

For his publicist to post what he did, it clearly sends the message that Nic wanted the book back.

 

I can't think of a good reason for an insurer to hold back. Toward the average Joe, its modus operandi. But an actor or someone with celebrity status would put them in frantic PR/damage control mode, especially if details were ever to emerge revealing any resistance against Cage's intentions.

 

I'm also not getting this pretense of connecting the book found at the storage locker to the "stolen Action #1" but falling short on full confirmation that it's Cage's book.

 

It's way too convenient to use the "stolen book" claim to take possession after its found, and discard the stigma attached to it for fear it might wreck the auction mojo. 2c

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Aman619

Aman619

Posted
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it all boils down to what is customary in the insurance game in these instances where a payout was made, but later the object is recovered. (Since its stolen property, the buyer of the storage locker is out of the money.)

 

if these policies usually state that we will pay you X in case of loss or theft, but if and when recovered you may 1) buy it back for our settlement plus interest and fees, or 2) you have no further rights to said object once check is cashed, or 3) we may negotiate with you for its return.

 

I doubt Cage had special clauses written in case his comics got stolen. His interest would have been nay that he not suffer a total loss. So does anybody know what their policies say in this event?

 

and lastly, how many will be calling their insurance companies for the answer to the question of who owns their comics if they are stolen and turn up years later???

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ComicConnect.com

ComicConnect.com

Posted
Posted

Guys-

 

Here is some of the recent publicity we have received. Vincent was on Bloomberg today and it went very well. Yesterday, CBS, German Public Television and Televisa from Mexico also did interviews with Stephen and Vincent.

 

The Action 1 has already broken the world record and is currently at $1,552,000.00. We are very excited to see where it will finish. We hope you will be watching and bidding as well. As always thanks for your support.

 

More to come.

 

NY Post

http://video.foxnews.com/v/1301914775001/?test=faces

 

Associated Press video

http://www.youtube.com/user/AssociatedPress#p/u/33/so7vnP1Bv-Q

 

Fox Business video

http://video.foxbusiness.com/v/1292251788001/action-comics-fetching-bids-over-13m-in-auction/?playlist_id=87247

 

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