Determining FMV for GA comic 0

[lou_fine]

On 8/24/2023 at 10:12 AM, morbius21 said:

The guy in front of me got Famous Funnies 2,3,6,7,12,13,14,16,18,19,20,21,25,26. Somehow, he missed #1.  I was upset at not getting the others but then i decided to be thankful for what i did get.  Once in a lifetime opportunity.

 

On 8/24/2023 at 10:14 AM, morbius21 said:

its #1 of the series.  with the golf club on the cover

Most definitely an once in a lifetime opportunity and certainly one that any true comic book collector would never ever pass up.    

Was the #1 first issue priced substantially higher than the other issues and possibly the reason why the guy in front took a pass on it?    

[Professor K]

On 8/24/2023 at 11:23 AM, Dr. Balls said:

I agree. What a cool book to be your first sub to CGC. I’d do Express just so you get it back quickly and I hope you’ll post your results here. Would love to see this book!

Hey what's up Doc?That wasn't a Bugs Bunny reference, just me saying hi. I don't submit much these days but when I do I usually have the best luck when I use 2nd fastest tier. For some reason when I've done walkthrough I've ........well kinda got screwed. 

I just looked at the services and fees page, looks like that simplified it. 10 days is the fastest now. Unless I'm reading it wrong.

 

On 8/24/2023 at 12:57 PM, morbius21 said:

thanks everyone.  in full disclosure, I have submitted modern books before, but nothing near this value.  I think it's a 2.5-4.0.  I haven't gotten time to sit down while nothing is going on and properly and carefully evaluate it. I do know that the cover is not detached but I haven't counted the pages.  Got it at an estate sale in Vicksburg, MS along with Popular Comics #3.

Hey what's up morbius? Lucky you. I sometimes have dreams that I find rare and valuable comics at estate sales , then I wake up and get sad. Nice score though , Famous Funnies 1. What are the odds.

Just to be sure it's the cover with a man golfing right? Because you probably know there was a FF Series 1 with no number that came out before issue 1. Please when you get it back come back and show us. Everyone who posted here I'm sure would love to see a fresh FF #1. .

[fishbone]

$400 max and let them figure it out after that .......

[Yorick]

Remember that the value you assign to the book in the submission will be the MAX price that CGC would reimburse on insurance if there is any damage to it or it is lost.

[Dr. Balls]

On 8/24/2023 at 1:39 PM, Yorick said:

Remember that the value you assign to the book in the submission will be the MAX price that CGC would reimburse on insurance if there is any damage to it or it is lost.

 

[lou_fine]

On 8/23/2023 at 9:01 AM, morbius21 said:

Famous Funnies #1

 

On 8/24/2023 at 9:57 AM, morbius21 said:

I think it's a 2.5-4.0. 

 

On 8/24/2023 at 11:14 AM, fishbone said:

$400 max and let them figure it out after that .......

Not exactly sure how the whole CGC submission valuation process works, except I know a fellow collector/dealer who submits all the time and he simply uses the Overstreet guide valuations and said that he has never had a problem to date so far.  

If it's in the grade range of 2.5 to 4.0 as he has stated, I highly doubt that setting a max value on this Famous Funnies 1 would fly.  Especially since the Overstreet valuations for a Good 2.0 to a VG 4.0 ranges from $3,400 to $6,800 in the Guide.  A check of both the Heritage and CC archives indicates the only copy selling in this grade range recently was a CGC 4.0 graded copy for $7,800 back in May of 2022.  

So I would think that setting a max value of only $400 is almost a guaranteed lock that it's going to get pulled and "revalued" by CGC, unless you happen to get real lucky with your submission here.    

[lou_fine]

On 8/24/2023 at 10:35 AM, Professor K said:

I don't submit much these days but when I do I usually have the best luck when I use 2nd fastest tier. For some reason when I've done walkthrough I've ........well kinda got screwed. 

I just looked at the services and fees page, looks like that simplified it. 10 days is the fastest now. Unless I'm reading it wrong.

 

On 8/24/2023 at 10:35 AM, Professor K said:

Like I already said in my above post, not sure how the whole CGC submission valuation process works?  

So, are you saying that you submit all of your books under the "High Value" tier which supposedly has a max valuation of only $1K per book.  I find this rather surprsing since I think almost all of your books would be worth more than $1K even by Overstreet guide valuations.  If so, does this mean that the Max Value Per Item colum doesn't really mean much and submittors should just select the tier they want based upon their desired turnaround time instead?    

[Professor K]

On 8/24/2023 at 2:14 PM, fishbone said:

$400 max and let them figure it out after that .......

At first that made great sense to me until I read what Yorick said. I just noticed they still basically have a "walkthrough" (2 days), they just don't call it that anymore I guess. I think it was 150 or 3% now it''s 4%. 

On 8/24/2023 at 3:39 PM, Yorick said:

Remember that the value you assign to the book in the submission will be the MAX price that CGC would reimburse on insurance if there is any damage to it or it is lost.

Good advice. 

[Professor K]

On 8/24/2023 at 5:22 PM, lou_fine said:

 

Like I already said in my above post, not sure how the whole CGC submission valuation process works?  

So, are you saying that you submit all of your books under the "High Value" tier which supposedly has a max valuation of only $1K per book.  I find this rather surprsing since I think almost all of your books would be worth more than $1K even by Overstreet guide valuations.  If so, does this mean that the Max Value Per Item colum doesn't really mean much and submittors should just select the tier they want based upon their desired turnaround time instead?    

Hey! Right, I'm trying to do the math as to how much $150.00 gets you..

6,000? I think you can get a book claimed as 6,000 graded for 150.00? After that technically you would be charged more? 2 days is pretty quick so that's a plus. 

[Superman2006]

On 8/24/2023 at 6:43 PM, Professor K said:

On 8/24/2023 at 5:22 PM, lou_fine said:

 

Like I already said in my above post, not sure how the whole CGC submission valuation process works?  

So, are you saying that you submit all of your books under the "High Value" tier which supposedly has a max valuation of only $1K per book.  I find this rather surprsing since I think almost all of your books would be worth more than $1K even by Overstreet guide valuations.  If so, does this mean that the Max Value Per Item colum doesn't really mean much and submittors should just select the tier they want based upon their desired turnaround time instead?    

Hey! Right, I'm trying to do the math as to how much $150.00 gets you..

6,000? I think you can get a book claimed as 6,000 graded for 150.00? After that technically you would be charged more? 2 days is pretty quick so that's a plus. 

What you said, except rather than $6,000, it is $3,750 (calculated as 150 / 0.04). As a check, 3,750 x 4% = $150.

[morbius21]

The pictures of the items in the estate sale said that the comics were located upstairs. When the doors opened, the guy in front of me immediately went to a room downstairs. I went upstairs as directed in the estate presale pics. The comics weren’t there. I asked the guy in charge where are the comics. He said they’ve been sold. He was referring to some Disney books. So I looked around and there was a box of mostly coverless archies(not GA). I thumbed thru them and that’s where I found the FF1 and popular comics 3. I grabbed them and paid. As I was walking out I saw the guy in front of me with all the FFs. I asked him how he knew to go to that room. He said he knew from the pics. There was no way. He’d never been in that house. I’ve got to believe the fix was in and he had some inside info. The FF1 was not shown in the presale internet pics. I later found out that the box I went thru had been found late and they must have not cared since the majority were coverless. I figure the guy was a regular and knew the owner of the company running the estate sale. I would have loved to have gotten #1,2 and 3. It was an experience. 

[lou_fine]

On 8/24/2023 at 3:39 PM, Professor K said:

I just noticed they still basically have a "walkthrough" (2 days), they just don't call it that anymore I guess.

Yes, their top tier was called a Walkthough when it had a much higher dollar value theshold and meant for high end premium books.  

Now that they've lowered this top tier threshold all the way down to only $1K which pretty much covers everything "worthwhile" that's sent in for grading, can they really call it a Walkthrough anymore.  Especially since it's probably not worth the time and hassle to send in anything that's worth less than $1K in the first place.  

[Superman2006]

On 8/25/2023 at 2:03 AM, lou_fine said:

Yes, their top tier was called a Walkthough when it had a much higher dollar value theshold and meant for high end premium books.  

Now that they've lowered this top tier threshold all the way down to only $1K which pretty much covers everything "worthwhile" that's sent in for grading, can they really call it a Walkthrough anymore.  Especially since it's probably not worth the time and hassle to send in anything that's worth less than $1K in the first place.  

Following is a summary of the old and new grading tier names as I understand it;

What was previously called "Walkthrough" (3% fee, subject to $150 min & $5K max fee) is now called "Unlimited Value" (4% fee, subject to $150 min fee & no max fee)

What was previously called "Express" is no more (it had a $3K FMV limit, and $100 fee per book)

What was previously called "Standard" (with $1K FMV limit & $65 fee) is now called "High Value" (with $1K FMV limit & $85 fee)

What was previously called "Economy" (with $400 FMV limit & $38 fee) is now called "Vintage" (with $400 FMV limit & $37 fee)

What was previously called "Value" is no more (it had a $200 FMV limit & $27 fee). IIRC there was also a minimum number of books submitted requirement to qualify for the Value tier.

[morbius21]

havent sent it yet.  I plan on sending it the 2nd quarter of 2024.  My play money gets eaten up in the first quarter by all the taxes and fees that come due at for me at the first of the year.  I'll let everyone know when I send it in.

[morbius21]

just giving those interested an update.  I sent the book off and it came back a 1.8.  Photos are under "Famous Funnies #1" in the Brother can you spare a grade forum.  I wish it had been a 2.0 but I think the grade is right.  There was more wrong with it than I initially thought.  Still happy with the way it turned out. 

Edited April 1 by morbius21
Clarification