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AC1 rocket copy in the news again
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Started by Gotham Kid,

65 posts in this topic

lou_fine

lou_fine

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On 1/25/2023 at 10:27 AM, fishbone said:

just WOW

Then again, unless it was own by Metro, what is the owner's real rate of return after purchasing it for $3.18M and now after factoring in their discounted selling fees?  hm 

 

On 1/25/2023 at 2:12 PM, Bronty said:

That's an impressive sale in the current economy.

Yes, at least they hopefully didn't end up losing money on it in the past year which is probably what might have happened if they had put the money into the equity markets or even in the real estate market over the same time frame.  (shrug)

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RareHighGrade

RareHighGrade

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On 1/25/2023 at 3:27 PM, lou_fine said:

Then again, unless it was own by Metro, what is the owner's real rate of return after purchasing it for $3.18M and now after factoring in their discounted selling fees?  hm 

This is a good point.  Taking into account sales tax and other potential additional fees, the cost of purchasing it from Heritage a year ago was likely over $3.2 million.  ComicConnect charges a 10% commission, so the original buyer would have needed to clear at least $3.52 million to break even.

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lou_fine

lou_fine

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On 1/25/2023 at 6:05 PM, midwestfourcolors said:

Looks like there was a buyer in between heritage and this. Goldin sold the copy for 3.4 in september.

How soon we forget as I only now remember boardies were discussing that $3.4M sale back in September.  :facepalm:

Is this Rocket Copy like a pariah that no buyer wants to hang onto it once they get their hands on it, although Vinnie sure puts a positive spin on the sale which of course is no surprise:  :blahblah:  :blahblah:

https://blog.gocollect.com/action-comics-1-rocket-copy-sells-for-record-3-5-million/

In January 2022, the Action Comics #1 “Rocket Copy” sold for $3.18 million at public auction.

Then in September 2022, a Goldin sold the same book for $3.4 million. Just a few months later, ComicConnect eclipsed both sales.

What makes this feat so impressive is that Zurzolo was able to broker the deal so soon after the book had sold, and for a significant profit during a time of sagging stock markets, continued inflation, and a troubled world economy.

 

But this issue isn’t just any comic book. It’s a legendary copy, distinctive because the 13-year-old buyer in 1938 plunked down his dime, then stamped the image of a rocket ship next to the title – hence the “Rocket Copy.”

action-comics-1-rocket-copy-e1674594760436-192x300 Action Comics #1 “Rocket Copy” Sells for Record $3.5 million

Making the collectible even cooler, Zurzolo said, is that the actual stamp that produced the rocket ship imprint was included in the sale. “I love the rocket stamp!” he said. “It fits perfectly, since Superman came to earth in a rocket ship as a baby.”

The buyer, a prominent figure in the tech industry, is choosing to remain anonymous.

“As a kid, I’ve always dreamed of getting an Action Comics #1 someday and I’m so excited to get one in a great grade,” he said.

 

Well, I don't see how Vinnie can say the seller is making a "significant profit" on this sale, unless Metro/CC is willing to forgo a good portion of their fees in light of the publicity they are hoping to get for this sale.  If it's the standard auction and commission fees, the guys making the big money on these two sales would be the auction houses themselves.  :devil:

Cue the new buyer here....................is Bill Gates or Mark Zuckerberg in the building now?  lol

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sfcityduck

sfcityduck

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Since when is the “Rocket Copy” a legendary copy?  That blog article must have been written by Vinnie.

it is a badly defaced copy that should sell below other copies in grade.  It has no significant history, is not a pedigree, and has been a hot potato.  It has been around a short time.

The MH is a legendary copy, this is the opposite.  The Pay Copies may be defaced but it is with history not a child’s stamp. 

I hate that kind of B.S. hype. It erodes market credibility. 

My guess the real story here is either (1) there is a new entrant into the deep end of the pool who is willing to throw money around to satisfy nostalgia or (2) at the height of economic uncertainty about tech stocks, NFTs, blockchain coins, and real estate, someone decided a comic was a safer (and maybe more fun investment).  Both of those stories would tell us more about the comic market than the “it is a legendary comic” misguided hype.

 

 

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Robot Man

Robot Man

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On 1/26/2023 at 8:13 AM, sfcityduck said:

Since when is the “Rocket Copy” a legendary copy?  That blog article must have been written by Vinnie.

it is a badly defaced copy that should sell below other copies in grade.  It has no significant history, is not a pedigree, and has been a hot potato.  It has been around a short time.

The MH is a legendary copy, this is the opposite.  The Pay Copies may be defaced but it is with history not a child’s stamp. 

I hate that kind of B.S. hype. It erodes market credibility. 

My guess the real story here is either (1) there is a new entrant into the deep end of the pool who is willing to throw money around to satisfy nostalgia or (2) at the height of economic uncertainty about tech stocks, NFTs, blockchain coins, and real estate, someone decided a comic was a safer (and maybe more fun investment).  Both of those stories would tell us more about the comic market than the “it is a legendary comic” misguided hype.

 

 

Today’s high prices are due a lot to “hype”. Hype has always been a big part of this hobby. Vinnie, Heritage, Chuckie and others are masters of it and have made lots of money because of it. 

Whether or not it influences your purchases, is up to you. 

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sfcityduck

sfcityduck

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My take:

* 1/22 - Heritage sales the book for $3.18M including buyer's premium.  Heritage is a big winner making hundreds of thousands in buyers and sellers premiums.  OO is a huge winner making millions.  Who was the buyer? My guess: Goldin.

* 9/22 - Goldin "arranged the private sale in conjunction with Metropolis Comics of New York" according to a press release for $3.4M.  What does that mean?  It means the buyer from Heritage at most makes $220K.  That's a fine payday over a nine month period on a $3.18M investment (roughly a bit less than 7%).  So the seller is a winner -- if the seller is not paying fees to Goldin or Metro.  My guess:  The seller was Goldin who make their 7% and the buyer is Metro at $3.4M.  

* 1/23 - Metro sells the book for $3.5M.  What does that mean?  It means the seller made at most $100K - if the seller is not paying fees to Metro. That's a fine payday over a four month period of 2.85%. My guess is that Metro sold to a customer, pocketed the $100K and feels good about the publicity.  Metro has figured out how to get paid for obtaining free ads.  My hat's off to them. But, their likely hard dollar profit was less than $100K.  They either had to service a loan on the $3.4M paid or lost the use of that money. That's a cost. How big?  If it was a loan it could have cut  into their 2.8% profit by a third.  So maybe they only made $70K.  Still worth it, but not nearly as impressive as saying "$3.5M sale" and getting the publicity.

Hot potato?  Well, if Goldin and Metro were the buyers, it was not just a "hot potato" but an example of laddering up the price, in small increments, mainly for the advertising value and therefore not a true reflection of the value of that book to collectors. 

Any losers?  Only time will tell, but the buyer in 1/23 paid $320K more than he could have a year ago.  And $100K more than he could have four months ago. Will he hold or will he try to sell off the comic too early.  Given the diminishing returns on each transaction, another quick sell could turn this book into another "MC 1 Pay Copy" situation.  Especially since its definitely not a "legendary book."

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buttock

buttock

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On 1/26/2023 at 9:54 AM, sfcityduck said:

My take:

* 1/22 - Heritage sales the book for $3.18M including buyer's premium.  Heritage is a big winner making hundreds of thousands in buyers and sellers premiums.  OO is a huge winner making millions.  Who was the buyer? My guess: Goldin.

* 9/22 - Goldin "arranged the private sale in conjunction with Metropolis Comics of New York" according to a press release for $3.4M.  What does that mean?  It means the buyer from Heritage at most makes $220K.  That's a fine payday over a nine month period on a $3.18M investment (roughly a bit less than 7%).  So the seller is a winner -- if the seller is not paying fees to Goldin or Metro.  My guess:  The seller was Goldin who make their 7% and the buyer is Metro at $3.4M.  

* 1/23 - Metro sells the book for $3.5M.  What does that mean?  It means the seller made at most $100K - if the seller is not paying fees to Metro. That's a fine payday over a four month period of 2.85%. My guess is that Metro sold to a customer, pocketed the $100K and feels good about the publicity.  Metro has figured out how to get paid for obtaining free ads.  My hat's off to them. But, their likely hard dollar profit was less than $100K.  They either had to service a loan on the $3.4M paid or lost the use of that money. That's a cost. How big?  If it was a loan it could have cut  into their 2.8% profit by a third.  So maybe they only made $70K.  Still worth it, but not nearly as impressive as saying "$3.5M sale" and getting the publicity.

Hot potato?  Well, if Goldin and Metro were the buyers, it was not just a "hot potato" but an example of laddering up the price, in small increments, mainly for the advertising value and therefore not a true reflection of the value of that book to collectors. 

Any losers?  Only time will tell, but the buyer in 1/23 paid $320K more than he could have a year ago.  And $100K more than he could have four months ago. Will he hold or will he try to sell off the comic too early.  Given the diminishing returns on each transaction, another quick sell could turn this book into another "MC 1 Pay Copy" situation.  Especially since its definitely not a "legendary book."

It's very likely that all of the previous sales were to dealers.  

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sfcityduck

sfcityduck

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On 1/26/2023 at 8:57 AM, buttock said:

It's very likely that all of the previous sales were to dealers.  

That the profit a big-time dealer like Metro made off one of its biggest-time sales, $3.5M, may well be under $100K puts a different perspective on who really makes the biggest money in the comic market.  The answer is clearly OOs, early back issue collectors, and Heritage and other auction houses not selling their own purchased inventory.  It's not flippers.

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