WHAT BOOK CAN'T YOU AFFORD TO SELL? 5 5

[circumstances]

I probably couldn't replace anything if I sold it. Either due to price, rarity or some combination of the two.

Superman 1

Batman 1

All American 16

More Fun 52, 54, 55

All Star 3

Flash 1

Detective 5

Speed 21

Pretty much my entire Centaur collection, and several of my PCH.

[GreatCaesarsGhost]

On 3/2/2019 at 3:19 PM, Flex Mentallo said:

Sneaked this one out of a C'link auction for $350 ten years ago when Overstreet had it at $250. Not sure what I'd have to pay to replace it these days.

do you still have it?

[PeterPark]

On 3/13/2019 at 2:36 PM, jimbo_7071 said:

I actually paid a very stiff price for this one back in 2001 (through Greg Manning Auctions; I'm certain there was shill bidding involved). I was underwater on it for many years.

 

Not anymore!

[*paull*]

A number of PCH and classic cover books that I purchased around ten years ago would be untouchable for me now.  Here's one:

 

 

 

 

Edited April 17, 2019 by *paull*

[adamstrange]

On 3/13/2019 at 2:36 PM, jimbo_7071 said:

I actually paid a very stiff price for this one back in 2001 (through Greg Manning Auctions; I'm certain there was shill bidding involved). I was underwater on it for many years.

 

 

You didn't.

There wasn't.

You weren't.

[Flex Mentallo]

9 hours ago, GreatCaesarsGhost said:

do you still have it?

It's a keeper!

[GreatCaesarsGhost]

1 hour ago, Flex Mentallo said:

It's a keeper!

[*paull*]

23 hours ago, *paull* said:

A number of PCH and classic cover books that I purchased around ten years ago would be untouchable for me now.  Here's one:

 

 

 

After giving it more thought, there isn't a single GA book that I own that I would re-buy in the same condition at today's prices.

[skybolt]

12 hours ago, *paull* said:

 

After giving it more thought, there isn't a single GA book that I own that I would re-buy in the same condition at today's prices.

Excellent point. Even if I start collecting GA again, it has to be in a completely different genre. I can't bring myself to pay more for some of the run of the mill books than what I paid for key GGA books 10-15 years ago. 

[*paull*]

32 minutes ago, skybolt said:

Excellent point. Even if I start collecting GA again, it has to be in a completely different genre. I can't bring myself to pay more for some of the run of the mill books than what I paid for key GGA books 10-15 years ago. 

Some of the low grade copies (1.5 - 2.0, for instance) of classic covers that I bought 10-15 years ago wouldn't even be possible for me to buy now.

[october]

16 hours ago, *paull* said:

 

After giving it more thought, there isn't a single GA book that I own that I would re-buy in the same condition at today's prices.

I agree. At today's prices I would likely pass on 25-50% of my current collection.

For example there is no way I would pay the $8-10k it would cost to replace my Black Cat 50. The little economist in my brain is telling me there is little/no functional difference between refusing to sell a book for $10k and paying $10k for the book now....since either way you value the comic more than the money, but he can shut up. Experiencing the endowment effect is just part of being a good irrational collector. 

[sfcityduck]

15 minutes ago, october said:

The little economist in my brain is telling me there is little/no functional difference between refusing to sell a book for $10k and paying $10k for the book now....since either way you value the comic more than the money, but he can shut up. Experiencing the endowment effect is just part of being a good irrational collector. 

That's actually not at all true.

Not selling a book does not have anywhere near the same economic impact as buying a book.  When you don't sell a book, that just means you aren't obtaining a new infusion of cash.  When you buy a book, you are outlaying cash.  In the case of a $10K book, the economic difference between those two actions is a $20K swing.  To pretend that they are in any way the same economic choice is foolish.  You aren't "buying" a book when you choose to hold it - you are merely foregoing a cash infusion.

I know a guy who nets maybe $100K a year.  He has comics worth more than a $1M (multiples).  But, he lives a comfortable lifestyle.  He doesn't need a cash influx for anything.  So he feels no desire to sell any of his books.  If he sold a comic for $50K, his life would not change in any meaningful way.  But, if he bought a book for $50K, he'd be hurting.  He'd need to sell some of his comics to make ends meet.  

So holding is not in any way analogous to buying in any meaningful economic comparison.  

[october]

25 minutes ago, sfcityduck said:

That's actually not at all true.

Not selling a book does not have anywhere near the same economic impact as buying a book.  When you don't sell a book, that just means you aren't obtaining a new infusion of cash.  When you buy a book, you are outlaying cash.  In the case of a $10K book, the economic difference between those two actions is a $20K swing.  To pretend that they are in any way the same economic choice is foolish.  You aren't "buying" a book when you choose to hold it - you are merely foregoing a cash infusion.

I know a guy who nets maybe $100K a year.  He has comics worth more than a $1M (multiples).  But, he lives a comfortable lifestyle.  He doesn't need a cash influx for anything.  So he feels no desire to sell any of his books.  If he sold a comic for $50K, his life would not change in any meaningful way.  But, if he bought a book for $50K, he'd be hurting.  He'd need to sell some of his comics to make ends meet.  

So holding is not in any way analogous to buying in any meaningful economic comparison.  

Ok? So what? That's not the scenario I am talking about. I have $10k to spend, but I wouldn't spend it on a Black Cat because I think that's a crazy price. I own a Black Cat that I won't sell for $10k. That's the endowment effect. I own the Black Cat, but won't sell it for a ridiculous price that I wouldn't pay because of non-logical, emotional reasons. I value my Black Cat higher than $10k while every other Black Cat isn't worth that amount to me. 

Edited April 18, 2019 by october

[sfcityduck]

29 minutes ago, october said:

That's the endowment effect. I own the Black Cat, but won't sell it for a ridiculous price that I wouldn't pay because of non-logical, emotional reasons. I value my Black Cat higher than $10k while every other Black Cat isn't worth that amount to me. 

Is it that you value your Black Cat for more than $10K or you just don't need the money.  The fact you call $10K a ridiculous price that you wouldn't pay tells me that you really don't value Black Cat as more than $10K.    

In my experience, when guys need money, they will sell their comics.  Priorities change.  The issue is not that your price is $12K or $15K, its just that you don't need the money enough to want to sell.  

[october]

44 minutes ago, sfcityduck said:

Is it that you value your Black Cat for more than $10K or you just don't need the money.  The fact you call $10K a ridiculous price that you wouldn't pay tells me that you really don't value Black Cat as more than $10K.    

In my experience, when guys need money, they will sell their comics.  Priorities change.  The issue is not that your price is $12K or $15K, its just that you don't need the money enough to want to 

 If I don't care enough about the money to sell it, I also shouldn't care enough about the money to buy it.

[sfcityduck]

Fair enough.  

I sometimes see people argue that holding a book is the same as buying it.  The implication being that if you hold a book you are wasting away money.  I think that's terribly misguided.  I misunderstood and thought that was what you were saying.

[scooter99]

6 hours ago, october said:

Ok? So what? That's not the scenario I am talking about. I have $10k to spend, but I wouldn't spend it on a Black Cat because I think that's a crazy price. I own a Black Cat that I won't sell for $10k. That's the endowment effect. I own the Black Cat, but won't sell it for a ridiculous price that I wouldn't pay because of non-logical, emotional reasons. I value my Black Cat higher than $10k while every other Black Cat isn't worth that amount to me. 

What grade is your Black Cat 50? 

[Dr. Love]

Of course holding a book is the same as buying it, in terms of allocation of resources.  But the endowment effect is real, and we are not purely logical economic beings.  Where people on the board get their minds in a twist is often in relation to their cost basis in the book.

[woowoo]

I have a lot of money in this book and could never afford to do this a 2nd time

[bounty_coder]

On 3/2/2019 at 1:19 PM, Flex Mentallo said:

Sneaked this one out of a C'link auction for $350 ten years ago when Overstreet had it at $250. Not sure what I'd have to pay to replace it these days.

WW what an amazing copy FLEX