Geppi's $1,000,000 reward for NM Action #1 (2003)

[esquirecomics]

I found this online while doing a search and thought it might be interesting to post it.

 

 

Million Reward for Rare Comic Book Offered by Baltimore Business Executive

From Barbara Crews,

 

Oct 31 2003

Press Release

 

October 2003 (Newstream) -- A reward of up to $1 million is being offered by prominent Baltimore business executive, Stephen A. Geppi, for a near mint condition copy of the rare 1938 comic book that first introduced Superman and launched an icon of American pop culture.

 

The reward is in conjunction with the First Annual Las Vegas Comic-Con (www.LasVegasComicCon.com), October 31 - November 2, at the Mandalay Bay Convention Center where Geppi will exhibit a copy of the fabled "Action Comics #1."

 

Originally sold for ten-cents each in 1938, even worn copies of Action Comics #1 today are valued at tens of thousands of dollars each. Less than 100 copies are known to exist.

 

"I'll pay at least $25,000 for an un-restored, complete copy in good condition, and up to $1 million for a genuine, "near mint" condition copy of Action Comics #1," said Geppi, President and CEO of Diamond Comic Distributors, a $300 million a year business that distributes comics, collectibles, toys and games throughout the world. He is also the owner and publisher of Baltimore Magazine and a part owner of the Baltimore Orioles.

 

The distinctive cover of the 64-page comic book depicts Superman lifting an automobile.

 

Experts caution there are inexpensive reprints of the 1938 comic book in the market, but these are easy to distinguish because the modern copies were printed on significantly larger pages than the valuable originals.

 

"The Golden Age of Comics really started with the introduction of Superman. Action Comics #1 has been called the Queen Mother of comic books, giving birth to both a popular superhero and an entire genre of Americana," said Robert Brueggeman, Event Director of the Las Vegas Comic-Con, a three-day public event that will bring together artists, writers and publishers.

 

"I hope this reward prompts people to check their basements, attics, garages and elsewhere for vintage comic books and memorabilia they want to sell. You never know what grandpa might have stashed away," said Geppi.

 

"We'll have experts available at the Las Vegas Comic-Con to give free appraisals to everyone who brings in their old comic books for evaluation," said Brueggeman.

 

Geppi's $1 million reward is for a copy of Action Comics #1 that grades at least 9.4 (near mint condition) on the CGC grading scale.

 

For additional information about the reward offer, contact Stephen Geppi at (410) 560-7100 x 169. For information about Las Vegas Comic-Con, October 31 - November 2, call (866) 36-COMIC, or go to www.LasVegasComicCon.com.

 

------------------------

 

Produced for Diamond Comic Distributors

[G.A.tor]

reminds me of the overstreet ads from (insert name I forgot), offering $1Mill too

rick

[chrisco37]

I remember that article when it came out.

 

Headline should read: Million Reward for Rare Comic Book Offered by Baltimore Business Executive (after numerous failed attempts to pry copy away fromThe Dentist)

 

 

Isn't the rumor that The Dentist turned down a 2mil offer for the Church book?

[abracadabra]

I had heard that the guy with the highest graded unrestored copy of Action 1 was offered a million for his and he turned it down. His is "only" an 8.5. You would think someone with Geppi's money could offer more for a 9.4. I don't have close to that ammount of money but I would get a million if I could buy one at that price. If a 9.4 came to market, I would imagine a much higher price would be seen.

[chrisco37]

I had heard that the guy with the highest graded unrestored copy of Action 1 was offered a million for his and he turned it down. His is "only" an 8.5.

 

That's The Dentist.

 

Also, I think I recall seeing a 2mil offer in a OS a few years back for a 9.4 of this book. I may be mistaken (nowhere I can check that right now).

[showcase4]

-- A reward of up to $1 million is being offered by prominent Baltimore business executive, Stephen A. Geppi, for a near mint condition copy of the rare 1938 comic book that first introduced Superman and launched an icon of American pop culture.

 

....won't it be great when a comic book .....any comic book ( although it would most likely be an Action #1 ) sells for $1,000,000. Over the past ?? years, every time the Honus Wagner baseball card sold for $1M+, and then 2M+, it was a top news story....probably world-wide.

 

Just think how GREAT it would be for our hobby to have that kind of exposure, and how it may grab the attention of some of the 'big spenders' from the coin, stamps? and art world, where $Million transactions are somewhat common. We all do better if some multi-millionaire/collector-investor new blood comes into our world......and a $1,000,000 sale may start that ball a rollin' !

 

Steve

[abracadabra]

I had heard that the guy with the highest graded unrestored copy of Action 1 was offered a million for his and he turned it down. His is "only" an 8.5.

 

That's The Dentist.

 

Also, I think I recall seeing a 2mil offer in a OS a few years back for a 9.4 of this book. I may be mistaken (nowhere I can check that right now).

 

Yes, that's right! The Dentist!

I know I've only seen the 1 million offers in OS but I'm sure you are right about the 2 million. One can make crazy offers for things that most likely don't exist. I offer $5 million and a unicorn for 9.6 copies of Action 1 and Tec 27.

-William

[chrisco37]

-- A reward of up to $1 million is being offered by prominent Baltimore business executive, Stephen A. Geppi, for a near mint condition copy of the rare 1938 comic book that first introduced Superman and launched an icon of American pop culture.

 

....won't it be great when a comic book .....any comic book ( although it would most likely be an Action #1 ) sells for $1,000,000. Over the past ?? years, every time the Honus Wagner baseball card sold for $1M+, and then 2M+, it was a top news story....probably world-wide.

 

Just think how GREAT it would be for our hobby to have that kind of exposure, and how it may grab the attention of some of the 'big spenders' from the coin, stamps? and art world, where $Million transactions are somewhat common. We all do better if some multi-millionaire/collector-investor new blood comes into our world......and a $1,000,000 sale may start that ball a rollin' !

 

Steve

 

Well, what are you waiting for?

[chrisco37]

Seriously though. Wasn't Parrino a big-shot coin guy before he started going nuts on the funny books? Didn't work out too well for him.

 

Are there really any books that could legitimately bring 1mil, besides the Church Action #1? The Allentown Tec #27 would bring a hefty price, I'm sure, but not 1mil? What say you guys (that have far better knowledge of the market than I)?

[tth2]

I had heard that the guy with the highest graded unrestored copy of Action 1 was offered a million for his and he turned it down. His is "only" an 8.5.

 

That's The Dentist.

 

Also, I think I recall seeing a 2mil offer in a OS a few years back for a 9.4 of this book. I may be mistaken (nowhere I can check that right now).

 

Yes, that's right! The Dentist!

I know I've only seen the 1 million offers in OS but I'm sure you are right about the 2 million. One can make crazy offers for things that most likely don't exist. I offer $5 million and a unicorn for 9.6 copies of Action 1 and Tec 27.

-William

You guys are getting things mixed up. The guy with the highest graded unrestored Action 1 (which is "only" an 8.5) is Daniel Kramer. I don't know if he's been offered $1 million for his book or not. I had not heard that, but it's certainly possible. Of course, A1K likes to point out that the label (old label) says rusted staples, but I bet if DK resubbed the book, the new label wouldn't contain that notation anymore since CGC stopped noting those kinds of things on the label.

 

The Dentist owns the Mile High Action 1. It has not been graded (at least not by CGC). Rumor was that JP offered $2 million for it and was turned down.

 

Both JP and Geppi have publicly offered $1 million for a CGC-graded blue label 9.4 Action 1. JP had ads in Overstreet with this offer, complete with a dummied up 9.4 slab.

[chrisco37]

The Dentist owns the Mile High Action 1. It has not been graded (at least not by CGC). Rumor was that JP offered $2 million for it and was turned down.

 

Yep. Dentist's copy is not graded. I should've made that clarification in my post. I read "highest graded copy of Action #1" and just automatically assume we're talking about the Church book as enough people have put eyes on it and "graded" it 9.2 range (as you mentioned). It's a book that does not need certification for us to know it's THE best copy.

 

My bad.

[action1kid]

Your mixing things up. Kramer has the verified cgc 8.5 Action 1.

This is the highest verified copy.Cgc graded. I had heard he wanted a mill for it.

So that may be the source.

 

Dentist is an ungraded copy . Steve B saw it and I remember him saying it blows away the 8.5 copy. Thats quite a statement. Contrary to what some believe ive been told the Mile high Action 1 is as good as any of the Super high Grade Miles highs. Higher than the 9.2 we thought.

[Scrooge]

....won't it be great when a comic book .....any comic book ( although it would most likely be an Action #1 ) sells for $1,000,000. Over the past ?? years, every time the Honus Wagner baseball card sold for $1M+, and then 2M+, it was a top news story.... probably world-wide.

 

[showcase4]

....won't it be great when a comic book .....any comic book ( although it would most likely be an Action #1 ) sells for $1,000,000. Over the past ?? years, every time the Honus Wagner baseball card sold for $1M+, and then 2M+, it was a top news story.... probably world-wide.

 

 

OK, OK....top 'collectibles' news story

[G.A.tor]

I had heard that the guy with the highest graded unrestored copy of Action 1 was offered a million for his and he turned it down. His is "only" an 8.5.

 

That's The Dentist.

 

Also, I think I recall seeing a 2mil offer in a OS a few years back for a 9.4 of this book. I may be mistaken (nowhere I can check that right now).

 

Yes, that's right! The Dentist!

I know I've only seen the 1 million offers in OS but I'm sure you are right about the 2 million. One can make crazy offers for things that most likely don't exist. I offer $5 million and a unicorn for 9.6 copies of Action 1 and Tec 27.

-William

well, given that some of the Allentown Tecs are 9.6, who is to say that the 27 wouldn't grade out at 9.6!

would be grand if the dentist would have them graded... I am sure, for the publicity, cgc would do it comp?

gator

[chrisco37]

well, given that some of the Allentown Tecs are 9.6, who is to say that the 27 wouldn't grade out at 9.6!

would be grand if the dentist would have them graded... I am sure, for the publicity, cgc would do it comp?

gator

 

At Heroes Con I was talking to MrBedrock about these books. He said the A'town Tec 27 is ridiculously nice.

 

What's your guesstimate on that if it ever came to market? Do you think CGC grading it would have any impact on the price vs. raw?

[G.A.tor]

well, given that some of the Allentown Tecs are 9.6, who is to say that the 27 wouldn't grade out at 9.6!

would be grand if the dentist would have them graded... I am sure, for the publicity, cgc would do it comp?

gator

 

At Heroes Con I was talking to MrBedrock about these books. He said the A'town Tec 27 is ridiculously nice.

 

What's your guesstimate on that if it ever came to market? Do you think CGC grading it would have any impact on the price vs. raw?

on the allentown 27, anyone that could afford to buy it (in the 9.4 to 9.6 range) won't recally "care" what cgc would grade it, the "value" will be readily apparent.... I just think it would be neat to have cgc grade it ...

easily a 7 figure book

rick

[BR-migration]

That's smart if he didn't grade it -- speculation city(thumbs up

I don't think though any comic could go higher than Action #1 -- there are definitely rarer ones and even ones more historically (maybe) important. Action 1 you pay for the icon. As close to an equal icon as Batman is, he's always #2 overall (not a question of choice, but just overall recognition) But Steve is right that would be a GREAT news story to see.

 

Here's my obligatory Action 1 story -- I teach a comics class and we brought in a big comics collector (no names here) to show off some stuff. Anyway, he tells us this story of how some old guy calls him, he goes out to the house and sure enough its loaded with junk and the guy is a crank. Anyway, the guy is not forthcoming about the comics but proceeds to give the guy a tour, show him pictures, and I think he even makes him do some chores! So the collector is frustrated and goes to leave but the old man says he has to stay for dinner. So something in him says ok, and he stays. As he goes into the kitchen he sees in an adjacent room, two PILES of comics. One silver, one gold. How can he tell? On top is Action #1 and he says it looks MAGNIFICENT. The old man obviously wanted his reaction and they eat but then he tries to sell him some of his silver. The collector buys a couple but asks if the other pile is for sale (he sees Tec 27 too). He offers serious money. The old man says nah and the collector finally leaves. The class is staring wide-eyed and one of the students asks for this guy's address. The collector says that every once in awhile the old man calls him and he thinks he's going to change his mind but...no.

 

Is it true? This guy (who I think is on the boards, not sure) is a very stand up guy and you could see in the UTTER dejection in his face when he got to the end that he def. could feel the pain firsthand....

[clarkkentdds]

I thought Kramer sold his collection of Supes and Bats through Laterbach and Nathanson a few years ago... ? What's the story on Kramer? I've never met him. Is he still collecting?

[action1kid]

H e kept the Action 1.