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Jim Lee's marathon sketches
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314 posts in this topic

2 minutes ago, JadeGiant said:

$325K raised from these - you taking over or under?

Is he doing 30 or 60? I think 325K is not a bad line to draw if he is doing 60.  There are only a few and it looks ike 6K is average so it's trending towards over.  Of course I assume the later characters he draws will be less popular and start finishing lower.  I'll still go over.

Malvin

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I am curious to see if these can continue to sell so strongly for 60 pieces. If they do, where is the ceiling? Half a million? Whatever the number ends up being, lots of comic shops look to benefit. 

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9 minutes ago, JadeGiant said:

I am curious to see if these can continue to sell so strongly for 60 pieces. If they do, where is the ceiling? Half a million? Whatever the number ends up being, lots of comic shops look to benefit. 

I was talking to a friend about this and wonder what the tax ramifications will be all around.. I do not think anyone will be able to write anything off because it is not running through a none for profit.. and the funds are going directly to a business I do not think you can really donate to a for profit business . And then on the Lee side since he is running it all through ebay I think it will all be reportable income? Not sure on that side, but the amount of funds has to show up somewhere. 

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9 minutes ago, Unstoppablejayd said:

I was talking to a friend about this and wonder what the tax ramifications will be all around.. I do not think anyone will be able to write anything off because it is not running through a none for profit.. and the funds are going directly to a business I do not think you can really donate to a for profit business . And then on the Lee side since he is running it all through ebay I think it will all be reportable income? Not sure on that side, but the amount of funds has to show up somewhere. 

From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days."

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9 minutes ago, comiconxion said:

From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days."

OH awesome! I was wondering how they would work this out. Thanks

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16 minutes ago, comiconxion said:

From Jim's latest auction for Big Barda "All proceeds to benefit comic shops in need during this crisis. Now 95% tax deductible as funds go immediately to the fund DC has set up at the Book Industry Charitable Foundation. Shipping will be very delayed so please have patience. Will have to wait til shelter in place lifts which could be 30 plus days."

I’m not a tax lawyer, and it has been quite a few years since I took tax law, but that doesn’t sound right to me. You aren’t supposed to get a deduction for the value of something received back. So, if you go to a dinner to raise money for charity, you are theoretically supposed to exclude the value of the meal, with the balance being deductible. The fact that it is a charitable foundation just means that the amount paid over the value received is deductible. Taking what Jim posted at face value would mean the value of his sketches is only 5% of what is paid? I doubt it. If someone has better knowledge on this (like some of our accountants here), I defer to them.

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Yup to Rick.

Usually, in order for anything to be deductible for a charity auction, the amount of the deduction is the excess of the Fair Market Value of the item received.

Each artwork you receive has a FMV.  If Jim is saying 95% is tax deductible, he is actually undervaluing his art.

Let's say on average each piece sells for $6K.  95% of $6K = US$5,700.  That would mean the average FMV of each drawing is $300.  Jim's art would certainly sell for more than $300.  The amount eligible for a tax deduction is $5,700. 

Of course, given tax laws, you must itemize your deductions and qualify.  Check with your tax advisors before you take a deduction.  :)

Kudos to Jim regardless.  :golfclap:

 

Edited by NelsonAI
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What's the max deduction you can take from charitable donations?  I know they put a cap on mortgage deductions, but not sure if one exists for charities.

Also, this is probably selfish of me, but i hope there's a limit of 1 winning bid for the entirety of the auction. It'd be terribly unfair for one rich person to just come in and put a $20k bid on every auction and win all 60.  I mean, at the end of the day it's great for the charity, but as a fan, it just gives me this false hope that I even have a chance.  :\

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3 minutes ago, J.Sid said:

Azrael approaching $10k, so the average price keeps climbing and climbing...

.... and he hasn't even gotten to any of the "good" characters yet!

I think he is looking for characters to draw who are not common.
With that in mind, I hope someone has the guts to ask for Sugar and Spike, or maybe even Hoppy the Marvel Bunny.

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12 minutes ago, Rick2you2 said:

I think he is looking for characters to draw who are not common.
With that in mind, I hope someone has the guts to ask for Sugar and Spike, or maybe even Hoppy the Marvel Bunny.

I would think Alex Johnson has already asked for sugar and spike! But I really don’t know

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51 minutes ago, ExNihilo said:

 

Also, this is probably selfish of me, but i hope there's a limit of 1 winning bid for the entirety of the auction. It'd be terribly unfair for one rich person to just come in and put a $20k bid on every auction and win all 60.  I mean, at the end of the day it's great for the charity, but as a fan, it just gives me this false hope that I even have a chance.  :\

Probably? 

I get that you’d like to win but the only result to cheer for in a charity auction is maximum proceeds.

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30 minutes ago, Bronty said:

Probably? 

I get that you’d like to win but the only result to cheer for in a charity auction is maximum proceeds.

I agree. I bid on some of the Mignola's but I challenged twitter to outbid me and they did. At least for now....bwahahahahaha!

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