Anyone else over the Promise Collection? 6 6

[lou_fine]

On 1/11/2022 at 6:24 PM, fifties said:

And CGC definitely seems to be over grading them; for what purpose though eludes me.

You really can't be serious here when you say you don't know the reason why?  

By the way, isn't it theoretically impossible in this age of the CGC CPR game, that we have yet to see a single one of these Promise Collection books come back to market encased in a higher graded slab.  Based upon past history with other graded books and collections sold and with how grading is still really more of an opinion (albeit a so-called "expert" one) as opposed to an exact science, we surely would have expected to see several of these books come back into the marketplace in higher grade.   

And yet, in this particular case with the Promise Collection of books, a big NADA with not a single book regraded higher to this point in time, which kind of makes me wonder who the lucky submittor of these books were, to still have a perfect batting average after all this time.  

[Randall Dowling]

On 1/11/2022 at 10:55 PM, lou_fine said:

You really can't be serious here when you say you don't know the reason why?  

By the way, isn't it theoretically impossible in this age of the CGC CPR game, that we have yet to see a single one of these Promise Collection books come back to market encased in a higher graded slab.  Based upon past history with other graded books and collections sold and with how grading is still really more of an opinion (albeit a so-called "expert" one) as opposed to an exact science, we surely would have expected to see several of these books come back into the marketplace in higher grade.   

And yet, in this particular case with the Promise Collection of books, a big NADA with not a single book regraded higher to this point in time, which kind of makes me wonder who the lucky submittor of these books were, to still have a perfect batting average after all this time.  

To be fair, anyone who resubmitted one of the Promise books would still be waiting...  

[lou_fine]

On 1/11/2022 at 8:57 PM, Randall Dowling said:

To be fair, anyone who resubmitted one of the Promise books would still be waiting...  

To be even more fair, any buyer who dares to resubmit one of the Promise Collection books must be a real masochist.  

Seriously though, I guess only time will tell as unlike the Berk Collection with many books coming back out in the marketplace encased in higher graded slabs within the month, we just might have to wait until 2023 to see what happens with the Promise Collection resubs from the more recent auctions, if there are even any.        

[Terry JSA]

On 1/11/2022 at 6:22 PM, Math Teacher said:

I'm not cheap - I am frugal.

I’m also frugal. 

[Mr. Lady Luck]

If this thread gets long enough, they will stop making Promise books.

[GreatCaesarsGhost]

On 1/11/2022 at 4:02 PM, jimbo_7071 said:

They're nice books, but they're graded too softly. Most of them are at least two and usually three increments over what they should be.

I bought a couple of them: one just to make sure I had an example in my collection, and then another one that was tough enough to find in high grade that I went ahead and bid despite the soft grading of the collection.

I see fairly common issues selling for extremely high prices, which I really don't understand. The books are nice, but they're not fresh enough to justify the multiples that they're getting.

I have often wondered if the unreal buyer interest in the Promise books has come about thru the efforts of a certain highly placed Heritage person who has somehow obtained the ear of the crypto guys. The biggest push was in the first Promise auction, and other outsiders(and insiders too) sat up and took notice. I think that frenzy started the land rush that has now taken over our hobby

in that sense, the Promise collection kickstarted us into a different world. Right or wrong, I think the collection brought us profound change

[GreatCaesarsGhost]

On 1/11/2022 at 5:44 PM, Robot Man said:

To tell you the truth, I’m over it and really stopped looking.

I hate to hear this

[adamstrange]

On 1/12/2022 at 6:53 AM, GreatCaesarsGhost said:

in that sense, the Promise collection kickstarted us into a different world. Right or wrong, I think the collection brought us profound change

The market was hot before the Promise Collection arrived.  It was like adding gasoline to the fire.

[tth2]

On 1/12/2022 at 7:53 PM, GreatCaesarsGhost said:

I have often wondered if the unreal buyer interest in the Promise books has come about thru the efforts of a certain highly placed Heritage person who has somehow obtained the ear of the crypto guys.

The buyers may be "crypto guys", but my belief is they're also guys who already collected or had an interest in comics.  The thing about the Promise books is many of them are relatively esoteric or mid-run issues.  Even the big keys that sold for the most are books like PL 17 and LB Cole books, which are well known and coveted in the hobby, but are not books that pure speculators from outside the hobby would be spending big bucks for.  Those guys would typically be going after the Action 1s, Tec 27s, AF 15s, etc.  I just don't think that the money pushing up the prices of the vast majority of the Promise books is new money. 

[Flex Mentallo]

[Robot Man]

On 1/12/2022 at 3:57 AM, GreatCaesarsGhost said:

I hate to hear this

Why? 

[Artboy99]

How can I be over the Promised Collection when I *still* do not have the only book I purchased? @Heritage Auctions slow shipping!

I bought this Planet Comics 51. I don't think it is over graded; it looks like a 9.4 from the picture in my opinion so regarding the over grading comment - not in this example. I also do not think I over paid as so far it is the lowest sale price of all of the Planets that have sold from the collection so far.

Edited January 12, 2022 by Artboy99

[William-James88]

On 1/12/2022 at 11:52 AM, Artboy99 said:

How can I be over the Promised Collection when I *still* do not have the only book I purchased? @Heritage Auctions slow shipping!

I bought this Planet Comics 51. I don't think it is over graded; it looks like a 9.4 from the picture in my opinion so regarding the over grading comment - not in this example. I also do not think I over paid as so far it is the lowest sale price of all of the Planets that have sold from the collection so far.

congrats, really nice book!

[Robot Man]

On 1/12/2022 at 3:53 AM, GreatCaesarsGhost said:

I have often wondered if the unreal buyer interest in the Promise books has come about thru the efforts of a certain highly placed Heritage person who has somehow obtained the ear of the crypto guys. The biggest push was in the first Promise auction, and other outsiders(and insiders too) sat up and took notice. I think that frenzy started the land rush that has now taken over our hobby

in that sense, the Promise collection kickstarted us into a different world. Right or wrong, I think the collection brought us profound change

Heritage is not just a comic auction house. They are one of the biggest and most successful auction houses in the world. I would suspect one of the largest in the rare coin world.

Big investors and the crypto folks have had them on their radar for some time.

These folks trust and believe in HA. They may not all be comic people and have no knowledge in the hobby, but they know CGC and smell blood in the water.

Will be interesting to see what happens when they try to flip these books and lose their shirts.

This needs to happen. The market needs to stabilize so the hobby can progress on a more logical and normal level. Anybody remember the ‘90’s? 

[Robot Man]

On 1/12/2022 at 8:52 AM, Artboy99 said:

How can I be over the Promised Collection when I *still* do not have the only book I purchased? @Heritage Auctions slow shipping!

I bought this Planet Comics 51. I don't think it is over graded; it looks like a 9.4 from the picture in my opinion so regarding the over grading comment - not in this example. I also do not think I over paid as so far it is the lowest sale price of all of the Planets that have sold from the collection so far.

Very Awsome book. I am amazed you don’t have it yet. Your assessment on grade and price makes a lot of sense. But then, you are a respected collector that knows what he is doing. A lot of the buyers of these books are trusting HA and CGC. Obviously, not necessarily a good thing for someone who is not familiar with the hobby. 

[William-James88]

On 1/12/2022 at 12:02 PM, Robot Man said:

Anybody remember the ‘90’s? 

I think of this every day. And I live in a perpetual state of mind where everything I see makes me feel that what we saw in the 90s will happen again while also thinking simultaneously that we are so beyond passed the point of no return that it will only keep growing. So yeah, feeling very uneasy about the hobby (hence why I find comfort in comics that are just intrinsically rare and that I love, as I know those will always be wanted by at least 1 person).

Then again it's similar to the same conflicting nature many of us have where we like seeing our collection grow in value but we also hope for better prices on the comics we want to buy.

[William-James88]

On 1/12/2022 at 12:08 PM, Robot Man said:

A lot of the buyers of these books are trusting HA and CGC. Obviously, not necessarily a good thing for someone who is not familiar with the hobby. 

And I will now echo what greatceasarsghost said with this making me sad. While people have their misgivings of CGC, I feel it' existence has helped reinforce a unified grading standard among the community and hobby, where a newbie wouldn't get as easily screwed over. And what you and others are saying is that the opposite is happening with these books.

[Robot Man]

On 1/12/2022 at 9:13 AM, William-James88 said:

I think of this every day. And I live in a perpetual state of mind where everything I see makes me feel that what we saw in the 90s will happen again while also thinking simultaneously that we are so beyond passed the point of no return that it will only keep growing. So yeah, feeling very uneasy about the hobby (hence why I find comfort in comics that are just intrinsically rare and that I love, as I know those will always be wanted by at least 1 person).

Then again it's similar to the same conflicting nature many of us have where we like seeing our collection grow in value but we also hope for better prices on the comics we want to buy.

I don’t worry about it at all. In fact, it is nothing but a good thing for me.

I never started collecting thinking about making money at it. I bought what I liked at a price I could afford. I have worked very hard at it over the years. Only down side is a lot of stuff I still want is way out of reach now. I don’t dwell on what I don’t have just enjoy what I do have.

I am not a gambler. If I do, I do it for fun. Not thinking that I am going to make any big money from it. Gamble what you can afford to lose. 

[Robot Man]

On 1/12/2022 at 9:21 AM, William-James88 said:

And I will now echo what greatceasarsghost said with this making me sad. While people have their misgivings of CGC, I feel it' existence has helped reinforce a unified grading standard among the community and hobby, where a newbie wouldn't get as easily screwed over. And what you and others are saying is that the opposite is happening with these books.

It did start out that way. I wasn’t a fan for some time. But I realized that it was good for the hobby in the long run and for a long time, it was.

But like most things, money corrupted it. Probably started when they brought Matt aboard. We have actually brought it on ourselves. Turning a blind eye for a quick profit.

Just think how many of these wonderful Promise books have been manupilated in the name of the almighty dollar. Wern’t they astonishing enough in their original state? 

[Math Teacher]

On 1/12/2022 at 2:25 AM, Terry JSA said:

I’m also frugal. 

If cheap and frugal are too harsh, you can always say that you are "fiscally responsible."