Heritage Auction and Restored GA comics

[jbcomicbox]

I will be very interested to see how the 'restored' books do in the upcoming Heritage auction. The 'vibes' I get is that with the Larsons with the 'minimal work' should do fine. (Of course, some have opined with no work, they would do even better). The significance I see in the chatter, is there appears to be an increasing "acceptance" (finally) of minimally 'restored' books- and a corresponding demand and dollars that will be spent. I think this 'market correction' has been long overdue. I know many will disagree. However, my view is that "value" for minimally restored books has been out of whack for a number of years. Certainly the Larson 'tecs may tell the tale. Maybe this auction will reflect a 'correction' in this regard for vintage minimally restored GA books. Thoughts?

[rob_react]

I hope you're right (ignoring the fact that I haven't "stocked up" on restored GA books....) I definitely think there's been a softening of attitudes towards some restored books over the past couple of years. I still think it's out of whack, the way that they're valued, but it's nothing like it was during the first few years of the CGC experience...

[Silver Surfer]

Agree with you totally Jon. Let's face it as time goes by and these GA are just as hard as ever to come by I don't see why a nice book with minimal restoration wouldn't appeal to someone. I'm curious to see if the flood of great GA books from Parino's collection that have been hitting the market lately will be picked up by large dealers or long-term collector's.

[action1kid]

Well what percentage of a Totally unrestored book do you think a book with slight resto should get? 90%?, 70%/ 50%? of a totally unrestored books value?[ajusted for grade

[jimjum12]

I picked up a Marvel Mystery # 82 from Harley a few years ago with moderate restoration in a trade deal.He took a bunch of my duplicates and some rare but not terribly easy to move atom age stuff.It's a neat book and I'm not at all afraid to take it out and handle it.I wouldn't be at all surprised to see some of the keys and classsic covers to command 60% of guide(except real high grade)at some point in the future.The main factor would be the quality of the work.Matt Nelson does a fantastic job.Having the before and after dislosure report is a real plus.I traded a Batman #11 apparent F/VF at a show a while back with his report attached for $1800.I still miss that book.The book was a G+ before the work was done.I've found that getting more than VG raw guide can be a bit difficult.GOD BLESS...

 

-jimbo(a friend of jesus)

[The Black Hand ®]

I have no problem with slightly restored books and in some cases would pay 60-70 percent of guide on them as long as the pages aren't tan or dark cream. Things like spine splits sealed and staple areas reinforced or staples replaced don't bother me much.Water cleaning and page lightening does.

[jbcomicbox]

Well what percentage of a Totally unrestored book do you think a book with slight resto should get? 90%?, 70%/ 50%? of a totally unrestored books value?[ajusted for grade

 

I think you are missing my main point. Has the tide turned so that books with minimal restoration do not have the stigma of a short time ago? PLOD was the kiss of death. I think for these vintage books that the attitude is shifting. They are not treated like lepers but books that are perfectly 'collectible". People do not automatically scorn or spit on them. Some reflection and thought is reappearing as to the collectibility of these books. Indeed it has started with the pedigrees, but it has started. I think it is a good thing and show a greater sophistication and understanding of the difficulty of obtaining these books and that some work on books is simply no big deal.

[rob_react]

People do not automatically scorn or spit on them.

 

that's the real difference I'm seeing more and more. I was always surprised by the reactions people in the CGC era had to restored books. Now they're not so stigmatized.

[batman_fan]

As I said in another post, I would go 60% to 80% guide for key books I want with slight restoration. I still think there is some stigma applied to restored books, but the tide does seem to be turning. How many collectors can afford 300k for an unrestored Batman 1 CGC 9.0? not too many. As unrestored books continue to go up or disappear from the market, collectors will have to settle for something else or do without.

[Forbush-Man]

I've never had a problem with buying restored books as long as (1) I know they are restored and (2) the price was right for current market.

 

I've got a couple of GA keys with slight restoration and they are the Grails of my collection!

 

[Norrin_Radd]

I've got a couple of GA keys with slight restoration and they are the Grails of my collection!

 

 

Such as?

[Thegoldenage]

I keep in touch with many Golden Age collectors and I'm not detecting any increase in acceptance of restored Golden Age books of any tier. They have their place in the hobby, and that place is at a fairly low percentage of urnestored guide. If one wants to look ahead at the upcoming Heritage Auction, that's cool. If the books do better, that doesn't necessarily mean there is an uptick in their acceptance. I think it will take a few auctions to begin to see any trends. Of course, I am biased. I have many Golden Age books with slight restoration (usually glue on the spine or such) and I would like very much to see an increase in prices.

[Forbush-Man]

I've got a couple of GA keys with slight restoration and they are the Grails of my collection!

 

 

Such as?

 

Such as......nunyabusiness!!!

 

 

 

Cap # 1, Human Torch # 2 (#1) and MPFW # 1.....

[action1kid]

John.

I do not see where the tide has turned on restored books.I hear dealers saying it,but i dont see the sales supporting it.That fine 6.0 Detective 27 with slight resto in Heritages next auction will be a very good example.If that book was a totally unrestored 6.0 it would probably go for 145k to 160k.[it would get over guide] But with the slight resto im willing to bet that it comes in between 60 to 85k.I dont know wheather you consider that price an improvement in acceptance or not of restored books[i think not] S o we will see some more evidence in heritages next auction.I hope your correct but i just dont see it happening.I hear some of you guys saying restored is making a comback,but were? What factual sales are you using to support that claim?

[action1kid]

It is interesting that the Larson More Fun #52 cgc9.2 is the same exact grade as the Mile High More Fun #52[9.2] Both books have extremely small amounts of resto and both are in blue label holders.They are almost exact in every form ,though i do not remember which book had the better page quality.

I believe the More fun #52 [Mile High] sold for 150k in a private sale 3 years back.

Just some interesting observations.

[jkrk]

 

I think you are missing my main point. Has the tide turned so that books with minimal restoration do not have the stigma of a short time ago? PLOD was the kiss of death. I think for these vintage books that the attitude is shifting. They are not treated like lepers but books that are perfectly 'collectible". People do not automatically scorn or spit on them. Some reflection and thought is reappearing as to the collectibility of these books. Indeed it has started with the pedigrees, but it has started. I think it is a good thing and show a greater sophistication and understanding of the difficulty of obtaining these books and that some work on books is simply no big deal.

 

Has the tide turned in regard to the sales price for minimally restored books?

 

For the rare copy that is very difficult to obtain in any condition? The market is better.

 

For the rest of the 99.5% of GA issues? The market is off bottom but going nowhere.

 

I suspect that as the prices of some key books have moved out of many buyers range they are more willing to buy restored. I take this as a price issue as opposed to a greater acceptance of restoration. Obviously. if you wish to own the Larson Detective 35 there aren't many options. Either you buy restored or not at all.

 

Currently, Will a buyer pay six figures for a restored book? How willing are buyers to pay $50,000? Twenty? I suspect the current thinking is that: With blue labels the price of the books may fluctaute but you don't have to contend with the additional obstacle of diminished buyer interest from the restoration. As of today I still don't detect a major change in the thinking.

 

Besides, the hot money still wishes to play the crack out /resubmit game. Perhaps the new label should be "crack out /trim /resunbmit game". Can you obtain multiples from buying restored books? I suspect that if the old game ends a new game will eventually begin and perhaps the purple label/ Blue label ratio game is on deck?

 

In the meantime, I don't yet, see major changes in the minimally restoration market but I never see trends early on.

[action1kid]

I agree with your observations.Thats how im seeing it.

[*paull*]

I'm surprised that the big collectors on this site aren't more concerned about the QUALITY and IDENTITY of the restoration as much as they are about the fact of whether it has been restored or not.

 

If I were to buy a restored book, I'd want to know exactly what was done with it and WHO did the work. Why does no one care about this? Seems like most collectors care about label color and whether CGC deems that is has slight, moderate or extensive work. I'd be much more willing to pay for a book restored by Susan Ciccone, as an example, than some unnamed hack.

 

On top of this, "restoration" conducted in the 80s and early 90s, I tend to believe, isn't as high quality as it is today. WHEN and WHO makes a big difference.

[Harvey Dude]

I've never had a problem with buying restored books as long as (1) I know they are restored and (2) the price was right for current market.

 

I've got a couple of GA keys with slight restoration and they are the Grails of my collection!

 

 

I have a couple of GA keys with extensive restoration and they are the grails of my collection.

I hope the stigma does diminish for books that have more aggressive forms of restoration.

[jkrk]

JB, Let me add: I believe you look at the artform first, admiring the ascetics, marveling at the handiwork of the restorer/conservator who often has the ability to return the paper back to the days when the book first hit the stores. If I may be a bit presumptuious I suspect you are perplexed that others can't see what you see?

 

I look at the books from a financial viewpoint first. I wish to obtain books I enjoy owning (in case I'm stuck with them), but my first priority is liquidity. Am I an unique buyer? I suspect that if/when a sharp selloff in pricing takes place the books will return to the art lovers as they are the buyer of last resort. Maybe then, the minimal touch up's will be seen as conservation/ a slight adjustment which returns the book as close as possible to it's original form, rather than just another PLOD.