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Heritage June Auction
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Started by jjonahjameson11,

756 posts in this topic

Rick2you2

Rick2you2

Posted
Posted
On 6/16/2022 at 5:25 PM, cstojano said:

I keep waiting for housing to correct. So far not seeing it in the listings I am tracking. I have money this time universe. Please...

Just beginning, at least on a national level. Mortgage rates, highest in years.  TIme that units are on the market is up (demand has dropped), Don’t forget the correction on prices is based off the highest prices ever, so you may not realize much of an actual drop if your thinking stretches to pre-COVID.

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wurstisart

wurstisart

Posted
Posted
On 6/17/2022 at 12:40 AM, Brian Peck said:

What does everyone think of the Wonder Woman Annual #2 Perez cover going for $11,400. Ya just the figures and the lasso but it is similar to the iconic WW #1 George did.

I was tempted to bid but then to me something is off with that cover and I did not research it enough before bidding.

Why has it only Perez on the cover and not the inker?

Maybe I am too cautious and should have bid. Who knows.

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vodou

vodou

Posted
Posted
On 6/16/2022 at 2:10 PM, ExNihilo said:

here we go...Dark Knight Returns...

On 6/16/2022 at 2:12 PM, cstojano said:

crickets

On 6/16/2022 at 2:12 PM, Terry JSA said:

TDKR #1 cover sold way too low. :ohnoez:

On 6/16/2022 at 2:12 PM, ExNihilo said:

Gotta say, I'm surprised.  That was anticlimactic.  lol

On 6/16/2022 at 2:14 PM, delekkerste said:

OMFG, this is shocking. I thought it would go in the mid-$4Ms, plus or minus $1 million. 

I said before the auction that it better not sell for just $2 million (the low estimate and potentially some kind of guarantee) hammer, because people will question whether the buyer was even someone other than Heritage. 

I'm so confused. I thought this cover was the pinnacle of the hobby. I thought everybody was rich, seven figure hammers are the new six figure hammers, and had to have this.

But..?

Is it possible that the only organic seven figure hammer in the entire sub-hobby of comic art was...Zeck's SW8?

I asked a number of pages back what the guarantee on this was. Um, I think we know now :) 

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delekkerste

delekkerste

Posted
Posted (edited)
On 6/16/2022 at 3:02 PM, Race said:

NO ONE should be shocked about the DKR cover. Crypto and the stock market have been and still are blowing up. Small hedge funds are going under as I type this. Folks, this is as serious as March 2020. Less money = lower auction prices

We are in the midst of the greatest destruction of wealth of all-time. In fact, we're already at a record level, and it's not even close.

image.png.e3829f27654a9c2b60f682689b995fbc.png

The saving grace, though, is that we started this decline from the most absurdly overvalued levels ever, so that even with this drawdown most people are still better off than a couple of years ago (in some cases, still a lot better off, hence the strong auction prices). I remember at one point last year that Tesla alone - one single company - had gained more market cap than the entire dot-com sector was worth at its peak in 1999 (and was by itself worth multiples of the entire dot-com sector, as were a good number of tech companies). So anyone just looking at ratios can take a step back and.(Tom Cruise Tropic Thunder reference here). 

My read on this auction so far is that prices are still very strong, and there have been some positively bewildering headscratchers to the upside. That said, perhaps a little more than the usual number of lots have slipped through the cracks, and of course the star lot underperformed most peoples' lofty expectations, including mine. And, there was so much similar material from the complete and near-complete books that were sold that there were definitely some decent buys there.

I think the acid test will be the next couple of auction cycles if stock/bond/crypto markets remain very depressed (and if the weakness spreads to real estate, art, & other collectibles, pockets of which are already under pressure). I wasn't expecting to see much weakness in this auction cycle, as people have had many weeks to fixate on things they wanted (plus the quality of offerings has been very high), and it's only been in the last couple of weeks that the bottom has really fallen out of markets (it takes a while for the new reality to set in).  

FWIW, some of my comic book friends tell me there has been more than the usual amount of softness in the market recently - not just at HA yesterday, but, also in other (very) recent sales. Exceptions obviously apply, of course.

Edited by delekkerste
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cstojano

cstojano

Posted
Posted
On 6/17/2022 at 4:51 AM, delekkerste said:

We are in the midst of the greatest destruction of wealth of all-time. In fact, we're already at a record level, and it's not even close.

image.png.e3829f27654a9c2b60f682689b995fbc.png

The saving grace, though, is that we started this decline from the most absurdly overvalued levels ever, so that even with this drawdown most people are still better off than a couple of years ago (in some cases, still a lot better off, hence the strong auction prices). I remember at one point last year that Tesla alone - one single company - had gained more market cap than the entire dot-com sector was worth at its peak in 1999 (and was by itself worth multiples of the entire dot-com sector, as were a good number of tech companies). So anyone just looking at ratios can take a step back and.(Tom Cruise Tropic Thunder reference here). 

My read on this auction so far is that prices are still very strong, and there have been some positively bewildering headscratchers to the upside. That said, perhaps a little more than the usual number of lots have slipped through the cracks, and of course the star lot underperformed most peoples' lofty expectations, including mine. And, there was so much similar material from the complete and near-complete books that were sold that there were definitely some decent buys there.

I think the acid test will be the next couple of auction cycles if stock/bond/crypto markets remain very depressed (and if the weakness spreads to real estate, art, & other collectibles, pockets of which are already under pressure). I wasn't expecting to see much weakness in this auction cycle, as people have had many weeks to fixate on things they wanted (plus the quality of offerings has been very high), and it's only been in the last couple of weeks that the bottom has really fallen out of markets (it takes a while for the new reality to set in).  

FWIW, some of my comic book friends tell me there has been more than the usual amount of softness in the market recently - not just at HA yesterday, but, also in other (very) recent sales. Exceptions obviously apply, of course.

I have not seen this chart but it sure does look like the world did end/change with the millennium. What's the explanation for the vastly different pre and post Y2k patterns here? 

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Bronty

Bronty

Posted
Posted (edited)
On 6/17/2022 at 8:35 AM, cstojano said:

I have not seen this chart but it sure does look like the world did end/change with the millennium. What's the explanation for the vastly different pre and post Y2k patterns here? 

The internet is the biggest change in the last 20 years.    
 

I think the transaction speed and information flow that have come with it have allowed investors/speculators  to stray from fundamentals and just chase the biggest short term returns.     Perfectly logical, but tremendously  more volatile than before.

Its a bit like us noticing fatal crashes have increased 100% over the same period we’ve increased the speed limit from 30 to 100.

 


 

 

Edited by Bronty
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Bronty

Bronty

Posted
Posted (edited)

To illustrate that point, consider the comic market 25 years ago in a small to mid sized town.   You bought comics at the local store or local show, and kept them long term.   Selling wasn’t easy.    You had to set up at a show that was put on once every couple months or sell at the local shop for a big haircut.   Rarely did people buy to flip.

Contrast that to now where you can buy at clink on the Monday, decide you don’t want the book on Tuesday and list it on eBay.   Then you hear about a movie trailer coming out, so you go buy 187 copies of Wonderboy and Azzman #1 for $5 each.    Announcements look positive and the movie is coming out soon so you decide to list them two years later for $150 each.   After you sell them out and the movie bombs they come down to $15.

Have we seen the end of it, or are there more changes and more related volatility to come?    I know what I would bet.

Edited by Bronty
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kbmcvay

kbmcvay

Posted
Posted

I bid on every panel page featuring Thor from JIM. I lost every one but bid aggressive $17K-20K before BP on just about all of them during the live auction. I think its easy to get carried away during live bidding when all you have to do is click a button to try to win and the gambling impulses take over. I managed to keep my willpower and if it went over a dollar threshold I decided before bidding started I stopped bidding. It wasn't easy but at least I'm not going to get killed by my wife either for going any higher.

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