Comic Book Dealer Dies - What Typically Happens to the Books? 1 1

[1Cool]

I was shocked to hear on Sunday that one of the local dealers passed away in March.  I didn't get his name (think it was Mark) but he sets up at every local Con and is always a nice guy to discuss books with.  His wife and daughter were set up at the NEO Con and only set up since the husband had pre-paid for the show and there was enough boxes of books priced for them to fill a full booth.  I got the gist that the wife & daughter definitely could use the money being generated from selling off the books in her husbands business so it put me in a big quandary in terms of making a fair offer on a bulk buy.  The dealer had his books priced aggressive and I'm sure he was looking to work out a fair deal but how was the wife suppose to know what that was?  I ended up grabbing a handful of books I'm low on and made a higher offer then I usually would just to help out some.

But what is the procedure for this kind of thing?  I know people always talk about low balling an old widow out of her husbands books but what if the guy is a dealer?  Does the community rally around her and buy up the stock at a fair price to show support or is it every dealer for themselves when it all comes down to it.

Edited August 22, 2018 by 1Cool

[Artboy99]

29 minutes ago, 1Cool said:

I was shocked to hear on Sunday that one of the local dealers passed away in March.  I didn't get his name (think it was Mark) but he sets up at every local Con and is always a nice guy to discuss books with.  His wife and daughter were set up at the NEO Con and only set up since the husband had pre-paid for the show and there was enough boxes of books priced for them to fill a full booth.  I got the gist that the wife & daughter definitely could use the money being generated from selling off the books in her husbands business so it put me in a big quandary in terms of making a fair offer on a bulk buy.  The dealer had his books priced aggressive and I'm sure he was looking to work out a fair deal but how was the wife suppose to know what that was?  I ended up grabbing a handful of books I'm low on and made a higher offer then I usually would just to help out some.

But what is the procedure for this kind of thing?  I know people always talk about low balling an old widow out of her husbands books but what if the guy is a dealer?  Does the community rally around her and buy up the stock at a fair price to show support or is it every dealer for themselves when it all comes down to it.

I think you already know the answer.

I am not a "major player" as a seller. I do 10-14 local comic shows a year and even I have 50,000+ books. It is very likely the seller who passed away has similar inventory. I don't need any more mid run filler type books or dollar bin books. My interest would be only the keys semi key books. I have no where to put a large bulk quantity buy either so if it was an "all or nothing" offer I would pass on it.

I definitely understand how you feel, but in the end she will have to sell in bulk at low value to unload most of it after the keys are sold. Another dealer with warehouse space may be interested at the right price, would they be interested if the keys are sold? Likely not.

[1Cool]

8 minutes ago, Artboy99 said:

I think you already know the answer.

I am not a "major player" as a seller. I do 10-14 local comic shows a year and even I have 50,000+ books. It is very likely the seller who passed away has similar inventory. I don't need any more mid run filler type books or dollar bin books. My interest would be only the keys semi key books. I have no where to put a large bulk quantity buy either so if it was an "all or nothing" offer I would pass on it.

I definitely understand how you feel, but in the end she will have to sell in bulk at low value to unload most of it after the keys are sold. Another dealer with warehouse space may be interested at the right price, would they be interested if the keys are sold? Likely not.

You are probably right but it highlights the risk we have in maintaining a huge inventory of books if we die.  This poor woman has a huge chunk of her retirement (which I'd guess is common among small local dealers) locked up in boxes and boxes of comic books which she has very little knowledge about.  The wife attended all of the shows with her husband so she is somewhat familiar with how the market works which I doubt many wives of dealers can fall back on. 

[Artboy99]

2 minutes ago, 1Cool said:

You are probably right but it highlights the risk we have in maintaining a huge inventory of books if we die.  This poor woman has a huge chunk of her retirement (which I'd guess is common among small local dealers) locked up in boxes and boxes of comic books which she has very little knowledge about.  The wife attended all of the shows with her husband so she is somewhat familiar with how the market works which I doubt many wives of dealers can fall back on. 

clearly comics are not liquid at all.

My very own plan is to sell what I have over time when I retire at 65. If I don't make it to 65 ( very possible ) than I have put all my comics into my will and a good friend will "benefit" from them.

And maybe the better plan is to start doing that now rather than later.

I definitely feel for her, but I think it is everyone for themselves and with a few exceptions she will have to sell at a discount.

[Mr.Mcknowitall]

2 hours ago, 1Cool said:

I was shocked to hear on Sunday that one of the local dealers passed away in March.  I didn't get his name (think it was Mark) but he sets up at every local Con and is always a nice guy to discuss books with.  His wife and daughter were set up at the NEO Con and only set up since the husband had pre-paid for the show and there was enough boxes of books priced for them to fill a full booth.  I got the gist that the wife & daughter definitely could use the money being generated from selling off the books in her husbands business so it put me in a big quandary in terms of making a fair offer on a bulk buy.  The dealer had his books priced aggressive and I'm sure he was looking to work out a fair deal but how was the wife suppose to know what that was?  I ended up grabbing a handful of books I'm low on and made a higher offer then I usually would just to help out some.

But what is the procedure for this kind of thing?  I know people always talk about low balling an old widow out of her husbands books but what if the guy is a dealer?  Does the community rally around her and buy up the stock at a fair price to show support or is it every dealer for themselves when it all comes down to it.

My first concern would be the tax filing status. Was the gentleman operating as corp., an individual filing Schedule C,  Sole Proprietor, LLC or.....
 Is there a tax liability? Is there a Will? I certainly understand the "right thing to do" economically, and to help someone in time of need if able to, but (there is always a "but", it can come back as a business problem. 

I would  lean toward the ".....have your legal representative contact me, and if I can be of assistance, I certainly will be pleased to do so..." avenue. That is just me, though.

I have seen this scenario many times. I prefer the legal representative route. 

[FineCollector]

I can't picture a pass-the-hat type scenario happening.  A few people may overpay for a handful of books as a charitable gesture, but that won't move the stock.  The most valuable thing you can offer the family is time and knowledge.  You have a successful business model.  Tell them what books to clear at the dollar/3 dollar/5 dollar tiers you employ, and let them keep selling.  If they don't agree, or want to do things their own way, you've done all you can, and your conscience is clear.

[Fan Boy]

I had thought of that matter from time to time. I need to get my collection organized and noted to put in the will. The funny thing was that my friend told me that he had named me as the appreciator to his comic book/graphic novel collection in his will. His collection will go to his brother, and I have to help get the best value go to him.

Was told that it is recommended to take every book recorded and noted, all as many photos can shoot to be saved into a file. Ugh, that is a lot of work. But better that it go to someone I know than let the tainted government get their paws on my books.

[aardvark88]

2 hours ago, Fan Boy said:

 I need to get my collection organized and noted to put in the will. The funny thing was that my friend told me that he had named me as the appreciator to his comic book/graphic novel collection in his will. His collection will go to his brother, and I have to help get the best value go to him.

I think you meant "executor" of your friend's will. Typo.

[Mr.Mcknowitall]

20 minutes ago, aardvark88 said:

I think you meant "executor" of your friend's will. Typo.

Or Appraiser. One can have both an Appraiser (that does not benefit from the Appraisal) and an Executor. 

[01TheDude]

If I were someone with a decent amount of inventory-- like @Artboy99 who mentioned something like 50K books-- I would try to get a partner involved with the business -with the understanding that either my heirs would get a cut of the proceeds or the whole shooting match would be theirs to deal with how they felt like doing. That would alleviate a family member with little to no knowledge of having to deal with this "stuff" at the end of the road.

My collection a just under 2 thousand items and really nothing too valuable -- maybe 12 - 15 grand worth selling in bulk on a good day. What happens to those books is really no major concern to me. If I died today, my brother would be in charge of my stuff (I am renting a house from him at this time) - not sure what he would do exactly. I will ask him next time I hang out.

[Artboy99]

1 minute ago, 01TheDude said:

If I were someone with a decent amount of inventory-- like @Artboy99 who mentioned something like 50K books-- I would try to get a partner involved with the business -with the understanding that either my heirs would get a cut of the proceeds or the whole shooting match would be theirs to deal with how they felt like doing. That would alleviate a family member with little to no knowledge of having to deal with this "stuff" at the end of the road.

My collection a just under 2 thousand items and really nothing too valuable -- maybe 12 - 15 grand worth selling in bulk on a good day. What happens to those books is really no major concern to me. If I died today, my brother would be in charge of my stuff (I am renting a house from him at this time) - not sure what he would do exactly. I will ask him next time I hang out.

If anything comes of this thread, my hope is that all of us comic collectors do consider what will happen in the future and take the proper steps. A will is very important in that regard.

Myself, I named a friend in my will to be the owner of all of my books should I pass away.

[01TheDude]

1 minute ago, Artboy99 said:

If anything comes of this thread, my hope is that all of us comic collectors do consider what will happen in the future and take the proper steps. A will is very important in that regard.

Myself, I named a friend in my will to be the owner of all of my books should I pass away.

and that is fair and probably the right thing to do considering the volume you still have currently.

[MyThreeSons]

1 hour ago, 01TheDude said:

and that is fair and probably the right thing to do considering the volume you still have currently.

Back in 2015 a hermit collector died in upstate ny.  He had over 150 long boxes. He also had cars, guns and a lot of other collectibles. The house was a disaster with multiple holes in the roof and the inside was filled from floor to ceiling with junk. The toilet fell into the basement because the floor in the bathroom rotted thru. Definitely a hoarder. I spent  about 2 hours looking thru some of the boxes but mostly saw Drek.  I didn’t stick around for the auction but ran into a guy from Albany at Albany comic con who bought the whole lot for under 3k. Here is a picture of the house and 2 shots of some of the boxes 

[Not A Clone]

2 minutes ago, minisink warrior said:

Back in 2015 a hermit collector died in upstate ny.  He had over 150 long boxes. He also had cars, guns and a lot of other collectibles. The house was a disaster with multiple holes in the roof and the inside was filled from floor to ceiling with junk. The toilet fell into the basement because the floor in the bathroom rotted thru. Definitely a hoarder. I spent  about 2 hours looking thru some of the boxes but mostly saw Drek.  I didn’t stick around for the auction but ran into a guy from Albany at Albany comic con who bought the whole lot for under 3k. Here is a picture of the house and 2 shots of some of the boxes 

  The little house looks like it could've been really nice if taken care of. I wonder how many of those comics are weather damaged from the roof problems?

[Fan Boy]

10 hours ago, aardvark88 said:

I think you meant "executor" of your friend's will. Typo.

 

10 hours ago, Mr.Mcknowitall said:

Or Appraiser. One can have both an Appraiser (that does not benefit from the Appraisal) and an Executor. 

It’s an Appraiser, I was given the duty in evaluating my friend’s entire collection. And also received the duty in selling the books and hand over the funds to his brother. 

But you did raise a good question which I am now wondering. Can a person be an Appraiser AND an Executor in both? Or does it has to be two persons to handle one duty each? I’m not a lawyer to know the legal jumbo, but I will ask my stepfather as he has a degree in law. 

[FineCollector]

What does it take to be deemed an expert in the appraisal of a comic collection?

It would have to be a 3rd party doing the evaluation.  Otherwise, there would be no control to prevent the appraiser from lowballing a nice piece and taking it.  The only way to prevent that would be to bring in another expert to audit the first expert's decision.  Problem is, that's inefficient, and opens up the possibility of professional differences.

[01TheDude]

seems like the person who assigned the one person to both evaluate and handle the selling/dispersion of funds in regards to the collection had enough trust in them to be trusted to do this properly & honestly. That seems like the only real proof needed to say this is the right person to do both jobs

[Mr.Mcknowitall]

7 hours ago, FineCollector said:

What does it take to be deemed an expert in the appraisal of a comic collection?

It would have to be a 3rd party doing the evaluation.  Otherwise, there would be no control to prevent the appraiser from lowballing a nice piece and taking it.  The only way to prevent that would be to bring in another expert to audit the first expert's decision.  Problem is, that's inefficient, and opens up the possibility of professional differences.

 

8 hours ago, Fan Boy said:

But you did raise a good question which I am now wondering. Can a person be an Appraiser AND an Executor in both? Or does it has to be two persons to handle one duty each? I’m not a lawyer to know the legal jumbo, but I will ask my stepfather as he has a degree in law. 

 

18 hours ago, Mr.Mcknowitall said:

Or Appraiser. One can have both an Appraiser (that does not benefit from the Appraisal) and an Executor. 

(that does not benefit from the appraisal).

7 hours ago, FineCollector said:

t would have to be a 3rd party doing the evaluation.  Otherwise, there would be no control to prevent the appraiser from lowballing a nice piece and taking it.  The only way to prevent that would be to bring in another expert to audit the first expert's decision.  Problem is, that's inefficient, and opens up the possibility of professional differences.

No.

[namisgr]

7 hours ago, FineCollector said:

It would have to be a 3rd party doing the evaluation.  Otherwise, there would be no control to prevent the appraiser from lowballing a nice piece and taking it.  The only way to prevent that would be to bring in another expert to audit the first expert's decision.  Problem is, that's inefficient, and opens up the possibility of professional differences.

An Executor is the person responsible for overseeing the estate, paying any debts or taxes on behalf of the estate, and making sure inheritors receive their inheritances.  An appraiser is not allowed by law to 'take' any of the estate of a deceased person unless specified as an inheritor or dispensed to by an inheritor.

 

Edited August 24, 2018 by namisgr

[FineCollector]

50 minutes ago, namisgr said:

An Executor is the person responsible for overseeing the estate, paying any debts or taxes on behalf of the estate, and making sure inheritors receive their inheritances.  An appraiser is not allowed by law to 'take' any of the estate of a deceased person unless specified as an inheritor or dispensed to by an inheritor.

 

Understood, I'm considering FanBoy's dilemma about the appraiser also being a beneficiary.  Sorry, I wasnt clear.