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How much does restoration affect the value of a book?

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I have noticed several auctions on eBay and sales on ComicLink where key Golden Age books have sold for considerably less than ungraded books. the recent Overstreet Guide does not address this issue. Is there a general rage of how much less restoration reduces the value of a book in the same condition?

 

Let's say for example, All Star Comics # 3 and All Flash # 1, Golden Age key books with moderate restoration in 5.5 condition. All Flash # 1 lists for $3,896 and All Star #3 lists for $9,930. How much would the restoration affect the value? I know prices range widely, but on an average basis, I am curious.

 

On another note, I have a friend who purchased an All Star # 3 graded by CGC as 1.5, universal with no restoration for $2,700. Overstreet 2.0 is $3,611. He is considering selling it because we have seen higher grade restored copies sell for $4,000- 5,000 in the VG - fine ranges. I think it's a keeper. Anyone have any thoughts? Thanks!

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