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About RabidFerret

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    The Collectinator

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  1. Yup, horrifying. But on the flip side, Kodo and Podo are the coolest friggin' ferrets in history! For me it was always the dog thing from The Neverending Story. Nightmares... And speaking of The Neverending Story, the original painting and tons of others appear available as an exhibit from Casaro. Has anyone ever seen this exhibit or booked it? That seems insanely cool... http://www.casaro-renato-art.com/movieposters/fantasyeng.html
  2. Thank you:) I've rewatched it a few times recently and continue to find more jokes! It holds up well:) And I still contend the ending is as good as any movie. Beastmaster! Yes!! There was a great contingent of weird and/or cheesy scifi and fantasy in the 80s:)
  3. Ice Pirates Movie Poster by Steve Chorney (1984) Figured I'd post my first 'official' movie poster art day! (albeit a few months late...) This is the original poster painting for the 1984 film Ice Pirates, starring Robert Urich, Mary Crosby, Michael D. Roberts, and a young Ron Perlman! The movie has kung fu robots, space herpes, robo-pimps, time travel afros, and bazillion other bits of genius that elevate it to a true classic of American cinema. Growing up in the 80s this movie was on constant cable rotation, burning itself into my childhood as few movies did. Most of the posters from my favorite 80s movies are buried in museums and private collections, so I never expected this poster to still be around, but I still reached out to artist Steve Chorney in case and, lo and behold, he still had the original! Woohoo! The poster is awesome, a comedic riff on Star Wars, but incredibly well-executed and one of the highest quality parts of the whole film! And this image was used for EVERYTHING! Every VHS, Betamax, Laserdisc, CD, DVD, Bluray, and future technology for a billion years will use this image. On the nostalgia factor alone this was as cool of an item as I could get from Ice Pirates, let alone how cool the art is! It's freakin' awesome!! The piece is 24" x 30", with illustration board on foamcore. Gesso, air brush, and colored pencils. Oh, and that's a second layer face on Robert Urich! Changed expression or something. For the frame I went with some brushed-metallic painted outer frame, with some similarly metallic fillets to balance around the matte. I went with the purple brushed suede matte that I felt made the piece more hip and Elvisy. https://www.comicartfans.com/gallerypiece.asp?piece=1563044
  4. By far the single most asked about piece in my collection.
  5. My favorite double page splash, by Rick Leonardi and Al Williamson, from Spider-Man 2099 #1 (1992) My favorite double page spread, containing 12 panels, by Jim Cheung and Mark Morales, from New Avengers: Illuminati #5 (2007)
  6. A strange theme I found in my collection was trying to collect art from artists that don't sell their work.
  7. From Locke & Key: Keys to the Kingdom #1, pg 3 by Gabriel Rodriguez and Joe Hill.
  8. Spider-Man 2099 #1, pages 2-3 by Rick Leonardi and Al Williamson, written by Peter David - The first appearance of Miguel O'Hara as Spidey 2099! Deadline #1, page 4 by Jamie Hewlett, written by Alan Martin - The first appearance of Tank Girl! (There were only 5 pages in the first issue!) West Coast Avengers #46, page 6 by John Byrne and Mike Machlan, written by John Byrne - The first appearance of The Great Lakes Avengers!!! Hahahahaha
  9. I suspect the changes will mostly affect auctions and cause people to be a little more thoughtful on pulling the trigger on any high-end pieces where they'd need to sell art to finance it. It'll have to be must-own stuff, as opposed to nice-to-haves. On the flip side, trading I'd expect to increase, especially three-party trades where someone wins an auctions only for the purpose of trading it to someone else in a prearranged deal.
  10. I'm sorry if I bummed anyone out by starting this thread:( I certainly wasn't trying to... I was simply hoping to understand the changes to the tax law and make sure I don't shoot myself in the foot. Upgrading and trading are how I built my collection over the last 20 years and the last thing I want to do is accidentally stick myself with a costly tax bill because I swapped one piece for another without realizing the repercussions:(
  11. This is a very helpful tidbit! But it reminds me of another aspect of claiming a collectible as an investment - isn't there a stipulation that says in order to claim it as an investment you must be willing to sell it? I seem to recall a caveat that if you squat on a collectible indefinitely (and refuse to sell it even when profitable offers are made) that you are a collector, not an investor. Theoretically at least, it seems like if you're a black hole and never sell, then you couldn't claim art as easily as an investment. "Triggering a realization event" is a great phrase:) This goes back to my original concern - the ability to upgrade a piece or chase a grail that ends up on Heritage where trading is not an option and you are forced to include a cash step. But your point about the paperwork is spot on (and somewhat hysterical) - I can't imagine most folks ever did that! So as far as life in the trenches, maybe nothing has changed if you didn't file the paperwork in the first place? There are lots of things that are terrible tax policy, but I don't think we're allowed to opt out because we don't agree with them There are a lot of stupid and unfair things in the tax policy that don't match up from one side of the room to the other. The whole idea that like-kind exchanges applied to real estate and livestock is laser-focused and seems specifically lobbied for by those folks. Part of the argument against it applying to collectibles seemed to be that real estate and cows helped encourage commerce, whereas collectibles do not (which is absurd when you consider how many people Heritage employs). That same argument seemed to be why they don't allow offsetting losses. Yet gambling does. You can go drop $10k in losses at a casino one night, then use that to offset $10k in gains the next night. So gambling is somehow something that helps the economy, but art collecting doesn't? Silly. In fact, I even talked to a friend yesterday asking whether one could argue that art collecting itself is a form of gambling:) Certainly seems as addictive... Please ask and post as I'm sure your accountant is much better than my accountant:)
  12. The concern was much more about when cash is involved; for instance winning a piece on Heritage and then needing to sell things to pay for it.
  13. I was recently Googling around about the tax implications of selling a costly piece of art to finance another one, and was surprised to discover that as part of the 2017 tax changes there was a provision that stopped allowing collectibles to utilize the 1031 Like-Kind Exchange law to trade art for art. https://www.forbes.com/sites/forbesfinancecouncil/2018/06/04/the-art-of-the-tax-free-exchange/ As I understand it, this is how collectibles(artwork) are now meant to be taxed: - You pay taxes on any profits from your base price, even if you are trading it for another item of equal value. Example: I buy a piece of art for $100 and keep it for a decade. Its value rises to $1000. I trade it for another piece of art by the same artist from the same book that is also worth $1000. Even though this is an exchange of two pieces of equal value, I am now expected to pay taxes on that $900 in gains. This is in addition to what already existed: - Collectibles do not have the benefit of long term capital gains, but are instead taxed at 28%. (UPDATED: Taxed at up to 28%, depending on your tax bracket.) - You cannot declare losses against collectibles, but must pay taxes on profits. (UPDATED: It sounds like valuable artwork may be classified as a capital asset, in which case you can offset losses.) Example: I bought two pieces of art for $1000 each. Piece A dropped to a value of $1, while piece B rose to a value of $1999. Together they are still worth the $2000 originally spent, but if I sold them both, I'd be expected to claim none of the losses on the piece dropping $999 in value, while I would be expected to pay 28% taxes on the $999 in gains, meaning my $2000 sale would only net me $1720. So first off, am I reading all of this correctly? Are there any tax folks in the crowd that can confirm this is accurate? And if so, what the heck does everyone do now that you can't sell art to offset new purchases without incurring tax liabilities? Are they no longer selling art? Are they only doing private trades? Are folks declaring themselves dealers and marking art as investments? This seems like a huge change to the hobby that will stifle art swaps and upgrades. The extreme example would be winning something off Heritage for $20k and then needing to sell $26k in art to cover the tax liability. (And if you sent Heritage the art to sell, this means you'd need a final price over $30k to offset Heritage premiums and taxes.) Any thoughts? -j (NOTE: I updated this post based on comments below so as not to accidentally lead anyone astray if they didn't keep reading. Also, please remember this is a chat board and not a forum of tax professionals, so take it all with a grain of salt.)
  14. Three nice pages from Linda Medley's Eisner-winning series Castle Waiting are listed on Heritage's Sunday Auction this week. All 3 pages are from Volume 2 of the series and come with prelims. All pages are signed by Linda. As a fan of the art form, these are very unique pages since Linda would overdraw the panel, then digitally add panel borders and crop them. This means the originals have more art than actually appeared in the published book! Very unique. If anyone's been after a page, here's your chance to get one:) https://comics.ha.com/itm/original-comic-art/linda-medley-castle-waiting-v2-7-panel-page-and-preliminary-original-art-with-printed-image-total-3-/a/121909-11166.s https://comics.ha.com/itm/original-comic-art/linda-medley-castle-waiting-v2-7-panel-page-and-preliminary-original-art-fantagraphics-200-total-2-/a/121909-11167.s https://comics.ha.com/itm/original-comic-art/linda-medley-castle-waiting-v2-7-panel-page-and-preliminary-original-art-fantagraphics-200-total-2-/a/121909-11168.s