Doug Schmell cashing in his vaulted massive collecion. Poll: Is this the top?

[lou_fine]

Good grief.

 

 

X-men #1 over $400K

 

 

Yup, $487,000 with the BP...

 

How long has this book been sitting in the Vault section of Pedigree's website at pretty much the same value? I am sure the purchaser could have contacted Doug directly and been able to negotiate something cheaper than this final price.

[medusanyc]

what was the total for the first session of books? last i saw it was over 3.7 mil

 

 

[markseifert]

Why was this Martin Shamus comic shop owner given access to all of this original artwork over everybody else out there? Almost makes you wonder if he was given them for relative peanuts by the artists for selling their comic books

 

Martin Shamus is the father of Wizard Magazine founder Gareb Shamus. When I visited the Wizard offices once around '92 or so, several of the Amazing Spider-Man covers were literally stacked in the corner of Gareb's office. Hard to believe I was flipping through what might now be millions of dollars worth of art.

[lou_fine]

Why was this Martin Shamus comic shop owner given access to all of this original artwork over everybody else out there? Almost makes you wonder if he was given them for relative peanuts by the artists for selling their comic books

 

Martin Shamus is the father of Wizard Magazine founder Gareb Shamus. When I visited the Wizard offices once around '92 or so, several of the Amazing Spider-Man covers were literally stacked in the corner of Gareb's office. Hard to believe I was flipping through what might now be millions of dollars worth of art.

 

I though he would have something to do with Gareb since Shamus is not that common of a name.

 

With his connection to Wizard, I bet you that he was able to pick up those artwork for only a token amount, if not for free! Especially in light of the usual Wizard hype that were given to some of those so-called hot artists at the time.

[Aman619]

back when he got them they were probably a few grand apiece.. and Todd was probably happy Wizard ended up with them as they had a symbiotic relationship. All in the family more or less... both young outfits changing the world!

[Sqeggs]

They don't fall under normal income, they fall under collectibles gains, taxed at a fixed federal rate of 28% at the moment.

 

Argh, 28%? So if you're in a 25% to 27% bracket but sell some comics, you're actually paying more tax than your income on those sales?

Remember you are only taxed on the gain. You can deduct the price you paid, slabbing fees, auction fees, postage, and whatever from the price you sold it for. I think the 28% is you have held if for at least a year, 35% if you haven't.

[trmoore54]

Just a few k short of 500! Good god..

 

The new owner is planning on contacting Joey and pressing it into a 9.9...

[Doc Joe]

U

They don't fall under normal income, they fall under collectibles gains, taxed at a fixed federal rate of 28% at the moment.

 

Argh, 28%? So if you're in a 25% to 27% bracket but sell some comics, you're actually paying more tax than your income on those sales?

Remember you are only taxed on the gain. You can deduct the price you paid, slabbing fees, auction fees, postage, and whatever from the price you sold it for. I think the 28% is you have held if for at least a year, 35% if you haven't.

 

Is it the hammer price, or price with juice? Or price minus their additional sellers premium?

Or just whatever you get a check for?

 

Who knows, I just know once the tax man comes the profit is a lot less. That's is if the tax man finds out about this.

[jimjum12]

back when he got them they were probably a few grand apiece.. and Todd was probably happy Wizard ended up with them as they had a symbiotic relationship. All in the family more or less... both young outfits changing the world!

 

...back in the day, a friend of mine bought the page from ASM 300 where the symbiote merges with Brock to form Venom.....it was $ 300.....and was considered pricey. I think he sold it for a grand.GOD BLESS....

 

-jimbo(a friend of jesus) (thumbs u

[roulette44]

so what was the final tota?"

[shrunkenhead]

U

They don't fall under normal income, they fall under collectibles gains, taxed at a fixed federal rate of 28% at the moment.

 

Argh, 28%? So if you're in a 25% to 27% bracket but sell some comics, you're actually paying more tax than your income on those sales?

Remember you are only taxed on the gain. You can deduct the price you paid, slabbing fees, auction fees, postage, and whatever from the price you sold it for. I think the 28% is you have held if for at least a year, 35% if you haven't.

 

 

I'm not sure about this. What if comics is your business? Isn't it then just straight income tax? I think Doug could make a strong case for comics being his business and not paying collectibles gains.

[mrwoogieman]

[Mark 1]

so what was the final tota?"

 

At the last few books it was between 3.7 and 3.8 million for Doug's books. At least from what I saw.

 

 

[fantastic_four]

Is it the hammer price, or price with juice? Or price minus their additional sellers premium?

Or just whatever you get a check for?

 

It's profit--what you paid subtracted from what you made. Simple equation.

[red rocks-migration]

U

They don't fall under normal income, they fall under collectibles gains, taxed at a fixed federal rate of 28% at the moment.

 

Argh, 28%? So if you're in a 25% to 27% bracket but sell some comics, you're actually paying more tax than your income on those sales?

Remember you are only taxed on the gain. You can deduct the price you paid, slabbing fees, auction fees, postage, and whatever from the price you sold it for. I think the 28% is you have held if for at least a year, 35% if you haven't.

 

 

I'm not sure about this. What if comics is your business? Isn't it then just straight income tax? I think Doug could make a strong case for comics being his business and not paying collectibles gains.

 

There definitely is an exception if you are in the business of "buying and selling securities" like any business trader all the way up to goldman sachs. So why would comics be any different (not as good lobbyists?0

[rjrjr]

Why was this Martin Shamus comic shop owner given access to all of this original artwork over everybody else out there? Almost makes you wonder if he was given them for relative peanuts by the artists for selling their comic books

 

Martin Shamus is the father of Wizard Magazine founder Gareb Shamus. When I visited the Wizard offices once around '92 or so, several of the Amazing Spider-Man covers were literally stacked in the corner of Gareb's office. Hard to believe I was flipping through what might now be millions of dollars worth of art.

 

 

Back in the early 90s, there was a comic art store at the Pavillions in Scottsdale, AZ (Pima and Indian Bend.) The store was next to a Service Merchandise (which I believe is now a Home Depot.) If I recall correctly, the store did not carry comics, but comic art. I remember the store had quite a lot of McFarlane art (as well as other Image founder art) as the owner of the store either knew McFarlane or was selling the art on commission for McFarlane.

 

Does anyone remember this store? Were these covers part of the art that was displayed at that store?

 

I'm really curious to know now.

 

 

[tth2]

For all those who seem to be so obsessed by taxes, I say who cares? What business is it of yours?

 

In any event, I would rather sell $3+ million of comics and pay 28% (or whatever the relevant tax rate is) of taxes on it than make $0 and pay 0% of taxes every single freaking day of the week.

 

The amount of schadenfreude that exists on these boards is incredible.

 

Although I guess in the case of Doug, I can understand why people are looking for anything that will help to rain on his parade. If there's a whistle blower hotline to the IRS, you all should start calling it and flagging this auction.

[shrunkenhead]

For all those who seem to be so obsessed by taxes, I say who cares? What business is it of yours?

 

In any event, I would rather sell $3+ million of comics and pay 28% (or whatever the relevant tax rate is) of taxes on it than make $0 and pay 0% of taxes every single freaking day of the week.

 

The amount of schadenfreude that exists on these boards is incredible.

 

Although I guess in the case of Doug, I can understand why people are looking for anything that will help to rain on his parade. If there's a whistle blower hotline to the IRS, you all should start calling it and flagging this auction.

 

I was just wondering in anticipation of the day when I get sick of this friggin' hobby and cash out all my comics.

[SSRYC-migration]

For all those who seem to be so obsessed by taxes, I say who cares? What business is it of yours?

 

In any event, I would rather sell $3+ million of comics and pay 28% (or whatever the relevant tax rate is) of taxes on it than make $0 and pay 0% of taxes every single freaking day of the week.

 

The amount of schadenfreude that exists on these boards is incredible.

 

Although I guess in the case of Doug, I can understand why people are looking for anything that will help to rain on his parade. If there's a whistle blower hotline to the IRS, you all should start calling it and flagging this auction.

 

Doug has earned and deserves all the shit he gets.

[Straw-Man]

in 31 yrs of the legal biz, i've known a couple handfuls of attys who got disbarred, only a few closely. they were punished via the disbarment, some had jail time, and some had restitution orders.

 

but once all those things played out, they've tried to make a living in other areas, to support themselves, a family, etc. i don't ever find myself excusing what they did, as i've managed to maintain my ethics thru a long career, and they damn well should have as well, but i also don't wish them ill in their new pursuits.

 

i have never met doug. i'm not a registered user on pedigreecomics.com. what i mean is, this isn't one of those "friends of joeypost" lovefest things you see on here. this is just how i feel about it.

 

p.s. i don't know joeypost, either, and have no idea as to how good he is at his job.