Selling Superman.....WOW!!!19351
 Collector
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dfoster43 private msg quote post Address this user | |
Quote:Originally Posted by esaravo I wasn't either. It's awkward to say. But I guess the son suggested it, as it was his father's "screen name" on social media, or so the story reported. Yeah not a fan of FANTAST but hey ... not my circus those aren't my clowns. |
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| Post 26 • IP flag post | ||
 No rust here...
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Nearmint67 private msg quote post Address this user | |
Quote:Originally Posted by multi007Not at all. People will eat them up... |
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| Post 27 • IP flag post | ||
 It was a one trick pony show but always hilarious.
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GAC private msg quote post Address this user | |
Quote:Originally Posted by multi007 I was thinking about this too but I don't think it will. Because of the story/documentary and CGC marketing the collection they way they are....custom label and such....the collection will sell out at high prices I'm sure. |
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 being an ass and being a clown are two very different things.
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HAmistoso private msg quote post Address this user | |
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| Post 29 • IP flag post | ||
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| This is not a backstory that I would enjoy owning a piece of. The hoarder's collection that made his wife and kid miserable. Glad they are finally getting something for all that they put up with. | ||
| Post 30 • IP flag post | ||
 I'd like to say I still turned out alright, but that would be a lie.
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flanders private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia Haha that's one way to look at it, but maybe it's his aspergers that made them miserable and they should be grateful that at least he had an enjoyable and lucrative hobby instead of being into something more eccentric and worthless. |
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| Post 31 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by GAC Well, it seems that the rare books… he had maybe a single copy of. Those books (Supes 1, Bats1) are so rare and still undervalued (relatively) there will be no impact. The more common books (that he has multiples of) already took a big hit. I think it is then a question of timing. I doubt many would pay a premium for this “label”… actually, who knows. I certainly wouldn’t. |
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 Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
| His autism clearly gave him the obsessive insight to collect this extensive collection. It's very lucky of them all that the obsession ended up being a very valuable investment. | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by multi007 It wasn’t insight (or foresight). It was happenstance. Foresight would have been him hoarding / collecting every copy of extremely rare comics out there. Perhaps diversifying a bit (a few dozen different issues). He clearly spent the money to have done that. Instead he bought and kept everything. It happens that an incredibly small percentage are extremely rare and valuable books. My guess is that the 1% of extraordinary books in his collection represent 95%+ of the value of his collection. It’s even possibly that if you exclude that 1% his obsession was a huge financial drain and a poor investment overall. This is truly a sad story with a lottery-type conclusion at the end. |
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Collector
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dfoster43 private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave I guess time will tell, especially while we watch Heritage closely , those that do, and get a feeling as to how much of his collection was "GASP"-worthy. |
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| Post 35 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
| What will time tell re: my comments? The big (rare) books will bring big money. The sheer bulk of the collection means huge $ in sales. Nothing to do with my comments, however. Edit: no comment on cause or discord, extent, etc. Private matter now made public with a documentary and marketing around the sale. But I want to make clear, it doesn’t mean there was foresight here. Just obsession/compulsion. |
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| Post 36 • IP flag post | ||
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Collector
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dfoster43 private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave Time will tell this: "My guess is that the 1% of extraordinary books in his collection represent 95%+ of the value of his collection. " Statistics can be shown accurate or inaccurate once all or a sufficient amount of data is collected and analyzed. Time will tell if 1% represent 95% of the value or not. Wasn't meant to be an adversarial statement. |
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| Post 37 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by dfoster43 Didn’t take it that way (adversarial) so apologies. I just doubt the $0.50 and $1 books will hit the auction block… so I don’t think we’ll have a way to validate my (illustrative) estimate. It makes sense, however, that someone who collected across decades, and given some examples shown, up through more current issues, would have a collection that reflects comics overall. Buying and holding every comic since the 1980s would be a poor “investment” (even if a fun hobby). The value distribution in this case then becomes a question of mix over time periods. Maybe it is 90% in top 1% or 85% or 99%… but likely extremely concentrated. That is the main point. I am surprised by no Action Comics 1 or other extremely coveted books if they were focused on scarcity (vs accumulating generally). If they collected generally, then I am guessing 80%+ of all comics in circulation today are worth less than $1 per book (net). Add in the cost of storage, materials etc… and I am confident the value resides in a tiny slice of the collection. |
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| Post 38 • IP flag post | ||
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Collector
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dfoster43 private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave No worries, it's all good. I agree w/ your commentary and absolutely respect your expert opinion because let's face it, you are one.   |
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by dfoster43 I’m certainly an expert at providing opinions. |
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| Post 40 • IP flag post | ||
 Collector
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doog private msg quote post Address this user | |
| Curious about the other 950,000 collectibles, mostly comic books connected to this story. The worst comic hoarder I know (and others where I have seen the hoards) entire hoards are buried under cheap comics, no boards, often in damp basements, sheds, old vehicles along with every place in the house but the rabbit trails. That’s because they are cheap to buy a lot of, as were the valuable ones that are permanently buried by the hoarder decades ago when he started. A lot of these “collectors” are incapable of discernment, that is one reason they never sell. There has to be 5 or six of the biggest storage units you can get to hold those 5,000 boxes of all types, somewhere, of the worthless books connected to this hoard. That is what I am most interested in, oddly enough. What will they do with the chaff? $25 per box is still another $100K |
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| Post 41 • IP flag post | ||
 Captain Accident
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the420bandito private msg quote post Address this user | |
| I hope he kept receipts for everything he bought or the tax man is going to clean up. | ||
| Post 42 • IP flag post | ||
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Collector
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dfoster43 private msg quote post Address this user | |
Quote:Originally Posted by the420bandito Regardless, the tax man ALWAYS cleans up. |
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Captain Accident
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the420bandito private msg quote post Address this user | |
Quote:Originally Posted by dfoster43  |
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| Post 44 • IP flag post | ||
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by the420bandito Superman 1 purchased for $10k in 1975. Taxes owed without receipt $980k Taxes owed with receipt $977k I think we can guess they aren’t digging for receipts ;-) |
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| Post 45 • IP flag post | ||
 Collector
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grapeape private msg quote post Address this user | |
Quote:Originally Posted by the420bandito Cost basis wouldn't save him. The spread between wha he paid and value is like the Grand Canyon. The tax man will get his. |
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| Post 46 • IP flag post | ||
 The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| I spoke to a lawyer and he said the cost basis can be adjusted upon a death. I didn't watch the you tube video but from my conversation, if a person passes the purchase price is no longer used if you get an authorized estimate of value at the time of death of the owners assets. I made sure to make my comic books my dad's asset and when he passes I have a company ready to do the estimate of value to make sure cost basis changes from purchase price to today's current value. Edit I think it's called step up basis |
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| Post 47 • IP flag post | ||
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Collector
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grapeape private msg quote post Address this user | |
Quote:Originally Posted by Bronte |
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by Bronte Excellent point. It is under constant threat of being repealed but… well, we know that story. |
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| Post 49 • IP flag post | ||
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The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| @Davethebrave My personal situation was discussed at length with 2 elder care specialty lawyers and i am leaving a lot out for brevity sake. so I think I'm ok. As for how it pertains to anyone else's situation I would say get hold of a lawyer and or accountant to discuss it. My only point was that even I with no legal experience had a possible loophole for relieving tax burden. If this guy had a few books worth as much as I think, he should have gotten hold of a tax accountant and lawyer the moment he realized how much his stuff was worth. Kinda the same principle as winning lotto in my opinion. |
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Davethebrave private msg quote post Address this user | |
| Agreed. As I said, you likely fully considered it. The reality is the recipients of these comics are likely to face one or both of: 1) They take advantage of stepped up basis through appraisal 2) Appraisal triggers Federal estate tax Because of the divorce (and no mention of splitting the estate) they will pay on the excess of value (as appraised for step up calcs) over the exemption limit of about $5M. Portions not appraised won’t be subject but won’t be stepped up. Not sure how much scrutiny it all triggers (in the non-stepped up portion) - estate law / taxes were never my specialty. At the end of the day, this is a big windfall and likely taxes paid will be (relatively) low and original cost basis won’t be a factor at all.  |
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| Post 51 • IP flag post | ||
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Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
| I’ve got some tax questions here… Since the owner is deceased, is it inherited estate and taxed that way? Or is it long term collectibles taxed at the top rate of 28%? And does it depend on when the collectible is sold? Pay taxes only on the sold books ? |
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by multi007 Estate taxes on value of assets transferred but only on the amount above the exemption (which is quite high). Capital gains on anything sold but as Bronte stated, after a step-up in basis. What likely happens is some sales will be necessary to cover (any) estate taxes triggered. As usual, not tax or legal advice. Best advice is to contact a (reputable!) professional. |
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| Post 53 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave Maybe the son and ex can offset the taxes by amortizing their newly discovered Good Will towards the collection's original owner. |
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