The Strange Case of the Action 1 Cover Color Guide 0

[sfcityduck]

Maybe you guys knew this already, but I was surprised to see that the Action Comics 1 hand-colored cover guide, which failed to hit its reserve at auction despite a $177,000 bid, is up for sale on Comic Connect for $400,000.  The prior selling price of this item in the June 1995 Sotheby's auction was for $10,350 inclusive of BP.  Seems like Metro may have given a "guarantee" and now is stuck a loss until it sells.

I am a bit surprised that CGC gave a page quality of Cream to Off-White.  Here's the pictures:

I am also a bit surprised CGC identified it as "from the collection of Edward Eisenberg," given that for over 20 years it has been in the "Hidden Valley Collection" and before Ed got it (who was not a collector but is, as the holder attests, the cover colorist), it hung on Harry Donenfeld's office wall and would just as legimately be denoted as "from the collection of Harry Donenfeld"!

Anyone got predictions on how long this takes to sell?  Hariri must not want it.

Edited June 8, 2018 by sfcityduck

[adamstrange]

55 minutes ago, sfcityduck said:

The prior selling price of this item in the June 1995 Sotheby's auction was for $10,350 inclusive of BP.  Seems like Metro may have given a "guarantee" and now is stuck a loss until it sells.

Drawing a conclusion based upon facts not entered in evidence, counselor.

What is more natural than it didn't sell and Metro offered to put it up on consignment, like they would do for any other seller?

[sfcityduck]

21 minutes ago, adamstrange said:

Drawing a conclusion based upon facts not entered in evidence, counselor.

What is more natural than it didn't sell and Metro offered to put it up on consignment, like they would do for any other seller?

You may well be right.  Or, I might be right in stating "seems like Metro may have given a 'guarantee' ..."  We're both speculating (although your speculation may be more founded than mine).  My speculation is based on the notion that since the seller paid only $10K for the item, it seems weird that the seller would have consigned it for $400K (in light of a $177K high bid) when he is exiting the hobby.  In fine art auction settings it is not unusual for auction companies to promise a guaranteed price (if doesn't reach the reserve, seller gets paid the guaranteed price) on certain items to secure the business.  I could see a guarantee/reserve of $200K, and Metro now pricing it at $400k, despite knowing it did not sell for $177K, in order to leverage a price above $200K and because they can afford to sit on the book for a while.  Again, speculation.

[Peter G]

I like it for 100k but not a penny more

[bluechip]

3 hours ago, sfcityduck said:

Maybe you guys knew this already, but I was surprised to see that the Action Comics 1 hand-colored cover guide, which failed to hit its reserve at auction despite a $177,000 bid, is up for sale on Comic Connect for $400,000.  The prior selling price of this item in the June 1995 Sotheby's auction was for $10,350 inclusive of BP.  Seems like Metro may have given a "guarantee" and now is stuck a loss until it sells.

I am a bit surprised that CGC gave a page quality of Cream to Off-White.  Here's the pictures:

I am also a bit surprised CGC identified it as "from the collection of Edward Eisenberg," given that for over 20 years it has been in the "Hidden Valley Collection" and before Ed got it (who was not a collector but is, as the holder attests, the cover colorist), it hung on Harry Donenfeld's office wall and would just as legimately be denoted as "from the collection of Harry Donenfeld"!

Anyone got predictions on how long this takes to sell?  Hariri must not want it.

I like that piece a lot -- though off the top of my head without thinking it to death I'd guess if I'd bought it for the same money back then and was listing it now my reserve would be exceeded by 177K bid.  Not that I fault anyone for asking more in light of what copies of Action 1 are going for, and in general I like that items of this sort are being given more credence and interest (even though I' ve acquired fewer than I meant to over the years (like this one which I kicked myself for not bidding on back in the day)

Edited June 8, 2018 by bluechip

[Crowzilla]

8 hours ago, sfcityduck said:

My speculation is based on the notion that since the seller paid only $10K for the item, it seems weird that the seller would have consigned it for $400K (in light of a $177K high bid) when he is exiting the hobby.  In fine art auction settings it is not unusual for auction companies to promise a guaranteed price (if doesn't reach the reserve, seller gets paid the guaranteed price) on certain items to secure the business.  I could see a guarantee/reserve of $200K, and Metro now pricing it at $400k, despite knowing it did not sell for $177K, in order to leverage a price above $200K and because they can afford to sit on the book for a while.  Again, speculation.

That's a lot of speculation. Do you know for sure the consignor is the same purchaser from the $10K auction, or is that speculation also?

If Metro offered it with a $200K reserve (and assuming 10% commission), that means the $177K bid was only $3K away from getting the deal done. Is it better to eat $3K (or try to get the consignor to agree to the sale) or spend $180K on a tough to describe item there seems to be no interest in above that level?  My guess is that AdamStrange is correct and they are just offering it after it failed to meet reserve as a service to the seller.

 

 

[The-Collector]

11 hours ago, sfcityduck said:

You may well be right.  Or, I might be right in stating "seems like Metro may have given a 'guarantee' ..."  We're both speculating (although your speculation may be more founded than mine).  My speculation is based on the notion that since the seller paid only $10K for the item, it seems weird that the seller would have consigned it for $400K (in light of a $177K high bid) when he is exiting the hobby.  In fine art auction settings it is not unusual for auction companies to promise a guaranteed price (if doesn't reach the reserve, seller gets paid the guaranteed price) on certain items to secure the business.  I could see a guarantee/reserve of $200K, and Metro now pricing it at $400k, despite knowing it did not sell for $177K, in order to leverage a price above $200K and because they can afford to sit on the book for a while.  Again, speculation.

Don't most guarantees come from third parties to ensure that the auction house isn't left holding the bag?

[Pickie]

19 hours ago, sfcityduck said:

Anyone got predictions on how long this takes to sell?  Hariri must not want it.

 Seems neither does Lucas' Museum of Narrative Art ... May I speculate, too? Not until a totally new collector/player enters the field who wants to have a landmark piece. Can be anything, so maybe ... one year?

 

With "totally new to the field" I mean someone who would be going after Golden Age original material for the first time. 

Edited June 9, 2018 by Pickie
clarification

[Sqeggs]

Maybe the $400K price is Metro guarding against the Action 1 8.5 rocketing to Mars in next week's auction.  Such a result might (or might not!) have an effect on the price of this color guide.   

[Pickie]

Yes, very well possible.

And the pair of it - AC1 book + (Alternative) Cover Color Guide - is much more interesting than a pair of two 9.0s side by side? So maybe the buyer of the 8.5 pulls the trigger on the Color Guide the same day ...