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The Official Feb 22-24 Heritage Auction Thread
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Started by jjonahjameson11,

552 posts in this topic

Panelfan1

Panelfan1

Posted
Posted
8 hours ago, Ricksneatstuff said:

Good luck! This auction is shaping up to be the best for things I am interested in that I have ever seen.

Happy to report I sit on the other end of that spectrum only 2 items so far that are tempting - but even they are not must haves. Trying to keep 2018 resolution of buying less.  

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batman_fan

batman_fan

Posted
Posted
6 hours ago, tth2 said:

All I can say is that Peanuts OA, particularly the early stuff, has always been expensive and keeps getting more expensive.  I thought they hit a range a few years ago, but then have moved up over the last few auctions and then exploded in the November auction.

In summary, prepare yourself for paying more than what any previous sales would indicate.

I think it is pretty well established my estimates on OA are off by a factor of 2 which puts the actual range $24k to $40k for the stuff that is a little later :cry:

The good thing is my wife is on board with buying one but I wouldn’t feel comfortable dropping $40k on a daily from this auction. There are some really nice ones but nothing iconic for dailies. The two sundays on the other hand are both spectacular. 

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Carlo M

Carlo M

Posted
Posted

Introducing a slight new sub-topic: I am eyeing the Silver Surfer 4 recreation by Buscema and I have two questions for the group:

1) I have seen a few of these recreations pop up here and there.  Anybody has any ideas how many there are out there? Even ball park?

2) They all seem good quality.  Anybody has ever detected a difference in quality / price depending on the vintage?

Thanks!

 

Carlo

 

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vodou

vodou

Posted
Posted
53 minutes ago, AnkurJ said:

Heritage just added that Nj salesctax will now be charged. Wonder what changed?

 

9 minutes ago, Rick2you2 said:

The state required it.

All the little (people) loopholes be closing during...The Fourth Turning :devil:

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Rick2you2

Rick2you2

Posted
Posted
1 minute ago, vodou said:

 

All the little (people) loopholes be closing during...The Fourth Turning :devil:

When it comes to taxes, New Jersey specializes in sucking money up like a Hoover.

[Make any smart comment you want...NJ deserves the ridicule]

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malvin

malvin

Posted
Posted
52 minutes ago, Rick2you2 said:

When it comes to taxes, New Jersey specializes in sucking money up like a Hoover.

[Make any smart comment you want...NJ deserves the ridicule]

If that is true, why wait until now? I assume another reason could be that HA opened some sort of office in the state?

Malvin

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Rick2you2

Rick2you2

Posted
Posted
10 hours ago, malvin said:

If that is true, why wait until now? I assume another reason could be that HA opened some sort of office in the state?

Malvin

If memory serves me, there is a new State law (but I don't really pay attention to the details). 

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Rick2you2

Rick2you2

Posted
Posted
10 hours ago, Ironmandrd said:

I would think there has to be a nexus with NJ-- HA started imposing taxes in NY once it opened up its Manhattan office and in Florida once it opened its Palm Beach office.

Companies are always free collect taxes and remit to a State. They just could not be constitutionally required to do so. Some companies may be looking for favors, like Amazon, so they do it without the actual requirement.

It's also possible, by the way, that they have engaged in some sort of continuous activity in NJ which arguably qualifies even without a physical presence. Since the Supreme Court is going to review the question of whether a State can tax internet sales next year, the "legal" question may be addressed again.

Can we please get back to the fun stuff? Doing this during my "play time" is like bringing coals to Newcastle.

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vodou

vodou

Posted
Posted
2 hours ago, Rick2you2 said:

...the Supreme Court is going to review the question of whether a State can tax internet sales next year, the "legal" question may be addressed again.

This outcome, if it favors the states, will make a real mess of eBay lol

I wouldn't think that 1099-K issuance threshold being 200 transactions and $20k gross will stay that way forever either.

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Pete Marino

Pete Marino

Posted
Posted
2 minutes ago, vodou said:

This outcome, if it favors the states, will make a real mess of eBay lol

I wouldn't think that 1099-K issuance threshold being 200 transactions and $20k gross will stay that way forever either.

As long as people can use the "garage sale" rules for most (all) of their ebay transactions, I think it'll be OK.

 

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vodou

vodou

Posted
Posted
9 minutes ago, Pete Marino said:

As long as people can use the "garage sale" rules for most (all) of their ebay transactions, I think it'll be OK.

 

These are the current IRS definitions - note there's a certain vagueness throughout the entire page. Anyway, you file as you will but when the IRS comes knocking (whenever, wherever, for whatever reasons of their own) they come under a presumption of guilt and the onus is on you to prove that you weren't evading reporting income/gains and that your true intention in purchasing and holding  those "household goods" ( lol ) was for "use" not "profit." The many published price guides and prominence of large auctions houses running regular large auctions of same/similar material often achieving new and record high dollar values would not be evidence in favor of one's defense. IMO :)

As the fiscal needs of local, state and the Federal government increase while revenues and existing asset pools decrease...things will change anyway ;) And yes, by needs, I'm primarily referring to ongoing funding of the many public union contracted for working and retirement benefits, along with blooming budgets, deficits, debt issuance and social programs.

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Rick2you2

Rick2you2

Posted
Posted
21 hours ago, vodou said:

I'm primarily referring to ongoing funding of the many public union contracted for working and retirement benefits, along with blooming budgets, deficits, debt issuance and social programs.

Where's a superhero when you really need one?

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PhilipB2k17

PhilipB2k17

Posted
Posted
23 hours ago, vodou said:

These are the current IRS definitions - note there's a certain vagueness throughout the entire page. Anyway, you file as you will but when the IRS comes knocking (whenever, wherever, for whatever reasons of their own) they come under a presumption of guilt and the onus is on you to prove that you weren't evading reporting income/gains and that your true intention in purchasing and holding  those "household goods" ( lol ) was for "use" not "profit." The many published price guides and prominence of large auctions houses running regular large auctions of same/similar material often achieving new and record high dollar values would not be evidence in favor of one's defense. IMO :)

As the fiscal needs of local, state and the Federal government increase while revenues and existing asset pools decrease...things will change anyway ;) And yes, by needs, I'm primarily referring to ongoing funding of the many public union contracted for working and retirement benefits, along with blooming budgets, deficits, debt issuance and social programs.

If you have never sold or traded a piece of art, it would be hard for the IRS to argue that you are making money off of buying and selling art.

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vodou

vodou

Posted
Posted
15 minutes ago, PhilipB2k17 said:

If you have never sold or traded a piece of art, it would be hard for the IRS to argue that you are making money off of buying and selling art.

Show me "never" among those that turn a profit (which is all that matters anyway). But hey, there is always that first sale, beginner's luck right? No need to explain it to me though, save that for the letter that comes in the mail one day. Especially if there is ever a second profitable sale :) Things were different (as in easier to evade) when everything wasn't electronic and the bread crumbs weren't so easy to follow, whether ending up on a 1099-k or not.

H&R Block's definition (perhaps bit dated now, from 2012) is a bit stricter but with the understanding that they would like to get your business. YMMV lol

Particularly relevant:

When determining if a sale must be reported as income it isn’t the dollar amount that matters or how it was sold, but whether the item was sold for more than it was originally purchased. This is because selling something for more than you bought it results in a capital gain, which must be reported to the IRS as income. Capital gains typically are realized when selling items that have appreciated in value, such as antiques and collectibles.

and

No matter what is sold (it’s a treasure to someone) or how often, all taxpayers who make a profit on a sale are obligated to report that money as taxable income. Determining what your tax obligations are for any sales you make can be determined with the guidance of a tax professional.

Waaaah. Stinks, right? Okay but...part of what brought prices out of the triple-digit-only gutter in the late 90s and early oughts was the mainstreaming of payment options to include and eventually overwhelm non-cash/trade. With that convenience, flexibility and ultimately trust* came trace-ability and (unfortunately and with perfect timing for IRS collections) The Patriot Act with it's voluminous money laundering enforcement provisions. This is no different than what BTC folks are struggling with, many have won the lottery but collecting the proceeds...

 

*PayPal Buyer Protection and credit card chargeback.

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jjonahjameson11

jjonahjameson11

Posted
  • Author
Posted

Thought I'd try something a bit different this time around by focusing on artwork based on  a single character so first up is The Batman:

I think I've already mentioned the Adams Batman 232 page and although I won't be a bidder, I'm keen to see where it ends up.  Interestingly, its only been viewed 230 times thus far which is kind of low considered its appeal.

 

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