Auction Houses

[Foolkiller]

Between Heritage, Comic Connect, Comic Link, Pedigree, and smaller houses like Hake's etc., there seems to be a strong number of comics being sold each month at auction. Heritage, since the addition of Steve Borock, seems to really have boosted its acquisition of some really high end Silver Age material. The quality of the books Heritage has seems to be growing in addition to the already strong original art it consistently offers.

 

Traditionally, Comiclink was the next major player, but that seems to be (or already has happened) changing as Comic Connect appears to be prepared to draw some significant consignments away. I hear several (not just board members) folks who were very disappointed in their recent selling experiences with Comiclink. I expect that trend to continue unless some changes are made. While they still acquire a volume of high end material and many people still think of them first for silver/bronze consignments, there's an increasing perception that you do not realize your best prices on Comiclink, which used to be their strongest advertising claim.

 

Comic Connect's Action 1, Whiz 1, and Oregons from the recent auction achieved very strong results. In a short time, they've built some exceptional results, and I believe that many people want to at least give Comic Connect a try to see if the results are better than over at the Link. Comic Connect is now in the discussion for many collectors that I've met in shops -- who don't frequent the boards, and that's different talk than even a year ago. I heard more "Heritage" than anything, and I used to hear Comiclink all the time -- but now I hear more Comic Connect -- partially related to the Action 1, but also questions I've gotten about, who or what is Comic Connect and thoughts on the advantages of using them.

 

Unfortunately for Heritage, they aren't conducive to one or two book consignments, but seem to have more advantages for a major collection. The buyer's premium HA carries automatically reduces the amount that a seller can realize because bidders build that into the figures they will offer. With Comic Connect and the Link, there's no buyer's premium.

 

Pedigree of course, is not a favorite around here. But even among people who don't frequent these boards, many people's feedback about those auctions is that they believe they are manipulated and have even stopped checking the listings. As a potential consignor, I think it'd be hard for me to consign, knowing that so many people I've met have mentioned their concerns about the bidding process.

 

So I'm curious as to whether people here feel as if there's a changing perception. Where is the best place to consign for auction now? Who has the best service?

 

Or... is fixed priced dealer consignment the best option moving forward? Do auctions always reveal the "top price"?

[cd4ever]

I believe for rarer material, suchs as the stuff HA and CC have been pulling out of thin air lately, auctions are still the best place to go.

 

For HG GA material or HG early non-Marvel silver where there is no already pre-determined price point (i.e. 10 of those same books have already sold), the sky can be the limit and people will bid crazy numbers because they don't know when they will see that book again in that grade.

 

As to Comiclink, they made their name on HG Silver Marvel. I think that particular genre, even including some keys, is taking a bit of a hit right now. And I think it's as simple as there is just too much of it. A FF 29 in 9.6 is awesome and people will bid on it up to a certain point. But they won't go much beyond that because they know they will see another one before too long. Ths supply is catching up with demand.

 

So I don't think it has anything to do with what CL has or has not done, it's just that their bread and butter (HG Marvel silver) might be getting a little stale. .

[Gotham Kid]

Or... is fixed priced dealer consignment the best option moving forward? Do auctions always reveal the "top price"?

 

Depends a lot on timing I guess... with back-to-back high profile auctions ( some even overlapping others), killer books being auctioned off everywhere...there's just so much a wallet ( even the fatter ones ) can stretch....

[Trev]

I'll check out Comic Connect. I've bought from Heritage a bit in the past in their Sunday auctions but because I live in Texas and have to pay sales tax, would like to find an alternative auction site.

 

The combination of buyer's fees, high shipping rates, and sales tax (another 8% in TX), just makes it prohibitive to do much bidding there.

[comicwiz]

As far as comic auctions are concerned, a lot can be explained in the way things evolved in the last ten years. The last consigner/auctioneer entering the foray has the benefit of picking and chooses things they like/dislike from the stewards.

 

From what I've seen and heard, Heritage is probably the most aggressive as far as seeking out new stuff. CL is your standard consignor and event auctioneer, and the one thing that turned me off about their exchange is the reactionary evolve where sellers are pricing things at twice FMV because buyers are permitted to make offers at 50% of the listing price.

 

CC came last on the scene and I think they were able to refine some things about their model that may make people inclined to try them out. I have no bone to pick with CC and was interested in giving them a go not to long ago, but I was a less than thrilled to find out they sent out the cc breach notice to me using a 3rd-party mailing service.

 

The variance in each model probably explains why certain things catch the attention and interest of collectors, but if we are talking about the auction selling model purely as a way to attract buyers to the best, rarest, most sought after pieces, IMHO eBay is still a strong contender, and has many pros the above mentioned just can't match no matter how hard they try.

[ckp1680]

I would have to say that fixed price dealer consignment would seem the way to go.

 

I'm very comfortable with comiclink and enjoy dealing with them but I would much rather put something in their marketplace than in an auction for one simple reason - I can add my own high resolution scans of both the front and the back of the book! I can't understand how people are expected to drop top dollar when you only show half of the book. Even the front cover scans are low resolution and seeing the detail is becoming increasingly difficult. Nothing is worse than buying a book that you are not happy with once you actually get it in hand. It makes me hesitant when bidding in a comiclink auction and I'm sure I'm not the only one.

 

[Davenport]

With Lone Star/Mycomicshop adding Auctions to their business model, is that a service-trend we'll see more and more of as boomers mature and liquidate? A way for retailers to help clients re-market what they've amassed?

 

[Ghost Town]

With ComicLink, I wonder if it's a matter of them having too many auctions with too many books and they seem to last far too long. (This stuff is probably ok with ComicLink, but as a seller, it's not great.)

 

I also wonder if their Focused Auctions should be just that. Focused. Focused on specific titles or genres. Now, they're just less expensive versions of their Featured Auctions. It could be cool to see an auction with just horror titles. Or just Western titles. Or whatever. As it is now, it's just another auction with many of the same books we see all the time.

 

If I were selling a high demand, high price book now, I'd probably start with a fixed price and see what happens. I'd always have the auction options later if it didn't work out.

[october]

If I were selling a high demand, high price book now, I'd probably start with a fixed price and see what happens. I'd always have the auction options later if it didn't work out.

 

That seems to be the way to go. I know from my own auction experiences that for every book that "pops" you have four or five that sell at 70% of GPA. It gets old, and after going the auction route for years I am now going the complete opposite direction with one hundred percent fixed prices from here on out.

[nearmint]

If I were selling a high demand, high price book now, I'd probably start with a fixed price and see what happens. I'd always have the auction options later if it didn't work out.

 

That seems to be the way to go. I know from my own auction experiences that for every book that "pops" you have four or five that sell at 70% of GPA. It gets old, and after going the auction route for years I am now going the complete opposite direction with one hundred percent fixed prices from here on out.

 

I've been building up inventory on my site, and not consigning anywhere. I offer books here on the boards, and those that don't sell go to my site.

[Moondog]

As a seller of Golden Age, I've always been a Heritage guy, but I can't ignore the huge move up the charts that Stephen and Vincent have made. If I were to rank them I'd still put Heritage first, then CC. Clink is falling fast and needs to right the ship.

 

No one else is on my radar screen.

[Loki]

I can't understand how people are expected to drop top dollar when you only show half of the book. Even the front cover scans are low resolution and seeing the detail is becoming increasingly difficult. Nothing is worse than buying a book that you are not happy with once you actually get it in hand. It makes me hesitant when bidding in a comiclink auction and I'm sure I'm not the only one.

 

I agree. It's very depressing to receive a book and discover some flaw that's not visible in the scan or is on the (unscanned) back cover. I've won a few books in the past year that I wouldn't have bid on if I'd seen them in person or had scans of the back cover. As a result, I've had to start calling CGC for notes much more often.

[sterlingcomics]

With Lone Star/Mycomicshop adding Auctions to their business model, is that a service-trend we'll see more and more of as boomers mature and liquidate? A way for retailers to help clients re-market what they've amassed?

 

I lucked upon that fact recently for some reason when I was on their site. I find it interesting that I will watch moving forward, but I suspect this will be more Modern / late bronze affair type events, unless they can convince me otherwise.

[cheetah]

As a buyer, I feel pretty strongly that Heritage offers the best as far as HG GA and a lot of SA and their auction software is light years beyond anyone else's. It is a true live auction format and as long as you have a decent connection, you item is done and gone in a minute. ComicConnect is second but the three minute 'bonus time' can be a drag if your opposition like to drag it out. Going for 30 minutes on a single item doesn't light my world on fire.

 

Pedigree is similar to CC but the ability to watch items is absent. They are still better than CLink where it's just like ebay and you throw in a last second bid hoping you win but don't get hammered. As people have gotten more disciplined at not throwing crazy last-second bids, I think this has affected the overall price on CLink, that and the fact that BA books just don't bring the cash anymore.

 

As far as selling goes, I think ComicConnect is probably the best value. While the software isn't as advanced, the 10% commission rate is much better than Heritage and the opportunity for folks to get into a bidding war over your book will more adequately reflect the market for the title than the last second sniping on CLink or ebay.

 

As far as fixed-price listings go, as long as you don't care about the timeframe for selling a book, this is great. But if you want to convert it to cash, waiting six months for it to sell can be painful. Additionally, if you ship a bunch of books at once, there is a significant savings on shipping fees. $10 for a single book adds up if you are selling 100 books.

[dr_manhattan]

Comic Connect suffers from a very poor website. It really looks like the CC website was made in 1999 by developers who had neither a sense of design, nor a sense of a fluid or intuitive user experience. It is way too bloated and difficult for any prospective entry or first-time buyer to navigate, locate material, register, etc. Their site needs serious updating.

 

In terms of Heritage, I've bought high-end contemporary art for the last 10 years from places like Sotheby's and Christies who do superb printed catalogues for their major auctions, and the printed catalogues that Heritage do three times a year make a big difference when I consider a purchase of a high-end Golden Age book. Their catalogues have well-researched entries on comics, I learn alot, and am sometimes swayed into bidding for something because I realise a books importance. I have Heritage catalogues going back for years, and I've learned more from them about the history of comics and their market than from anything else. I also have prices achieved written against entries in their catalogues, and this is an invaluable reference tool for me to get an overview of the ever-changing market. Well researched, printed catalogues can add ALOT of value to the final selling price of an auction item. I know this is true of the contemporary art world and I believe this to be true of comic books. I wish there was more of this in the comic field, because I believe it would get more high-end buyers in and increase prices. Education is very important in ANY collecting field. I'm amazed at how little research and scholarship appears on most auction and dealer websites when selling high-end books in the $10k+ range. Also, Heritage have 'live bidding' on about two-thirds of their auctions, and I am very comfortable being in a room and bidding with a paddle against other buyers. This makes me feel comfortable in terms of the transparency of the realised price. I'll be in New York to bid live in their next auction in February 2012.

 

The Heritage buyer's premium however is steep - 19.5% - and this has to be factored in when buying books. But still, books can be reasonably bought from Heritage even when the buyer's premium is added. If you're a dealer, you can still buy from Heritage and mark up and make a profit. However, if you're a seller, this probably isn't so good, as you'd probably be taking home 30% less than the final price when all the premiums (such as 10% vendor's and 19.5% buyer's) are factored in. If I wanted to sell a book, I probably wouldn't use Heritage, unless it was a very, very high-end book ($50k+) and I could get a guarantee on the sale. A 'guarantee' is when the auction house guarantees to purchase an auction item from you at a fixed price irrespective of whether it sells or not - usually at the reserve price. If the book does hit reserve, you then work out a deal where you split the upside above reserve, usually 50/50. This model is very common in the world of contemporary fine art auctions - especially for top-end material. You do of course need deep pockets as the auction house if you are to act as a guarantor, but if you have the cash, you'll get the best material.

 

[Monkeyman]

I just received an e-mail from Heritage and noticed this at the bottom:

 

Starting January 1, 2012, we will not longer be accepting Credit Cards or PayPal as a method of payment. Methods of payment that are accepted will be check, echeck, bank wire, cashiers check and money order.

 

Is this just because I live in Canada or are they simply not taking credit cards from anyone? Simply unbelieveably to me. The comics world seems to have completely withdrawn from the retail norm of working with credit cards. Either they charge a premium or simply decide not to accept them.

 

Sorry if this has been posted elsewhere.

 

Mike

[bug33fouf]

[goldust40]

I just received an e-mail from Heritage and noticed this at the bottom:

 

Starting January 1, 2012, we will not longer be accepting Credit Cards or PayPal as a method of payment. Methods of payment that are accepted will be check, echeck, bank wire, cashiers check and money order.

 

Is this just because I live in Canada or are they simply not taking credit cards from anyone? Simply unbelieveably to me. The comics world seems to have completely withdrawn from the retail norm of working with credit cards. Either they charge a premium or simply decide not to accept them.

 

Sorry if this has been posted elsewhere.

 

Mike

 

Wow. First I've heard of this.

[tth2]

The quality of the books Heritage has seems to be growing in addition to the already strong original art it consistently offers.

Actually, my perception of Heritage in recent years is that their auctions have become increasingly OA-focused and the comic books seem to be less and less important. Yes, they sold the $1 million Detective 27, but really how much of the buzz surrounding their auctions recently has been about comics?

 

Having said that, they`re still my favorite auction house because of their catalogs, great service and detailed, highly informational auction listings, which puts everyone else to shame. But, their high prices compared to the other players are a problem, and the increasing amount of "shelf space" devoted to OA leaves me cold.

 

Traditionally, Comiclink was the next major player, but that seems to be (or already has happened) changing as Comic Connect appears to be prepared to draw some significant consignments away. I hear several (not just board members) folks who were very disappointed in their recent selling experiences with Comiclink. I expect that trend to continue unless some changes are made. While they still acquire a volume of high end material and many people still think of them first for silver/bronze consignments, there's an increasing perception that you do not realize your best prices on Comiclink, which used to be their strongest advertising claim.

Comiclink is the only e-commerce website, let alone comic-related website, that in my experience has chosen to completely block out entire portions of the globe from accessing their website. I and many other collectors in Asia haven`t been able to access Comiclink for well over a year now, and you know what, I don`t miss it at all. However, surely Comiclink are doing a disservice to their sellers by excluding a potentially large pool of bidders from what is only the most economically dynamic region in the world.

 

Comic Connect's Action 1, Whiz 1, and Oregons from the recent auction achieved very strong results. In a short time, they've built some exceptional results, and I believe that many people want to at least give Comic Connect a try to see if the results are better than over at the Link. Comic Connect is now in the discussion for many collectors that I've met in shops -- who don't frequent the boards, and that's different talk than even a year ago. I heard more "Heritage" than anything, and I used to hear Comiclink all the time -- but now I hear more Comic Connect -- partially related to the Action 1, but also questions I've gotten about, who or what is Comic Connect and thoughts on the advantages of using them.

Given that ComicConnect is a Metropolis vehicle, it was inevitable that CC would do well so long as Metro stuck at it, unless the rest of the industry aligned against them. As that hasn`t happened, Metro`s superior access to books and superior access to buyers has started to pay dividends. Still, their auctions feature way too many books with reserves, including books that you wouldn`t expect to have reserves. In the most recent auction, the one featuring a 9.0 Action 1, the Oregon books and some other gems, the 9.8 Kull #1 had a reserve. Seriously, CC? Implement a little discipline with your consignors and tell the consignor of the Kull #1 that if he wants a reserve for his piddly book, he needs to look elsewhere.

 

Metro has also taken a page from Heritage`s playbook by offering 6-month payments, but done them one better by not charging interest. This is huge, as Heritage`s ability to offer 6-month payments, even with interest, has been a major factor in their success.

 

Pedigree of course, is not a favorite around here. But even among people who don't frequent these boards, many people's feedback about those auctions is that they believe they are manipulated and have even stopped checking the listings. As a potential consignor, I think it'd be hard for me to consign, knowing that so many people I've met have mentioned their concerns about the bidding process.

I think every consignor would love to get the outlier prices that are so consistently achieved by Pedigree, but the perception seems to be that somehow, only the books owned or procured by Doug achieve those prices.

 

[Alzabar]

I just received an e-mail from Heritage and noticed this at the bottom:

 

Starting January 1, 2012, we will not longer be accepting Credit Cards or PayPal as a method of payment. Methods of payment that are accepted will be check, echeck, bank wire, cashiers check and money order.

 

Is this just because I live in Canada or are they simply not taking credit cards from anyone? Simply unbelieveably to me. The comics world seems to have completely withdrawn from the retail norm of working with credit cards. Either they charge a premium or simply decide not to accept them.

 

Sorry if this has been posted elsewhere.

 

Mike

 

I spoke with Heritage customer service today and this change is due to start January 1, 2012. I realize that there is some risk and a cost to accepting credit cards, but it makes things so much more convenient for customers. And lets face it, many of us put things on a credit card that we might not be able to afford otherwise.

 

What do people think about this change?