Advice: Selling Over $10,000 Comic
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Hi Everyone. Hoping I can get some help about something.

A good longtime friend of mine has an incredible hoard. He has pretty much everything DC, Marvel, and everyone put out from about 1961 to 1980 (I'm Serious) . Plus Hundreds of Golden Age Comics also. Its quite a collection. He's been buying everything in sight since he was a small child. Most of it is mid grade and the Bronze Age ones are mostly VF-NM. I spent a long time inventorying most of it and I still can't figure out how he managed to pretty much not miss a single issue in 20 years.

Anyway, he decided to start selling some and I manage his ebay account (meaning I create the listings and ship for him). He just dropped off a bunch of comics and he brought his only graded comic to me to sell. Its a Fantastic Four #1 CGC 4.0. 

So I saw that on Ebay a few 4.5's sold on auction for over 14K. I figure a 4.0 should get close to that. But I just read that paypal has a 10K sending limit. Selling a comic of this value on ebay already makes me nervous mostly because of their scammer friendly policy. I'm sure many of you have experience in selling comics over 10K. Any advice or suggestions from anyone please? Thank You.  PS I can't sell it anywhere on my accounts (Ebay, Comiclink, ect because of the Taxman.)

 

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PayPal does not a hard and fast rule about $10,000 spending limit. In fact the 10K isn't a spending limit. It is  - for some PP accounts - the amount of money that can be sent in a single transaction.  But this is based on the individual account and is determined by PayPal.  And even for those that might have a $10,000 single transaction limit, there are ways around such. They can call and ask it be waved on that transaction. They can do an eCheck where the money is withdrawn from their bank account (PayPal will tell you as the seller not to ship until eCheck has cleared) 

The actual limit sending money on PP is $60,000. 

 

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I would use an auction house. 

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Have you tried MyComicShop.com?  I don't think they are doing tax on their auction.  Probably it goes same thing with PedigreeComics.com.  Call them.

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comiclink or MCS or something.  for books of that value just too risky.  Buyer can get book, say he wants to return, send you back a copy of teen vogue and boom you're SOL.    You could also sell here to known entities.  Also if you go over 20K I think you receive tax form from paypal.  It might be 20K and 20 transactions or something others would know better.

Edited by kav

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1 hour ago, wombat said:

I would use an auction house. 

Yes, I would feel much safer. They will handle the shipping and money collection. 

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I would recommend

1 hour ago, JollyComics said:

Have you tried MyComicShop.com?  I don't think they are doing tax on their auction.  Probably it goes same thing with PedigreeComics.com.  Call them.

Absolutely no upside to selling this price point on eBay solo to a potential low feedback stranger with that kind of risk and losing 13% vig to boot between PP and eBay fees. Go with MCS or CL. If you want I can put you in direct contact with Conan @ MCS or Ross @ CL. Additionally there a bunch of legit entities/dealers on these boards as well that could help. 

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4 minutes ago, Hey! said:

Don't use Pedigree, the owner was disbarred as a lawyer for using his old lady client's money to finance his million dollar comic collection.

https://www.cgccomics.com/boards/topic/56043-latest-scandal-comic-book-dealer-disbarred-as-lawyer/

Yes, I am aware of that too. His comic art director's 1.4 million dollars worth of his Batman collection was stolen from the storage locker recently. Something is fishy too.

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10 minutes ago, JollyComics said:
13 minutes ago, Hey! said:

Don't use Pedigree, the owner was disbarred as a lawyer for using his old lady client's money to finance his million dollar comic collection.

https://www.cgccomics.com/boards/topic/56043-latest-scandal-comic-book-dealer-disbarred-as-lawyer/

Yes, I am aware of that too. His comic art director's 1.4 million dollars worth of his Batman collection was stolen from the storage locker recently. Something is fishy too.

Do you mean this burglary?

Have you posted anything about it in that thread? lol

This just got weird...

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11 minutes ago, ADAMANTIUM said:

Do you mean this burglary?

Have you posted anything about it in that thread? lol

This just got weird...

Actually there are two threads right now.

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2 minutes ago, JollyComics said:

Actually there are two threads right now.

LOL :tink:i should venture into golden age more often!

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1 hour ago, Tony S said:

PayPal does not a hard and fast rule about $10,000 spending limit. In fact the 10K isn't a spending limit. It is  - for some PP accounts - the amount of money that can be sent in a single transaction.  But this is based on the individual account and is determined by PayPal.  And even for those that might have a $10,000 single transaction limit, there are ways around such. They can call and ask it be waved on that transaction. They can do an eCheck where the money is withdrawn from their bank account (PayPal will tell you as the seller not to ship until eCheck has cleared) 

The actual limit sending money on PP is $60,000. 

 

I sold about 30K worth of books to a boardie.  He could only sent 10K so, he did it 3 times.  Paypal limited my account.  Even after speaking to myself and the buyer in Canada, they still were not  satisfied.  I had to prove I owned the books.  

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Deal with an auction house as an independent third party between buyer and seller.  They are interested in the commission on the book.  Once they receive the item and verify it then you are pretty much good to go. 

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5 hours ago, kc2112 said:

Hi Everyone. Hoping I can get some help about something.

A good longtime friend of mine has an incredible hoard. He has pretty much everything DC, Marvel, and everyone put out from about 1961 to 1980 (I'm Serious) . Plus Hundreds of Golden Age Comics also. Its quite a collection. He's been buying everything in sight since he was a small child. Most of it is mid grade and the Bronze Age ones are mostly VF-NM. I spent a long time inventorying most of it and I still can't figure out how he managed to pretty much not miss a single issue in 20 years.

Anyway, he decided to start selling some and I manage his ebay account (meaning I create the listings and ship for him). He just dropped off a bunch of comics and he brought his only graded comic to me to sell. Its a Fantastic Four #1 CGC 4.0. 

So I saw that on Ebay a few 4.5's sold on auction for over 14K. I figure a 4.0 should get close to that. But I just read that paypal has a 10K sending limit. Selling a comic of this value on ebay already makes me nervous mostly because of their scammer friendly policy. I'm sure many of you have experience in selling comics over 10K. Any advice or suggestions from anyone please? Thank You.  PS I can't sell it anywhere on my accounts (Ebay, Comiclink, ect because of the Taxman.)

 

001.jpg

Ebay link?

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1 hour ago, JollyComics said:

Yes, I am aware of that too. His comic art director's 1.4 million dollars worth of his Batman collection was stolen from the storage locker recently. Something is fishy too.

Are you suggesting that the guy who got his Batman collection stolen is a fraud?

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It's amazing how few people actually read anymore. He can't sell on CL/CC etc because he doesn't want to sell under his own accounts and be liable for taxes on something he is selling for a friend, as the OP said in the initial post. He is obviously just selling under his buddies eBay account so that taxes go to his buddy. 

As someone stated there are ways around the PP limit but it would need to be a solid buyer. There are plenty of expensive books sold on eBay. You just need to be vigilant of a scam buyer and you may also deal with non paying bidders. Your buddy does benefit selling on eBay though as they cap FVF at $750 so even on a $14K book he will pay $750 plus the PP fee as opposed to $1400 to CL/CC etc. 

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Consign it to Blazing Bob at Highgradecomics.com.  I used him years ago to sell not only my slabbed copy of FF #1, but of every SA FF issue.  He has a large clientele, gets excellent prices, is easy to deal with, and once a comic is sold he'll send you payment within the month.

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Funny.... I thought about recommending to the OP that this book and maybe others might be a better fit for Comic Link, Comic Connect or My Comic Shop.  But there are a lot of pros and cons to all so I decided to limit my answer to only the question asked. 

Some things not mentioned in comments here when choosing to use one of the sites I've just mentioned. 
CONS TO OTHER SITES (over eBay)
1) The OP said there is only ONE graded book. MCS is the only site that really does much with raw books - and as most know, they are brutally harsh on grading raw consignment books. Considering that the OP has thousands of books to sell, I'm not sure it's really worth the effort to turf out one book somewhere else. 
2) eBay does have a maximum fee of $750, so even with PayPal fees added in if this book sells for over $10K the total eBay fees are no more than say Comic Links 10%
3) eBay gets you paid much, much faster. 

PROS TO OTHER SITES (over eBay)
1) You do eliminate any chance of getting scammed or dealing with returns. 
2) It can be simpler depending on with whom and how the books are listed.  If you send in the books to the auction house, they will take care of scanning pictures and doing the listing. But each place has different ways of getting books listed - and they are not without effort on the sellers part. 

Personally, if I were trying to sell thousands of books on eBay, I'd probably list the FF 1 that is CGC graded as a BIN with best offer on eBay and let that book attract eyes to my other, ongoing auction listings. 
 

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