Why I'm not bidding on any items in the Heritage FEB Auction

[etanick]

ouchie wah wah.

 

[Silver Surfer]

I simply don't understand the bidding on the BW Action #36!

 

You and me both, lou.

 

Just once, it would be so interesting to have a known entity come forward and say, "I paid 10x FMV for this book because I really wanted it and I am pleased as punch to be the new owner!"

 

Congratulations abound, snickers remain unrevealed out of courtesy.

 

Fast forward two months later, "I've overspent a bit and am offering the book at exactly what I paid for it - 10x FMV. First "I'll take it" in the thread rules."

 

"What a great book!" and "GLWTS", etc. posts flood the sales thread.

 

I think we can fill in the rest of the story...

 

I'd be happy if we had someone admit they were the under bidder. Happens once every blue moon.

[mrmitchgro]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

Is there a state sales tax required for sales thru Heritage?

 

It depends on the state you ship to. For us Texans, the answer is yes

[sacentaur]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

Is there a state sales tax required for sales thru Heritage?

 

It depends on the state you ship to. For us Texans, the answer is yes

 

California also (since Heritage opened an office here in Beverly Hills).

[sacentaur]

I simply don't understand the bidding on the BW Action #36!

 

You and me both, lou.

 

Just once, it would be so interesting to have a known entity come forward and say, "I paid 10x FMV for this book because I really wanted it and I am pleased as punch to be the new owner!"

 

Congratulations abound, snickers remain unrevealed out of courtesy.

 

Fast forward two months later, "I've overspent a bit and am offering the book at exactly what I paid for it - 10x FMV. First "I'll take it" in the thread rules."

 

"What a great book!" and "GLWTS", etc. posts flood the sales thread.

 

I think we can fill in the rest of the story...

 

I'd be happy if we had someone admit they were the under bidder. Happens once every blue moon.

 

Good call, but I think by the time "coyote-ugly" hits in the morning, the underbidder will be too and would expect (even if only unspoken privately).

 

"I bid 29x FMV and lost on Spank the Wonder Monkey #13! " probably wouldn't go over too well in these parts...

 

 

[VintageComics]

I have heard rumours that there is a consortium of buyers that come from oil (investors) that are looking to invest in comics.

 

Some of these new prices seem crazy high, but could we be having another run up the way we had when Sotheby's or Christie's (can't remember which one) had that monster sale where AF #15 and a bunch of other books broke records?

 

I don't want to sound like Mitch, but there have been more than one person vouch for a high bidder or an under bidder on some of these record prices.

 

Just a thought, though, with no real proof other than talking to people and hearing bits and pieces.

 

 

[TheWatcher]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

Is there a state sales tax required for sales thru Heritage?

 

I imagine the total would be much more with the pressing & re-sub fees included

[VintageComics]

Some of those books would cost $1000's to grade - each!

 

 

[batman_fan]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

Is there a state sales tax required for sales thru Heritage?

 

I imagine the total would be much more with the pressing & re-sub fees included

 

Very good point. It definitely shows what happens with someone that is clueless on the crack, press, resub game. It may be my perverse mindset, but I don't feel a bit sorry for them.

[Transplant]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

Is there a state sales tax required for sales thru Heritage?

It's been said by others, but it bears repeating, pretty much a given that the seller did not pay any seller premium and may have even gotten a portion of the bp.

[Aman619]

I'm sure the loss is less off because the seller most probably got a better deal than 20%. But with pressing, slabbing fees etc, it probably comes back to your 72K loss Sockamagee!

[tabcom]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

It's been said by others, but it bears repeating, pretty much a given that the seller did not pay any seller premium and may have even gotten a portion of the bp.

 

OK -- let's look at the no BP sales numbers . . .

 

$354,196 Paid in FEB auction. (See previous post)

$352,570 (no BP) Sales in MAY auction.

 

$1,626 LOSS

 

Other cost considerations:

A. Assume Sales Tax is required.

B. Press and re-submit fees.

C. Shipping\Insurance

D. How was funds transferred?

E. Cost of prescription drugs\psychiatric care services.

 

A.

Texas Sales Tax is .0825

$29,087

 

CA Sales Tax is .0725

$25,561

 

B.

The cost to express press\submit 20 books with a retail value break down of:

 

Hi-Value 1: ($500 to $1,000) 1 = $151

Hi-Value 2: ($1,000 to $4,000) 2 = $380

Hi-Value 3: ($4,000 to $10,000) 8 = $1800 (CGC fees remain To Be Determined)

Hi-Value 4: ($10,000 to $20,000) 6 = $2700 (CGC fees remain To Be Determined)

Hi-Value 5: ($20,000 and up = $100 per $10k) 3 (Grading and CGC fees remain To Be Determined)

Sub-Total $ 5031

 

Estimates curiosity of restoman's website.

 

C.

 

D.

If credit card purchase, Heritage charges back the cc fees. Assuming they didn't waive it. Wire transfers have standard fees associated with that as well.

 

E.

 

[VintageComics]

Even if they pressed their own books and paid no sellers fees, it's just a lot of money to tie up for almost no gain.

 

I can think of a lot of ways to make a heck of a lot more money with $350K

 

 

[ComicConnoisseur]

Even if they pressed their own books and paid no sellers fees, it's just a lot of money to tie up for almost no gain.

 

I can think of a lot of ways to make a heck of a lot more money with $350K

+350,000

(thumbs u

 

[tabcom]

Even if they pressed their own books and paid no sellers fees, it's just a lot of money to tie up for almost no gain.

 

I can think of a lot of ways to make a heck of a lot more money with $350K

+350,000

(thumbs u

 

If I had $350,000 to blow on comic books, I would buy a van and spend a year driving around the country side turning up leads for the next Bobby Albright pedigree collection.

[lou_fine]

[font:Arial Black]Speculator's roll of dice comes up CRAPs!!![/font]

 

$354,196 Paid in FEB auction. (See previous post)

$282,056 (after 20% BP) Sales in MAY auction.

 

$72,142 LOSS

 

That's what he gets for hiring Mitch as his Chief Comic Advisor!