Heritage Sells Batman #1 9.2 for $850k in private transaction

[nearmint]

 

(2) The book is viewed by a number of folks here as overgraded; and

 

 

I don't see a single post in this thread that expresses that opinion. Not yet, anyway.

 

I think you can draw that implication from a number of posts on this thread.

 

I think YOU draw that implication. I would not.

 

You may not make the same inferences I do, but it sure seems to me that the posts can reasonably be seen to making some implications based on their comments about the grading history of the book.

 

But, that's not really my point so no need for us to bicker about trivia.

 

My point is only that if I bought the book, the comments on this thread might be causing me some concern. And if I was running a limited partnership of folks new to the market investing via some sort of fund, I might be especially concerned if the factual history of the book was not disclosed or misrepresented and I owed fiduciary duties to my partners.

 

Anyone that doesn't do their homework before laying out that kind of cash is leaving themselves exposed to regret, and perhaps financial loss, somewhere down the line.

[Bronty]

 

(2) The book is viewed by a number of folks here as overgraded; and

 

 

I don't see a single post in this thread that expresses that opinion. Not yet, anyway.

 

I think you can draw that implication from a number of posts on this thread.

 

I think YOU draw that implication. I would not.

 

You may not make the same inferences I do, but it sure seems to me that the posts can reasonably be seen to making some implications based on their comments about the grading history of the book.

 

But, that's not really my point so no need for us to bicker about trivia.

 

My point is only that if I bought the book, the comments on this thread might be causing me some concern. And if I was running a limited partnership of folks new to the market investing via some sort of fund, I might be especially concerned if the factual history of the book was not disclosed or misrepresented and I owed fiduciary duties to my partners.

 

I think the overwhelming probability is that is in fact puffery rather than an actual limited partnership in the legal sense.

[sfcityduck]

Anyone that doesn't do their homework before laying out that kind of cash is leaving themselves exposed to regret, and perhaps financial loss, somewhere down the line.

 

I agree the best way to protect yourself is to do the homework. But, if someone bought a book in reliance on the CGC grade (perhaps thinking CGC "certification" meant something), without knowing the history of the book, might be distressed to read these posts. And if the seller made statements about the book which were misleading, there could be cause to unwind the transaction. Obviously, this is all speculation.

 

 

[nearmint]

Anyone that doesn't do their homework before laying out that kind of cash is leaving themselves exposed to regret, and perhaps financial loss, somewhere down the line.

 

I agree the best way to protect yourself is to do the homework. But, if someone bought a book in reliance on the CGC grade (perhaps thinking CGC "certification" meant something), without knowing the history of the book, might be distressed to read these posts. And if the seller made statements about the book which were misleading, there could be cause to unwind the transaction. Obviously, this is all speculation.

 

 

The book was sold in Heritage's ComicMarket, so the seller didn't make any statements about the book. It's pretty much just the facts.

[supapimp]

you think in twenty to forty years people will remember that this book was originally a CGC 8.5? then CGC 9.0, and then CGC 9.2?

 

i'd be seriously pissed if i was the owner at CGC 8.5.

[sfcityduck]

The book was sold in Heritage's ComicMarket, so the seller didn't make any statements about the book. It's pretty much just the facts.

 

Was this an $850K "buy it now" listing or is it possible that there were negotiations?

 

Did anyone see the listing (assuming there was one)?

[Marty Mann]

I wonder if the buyer had to pay for Grader Notes?

 

mm

[nearmint]

The book was sold in Heritage's ComicMarket, so the seller didn't make any statements about the book. It's pretty much just the facts.

 

Was this an $850K "buy it now" listing or is it possible that there were negotiations?

 

Did anyone see the listing (assuming there was one)?

 

A "buy it now" price is set, but the potential buyer does have the ability to make an offer.

[rockman2008]

The book was sold in Heritage's ComicMarket, so the seller didn't make any statements about the book. It's pretty much just the facts.

 

Was this an $850K "buy it now" listing or is it possible that there were negotiations?

 

Did anyone see the listing (assuming there was one)?

 

A "buy it now" price is set, but the potential buyer does have the ability to make an offer.

 

Let me get this straight. The "buy it now" price was $850K and the buyer didn't negotiate.

[nearmint]

The book was sold in Heritage's ComicMarket, so the seller didn't make any statements about the book. It's pretty much just the facts.

 

Was this an $850K "buy it now" listing or is it possible that there were negotiations?

 

Did anyone see the listing (assuming there was one)?

 

A "buy it now" price is set, but the potential buyer does have the ability to make an offer.

 

Let me get this straight. The "buy it now" price was $850K and the buyer didn't negotiate.

 

I don't think anyone knows what the BIN price was, or even if it was really listed in ComicMarket.

[markseifert]

The more I look at Marvel #1, the more I see Whiz #2.

 

I don't disagree, and think the idea that Bat #1 has surpassed it in the pecking order is a sound one -- particularly on the strength of the Joker / Catwoman first apps.

 

However, playing devil's advocate on a couple of fronts:

 

1) It's interesting to note that the top 4 census copies of Marvel #1 have not been much tested in the million dollar era. Ironic considering what the book's rep was for constantly being available in the few years before that.

 

The million dollar era started on Feb 22, 2010. The pay copy last sold 3 days after that, and I believe it was the last of the top 4 copies to publicly sell (I wouldn't be surprised if someone came along and pointed out that I missed something there, but at a glance that's what I see).

 

Very possible it wouldn't make all that much difference, but on the other hand we're clearly in a different world now in many regards. Wouldn't surprise me to see the pay copy or the other 9.0 get a decent bump over what they last sold for. A bump that would put it on this Bat #1 sale? Seems unlikely, but we've certainly seen some seemingly out-of-nowhere sales in the past couple years, even on books that aren't Action 1 or Tec 27 (Church Flash 1, AF 15 9.6 come to mind).

 

 

2) Depends on how much top-census/best-copy considerations come into play. Is this Bat #1 $850k sale in part a bet by the buyers that it truly is the best copy out there? Might be.

 

A key question: The Billy Wright 8.5 Bat #1 sold for $275k less than 3 months ago -- a very strong price but not an eye-popping one considering the 9.0 $315k sale of 2 years prior. Would the Billy Wright copy bring a significantly higher price if it was sold again right now, or is that still about right? When we start to see the answer to that kind of question we'll know how much this sale changes things.

 

edited to add -- Btw, congrats on the jQuery book. I think I probably need to pick that up.

[Rip]

Don't forget a good blue label Whiz 2 is a very tough book to come by with buyers ready.

A much much tougher book than MM1 or Bats 1 in decent grade.

 

A 6.0 got 175K last year.

Not so sure the other books mentioned could do that. Even after this sale.

 

[sacentaur]

Would the Billy Wright copy bring a significantly higher price if it was sold again right now...?

 

Mark, it probably depends if the book's "maximum potential" has been reached yet or not. Just a few examples:

 

--Will it ever get the Wonder Bread treatment (if it hasn't already)?

 

--Will the new Batman movie send deep pocket buyers into a temporary state of uncontrolled frenzied bidding?

 

--Will 14 more pressings ultimately achieve the desired result?

 

--Will the Tin Foil Hat Investment Conglomerate decide to diversify their portfolio with a big book?

 

--Will the 37th crack-and-resub to CGC finally get a higher grade label?

 

And the biggest question of all, will Mitch personally endorse the book as the greatest thing in the hobby since he purchased an Action 1 on his fateful journey to becoming a man?

 

So, as you can see, there are too many variables at work in this deus ex machina to even attempt to formulate a logical answer to your question.

[batman_fan]

Would the Billy Wright copy bring a significantly higher price if it was sold again right now...?

 

Mark, it probably depends if the book's "maximum potential" has been reached yet or not. Just a few examples:

 

--Will it ever get the Wonder Bread treatment (if it hasn't already)?

 

--Will the new Batman movie send deep pocket buyers into a temporary state of uncontrolled frenzied bidding?

 

--Will 14 more pressings ultimately achieve the desired result?

 

--Will the Tin Foil Hat Investment Conglomerate decide to diversify their portfolio with a big book?

 

--Will the 37th crack-and-resub to CGC finally get a higher grade label?

 

And the biggest question of all, will Mitch personally endorse the book as the greatest thing in the hobby since he purchased an Action 1 on his fateful journey to becoming a man joke?

 

So, as you can see, there are too many variables at work in this deus ex machina to even attempt to formulate a logical answer to your question.

 

Fixed that for you (thumbs u

[Mio]

nice

[sacentaur]

[Wayne Enterprises]

What does a sale like this do to the lower grade Batman #1's? (noob question) Will we see a dramatic raise?

[Bronty]

it doesn't hurt it, but it doesn't help to nearly the same degree it helps hg copies. arguably it doesn't help at all as low and high grade are two separate markets, but personally I don't think that's really true and I expect low grade copies to see a little bit of an increase when big news happens at the top end.... just seems to result in more attention on the book.

[markseifert]

it doesn't hurt it, but it doesn't help to nearly the same degree it helps hg copies. arguably it doesn't help at all as low and high grade are two separate markets, but personally I don't think that's really true and I expect low grade copies to see a little bit of an increase when big news happens at the top end.... just seems to result in more attention on the book.

 

Not quite an apples to apples comparison, probably, but this issue was discussed quite a bit after the first million dollar Action #1 sale. Gator and others here have more expertise in this area and can probably speak to the issue with direct experience, but here's an interesting data point:

 

The year prior to the million dollar sale, an Action #1 6.0 sold for $317k (and it was a pretty high-profile event, as many here will recall).

 

Two months after the million dollar sale, $300k would only get you a 3.0 (a price level that has recently been supported by the Billy Wright 3.0 copy sale).

 

[And off topic but perhaps more stunningly, you can now sell a comic for a quarter mil and the sale might pass virtually unremarked upon publicly]

 

Of course, there are about twice as many Batman #1 blues on the census as there are Action #1 blues, I think (and anecdotally I'd think probably many more raw copies vs raw Action #1's), so it's not quite the same.

[Bronty]

Yeah, as you said its not apples to apples, but the main point is there. People say they are two separate markets but the data doesn't seem to completely bear that out.