From The Scoop: Collecting from the Beginning - Steve Meyer
From the November 11 issue of Gemstone Publishing's The
Scoop:
While he has been known within a circle of collectors, Steve Meyer certainly put himself on the map for a larger audience earlier this year. On Thursday, May 5, 2005, he and comics retailer and historian Robert Beerbohm visited Diamond International Galleries to complete a major sale in which Meyer purchased one of Beerbohm's two copies of oldest known American comic book, The Adventures of Obadiah Oldbuck, for a record price of $20,000.
He didn't start out as one of the top collectors of Victorian Age comics, though. Born in July 1965 in Baltimore, Maryland, Meyer started out like many other collectors.... Something just grabbed him. In his case, at age 12, it was the Marvel Super Special featuring Kiss.
“Not because I had the vision to be a collector, but because back then I loved everything Kiss,” he said. “I got that book when I first heard about it thru being a member of the Kiss Fan Club, and probably bought it from Geppi's Comic World here in Baltimore.”
But comics didn't stick with him right away. It wasn't until some years later that he really got started.
When I got into the market in 1992, I was serious from day 1 about learning everything I could, and have taken it seriously ever since. I first started buying books in the $50 range, and then $250, etc. As my knowledge and confidence grew, so did my budget for each book. I'm sure that this trend will continue, and my present max comfort level is about $25,000.
Like many collectors, I started buying low to mid grade silver age books. Amazing Fantasy #15 in G/VG condition was my first memorable key purchase. That led to buying Incredible Hulk #1, Adventure Comics #247, Superman's Pal Jimmy Olsen #1, Showcase #4, and so on.
I went through a 13-year long trek as a collector to get to the place where I am now, which I would refer to as “sitting at the grown ups table.” I am now buying books in the $5,000 - $25,000 range, with great confidence in what I invest in, and the market that I focus on, which is historically important Victorian Age and Platinum Age keys. It has been a long journey to get to this point, and along the way I have switched my focus several times, not really knowing what my true calling was as a collector until the past few years.
It was very troubling to love comics, but not know how I fit into the grand scheme of things. Now when I wake up, and put my “comic collector” hat on, I know exactly who I am, what I want, and where I'm headed, and it's a great feeling! I had previously focused on Silver Age keys, Silver Age non-keys, promotional comics, unlisted comics, Golden Age non-keys, and even had a phase of buying low grade Silver Age keys and restoring them.....something I'm firmly against now, and almost can't believe I did in the past! As I dove into different areas of the comic marketplace, I didn't realize it at the time, but I was learning valuable lessons that have helped me tremendously as a collector and investor.
For example, it has literally taken me a solid 10+ years to become extremely confident and competent with grading, knowing the difference between an F/VF and a VF-, or knowing how a few transverse spine stress lines can effect the overall grade of an otherwise NM+. Looking at a book and completely ignoring what the seller claims its grade to be, and coming to my own conclusion within 45 seconds, and making an offer accordingly. You really have to pay your dues before good things start to happen for you, just like in many other areas of life.
When I first entered the comics market, the condition variables is what really did it for me. My baseball cards were small flat single pieces of cardboard. With comics you have the covers, the interior pages, the staples, the spine, the interior page color, the corners, the edges, the cover reflectivity...so many things that can get messed up, making a true 9.4 NM book a wonderful and rare find. Now what excites me is the hunt and the chase. Looking for and finding that rare mega-key 150-year-old comic, which is extremely historically important, with only a handful in existence, and I have to make up my own pricing because there are no known previous sales... Now that's exciting!
As I was diving deeper and deeper into the market over the past 13 years, and read every year's edition of The Overstreet Comic Book Price Guide from cover to cover many times over, I noticed something that didn't make sense, and the more I explored it, the more it baffled me. Action Comics #1 in mid-grade is a $100,000+ book, Amazing Fantasy #15 in high grade is a $100,000+ book, and The Adventures of Obadiah Oldbuck, America's first comic book, 163 years old, much rarer than 2 the book referenced above, has a high Guide price of only $4,500. Wow! What is happening here?
And the answer is, I am completely convinced that the entire Platinum Age and Victorian Age market is grossly undervalued, and due for a major price correction in the very near future. As an investor, once this realization hit home, that was it for me. I am going to buy up every key book from this 95 year period I can possibly afford and find, and there will be a day in my lifetime when this vision becomes true, and today's $10,000 Platinum Age key will be tomorrow's $100,000 rare and high demand treasure. Obadiah Oldbuck is tomorrows Action Comics #1, and Comic Monthly #1 by Embee is tomorrow's Famous Funnies Series 1!
In order of historical importance, and therefore desirability, here are my personal top 5:
1. Adventures of Obadiah Oldbuck / Brother Jonathan Sept. 14, 1842
2. Yellow Kid in McFadden's Flats 1897
3. Detective Dan Secret Op #48 / Humor 1933
4. The Funnies #1 / Dell 1929
5. Comic Monthly #1 / Embee 1922
There are some people who argue that the early pre-1930s comic books are not comics. I think these people should look up the definition of a “comic book,” and then tell me how the 1930s comics are really comics, but earlier issues are not. This is an absurd argument.
You can't ignore the 95 years that make up the Victorian and Platinum Age, and tell me that Famous Funnies #1 is the first comic book. If that's the case, then what is Obadiah Oldbuck from 1842? A figment of my imagination?
All markets have their early eras which require research and dedication to seek out and own the rare first issues that started it all. These early treasures may not be mainstream blue chip investments initially, but history will reveal itself at some point in every collectibles market, and the focus will turn to these type of very rare and important finds that helped form and create the lucrative markets of today. Look at the frenzy over the Titanic, and its artifacts that come up for auction from time to time. I'm sure there is ship sinking right now somewhere in the world, but you don't see James Cameron rushing there with a film crew, and people diving to get a dinner plate thinking it's suddenly worth $5,000. The farther in the past the Titanic tragedy occurred, so grows the demand for and the prices of its relics.
My May 2005 purchase of Obadiah Oldbuck (and subsequent purchases) stem from this. Right when Bob was considering selling this great and rare book, I was positioning myself to be one of the top buyers in the country for that exact book...it was a perfect match. He knew how historically important, rare, and undervalued and under-appreciated this book was, so I had to be aggressive with my offer, and Bob and I took about a week to strike a deal.
The Overstreet Comic Book Price Guide lists this book as “very rare,” defined as 10 or less copies thought to exist. I believe from all my research that realistically only 6 to 9 copies of this book exist, with the actual number probably closer to 6 than 9.
I don't want to be too specific about my want list and create even more people looking for what I am, but I will say that there are three other known copies of Obadiah Oldbuck, and I want those three books! I also am very seriously looking for a copy of Yellow Kid in McFadden's Flats, and Detective Dan Secret Op #48 (just to name a few).
By far the most rewarding aspect of comic collecting for me is knowing what I want, knowing it exists, and looking forward to adding it to my collection. Equally as rewarding is my anticipation of the growth in values and interest in the Victorian Age and Platinum Age markets, and watching it become a reality. Seeing Obadiah Oldbuck become a $200,000 book, instead of $20,000. Seeing the Guide full of advertisers with want ads for the Yellow Kid, and not just Batman and Green Lantern. The reward is psychological...it is the vision, the hope, the possibilities!
My advice is that you must spend time educating yourself before you spend any money on investing. Buy a The Overstreet Comic Book Price Guide, Gerber's Photo-Journals, and sign up to become a member of Heritage Auctions so you can view their 100,000+ previous sales which include great photos and descriptions. Attend a large comic-con and talk with dealers and collectors you run into. Ask a lot of questions. You must understand the basics of grading, supply and demand, restoration, CGC grading services, comic book history, and the difference between reputable and disreputable dealers. Early on you should find a high demand niche that you like within the marketplace and stick with it. Have a purpose and a focus to your collection. Don't be like me and think you have a crystal ball and can view the future if you are new to the comic world. What I do requires a tremendous amount of research and market experience, combined with some calculated risks and future forecasting. Don't go spending $20,000 on a copy of Obadiah Oldbuck, if you can't even pronounce his name! Start with an un-restored CGC-graded 8.0 Showcase #22 with off-white pages, and see where it leads you.
• Produced for the benefit of all who enjoy the hobby of collecting, Gemstone Publishing's The Scoop is available free of charge to anyone who wishes to receive it. To view the latest edition, or to sign up, visit The Scoop online by at http://scoop.diamondgalleries.com.
While he has been known within a circle of collectors, Steve Meyer certainly put himself on the map for a larger audience earlier this year. On Thursday, May 5, 2005, he and comics retailer and historian Robert Beerbohm visited Diamond International Galleries to complete a major sale in which Meyer purchased one of Beerbohm's two copies of oldest known American comic book, The Adventures of Obadiah Oldbuck, for a record price of $20,000.
He didn't start out as one of the top collectors of Victorian Age comics, though. Born in July 1965 in Baltimore, Maryland, Meyer started out like many other collectors.... Something just grabbed him. In his case, at age 12, it was the Marvel Super Special featuring Kiss.
“Not because I had the vision to be a collector, but because back then I loved everything Kiss,” he said. “I got that book when I first heard about it thru being a member of the Kiss Fan Club, and probably bought it from Geppi's Comic World here in Baltimore.”
But comics didn't stick with him right away. It wasn't until some years later that he really got started.
When I got into the market in 1992, I was serious from day 1 about learning everything I could, and have taken it seriously ever since. I first started buying books in the $50 range, and then $250, etc. As my knowledge and confidence grew, so did my budget for each book. I'm sure that this trend will continue, and my present max comfort level is about $25,000.
Like many collectors, I started buying low to mid grade silver age books. Amazing Fantasy #15 in G/VG condition was my first memorable key purchase. That led to buying Incredible Hulk #1, Adventure Comics #247, Superman's Pal Jimmy Olsen #1, Showcase #4, and so on.
I went through a 13-year long trek as a collector to get to the place where I am now, which I would refer to as “sitting at the grown ups table.” I am now buying books in the $5,000 - $25,000 range, with great confidence in what I invest in, and the market that I focus on, which is historically important Victorian Age and Platinum Age keys. It has been a long journey to get to this point, and along the way I have switched my focus several times, not really knowing what my true calling was as a collector until the past few years.
It was very troubling to love comics, but not know how I fit into the grand scheme of things. Now when I wake up, and put my “comic collector” hat on, I know exactly who I am, what I want, and where I'm headed, and it's a great feeling! I had previously focused on Silver Age keys, Silver Age non-keys, promotional comics, unlisted comics, Golden Age non-keys, and even had a phase of buying low grade Silver Age keys and restoring them.....something I'm firmly against now, and almost can't believe I did in the past! As I dove into different areas of the comic marketplace, I didn't realize it at the time, but I was learning valuable lessons that have helped me tremendously as a collector and investor.
For example, it has literally taken me a solid 10+ years to become extremely confident and competent with grading, knowing the difference between an F/VF and a VF-, or knowing how a few transverse spine stress lines can effect the overall grade of an otherwise NM+. Looking at a book and completely ignoring what the seller claims its grade to be, and coming to my own conclusion within 45 seconds, and making an offer accordingly. You really have to pay your dues before good things start to happen for you, just like in many other areas of life.
When I first entered the comics market, the condition variables is what really did it for me. My baseball cards were small flat single pieces of cardboard. With comics you have the covers, the interior pages, the staples, the spine, the interior page color, the corners, the edges, the cover reflectivity...so many things that can get messed up, making a true 9.4 NM book a wonderful and rare find. Now what excites me is the hunt and the chase. Looking for and finding that rare mega-key 150-year-old comic, which is extremely historically important, with only a handful in existence, and I have to make up my own pricing because there are no known previous sales... Now that's exciting!
As I was diving deeper and deeper into the market over the past 13 years, and read every year's edition of The Overstreet Comic Book Price Guide from cover to cover many times over, I noticed something that didn't make sense, and the more I explored it, the more it baffled me. Action Comics #1 in mid-grade is a $100,000+ book, Amazing Fantasy #15 in high grade is a $100,000+ book, and The Adventures of Obadiah Oldbuck, America's first comic book, 163 years old, much rarer than 2 the book referenced above, has a high Guide price of only $4,500. Wow! What is happening here?
And the answer is, I am completely convinced that the entire Platinum Age and Victorian Age market is grossly undervalued, and due for a major price correction in the very near future. As an investor, once this realization hit home, that was it for me. I am going to buy up every key book from this 95 year period I can possibly afford and find, and there will be a day in my lifetime when this vision becomes true, and today's $10,000 Platinum Age key will be tomorrow's $100,000 rare and high demand treasure. Obadiah Oldbuck is tomorrows Action Comics #1, and Comic Monthly #1 by Embee is tomorrow's Famous Funnies Series 1!
In order of historical importance, and therefore desirability, here are my personal top 5:
1. Adventures of Obadiah Oldbuck / Brother Jonathan Sept. 14, 1842
2. Yellow Kid in McFadden's Flats 1897
3. Detective Dan Secret Op #48 / Humor 1933
4. The Funnies #1 / Dell 1929
5. Comic Monthly #1 / Embee 1922
There are some people who argue that the early pre-1930s comic books are not comics. I think these people should look up the definition of a “comic book,” and then tell me how the 1930s comics are really comics, but earlier issues are not. This is an absurd argument.
You can't ignore the 95 years that make up the Victorian and Platinum Age, and tell me that Famous Funnies #1 is the first comic book. If that's the case, then what is Obadiah Oldbuck from 1842? A figment of my imagination?
All markets have their early eras which require research and dedication to seek out and own the rare first issues that started it all. These early treasures may not be mainstream blue chip investments initially, but history will reveal itself at some point in every collectibles market, and the focus will turn to these type of very rare and important finds that helped form and create the lucrative markets of today. Look at the frenzy over the Titanic, and its artifacts that come up for auction from time to time. I'm sure there is ship sinking right now somewhere in the world, but you don't see James Cameron rushing there with a film crew, and people diving to get a dinner plate thinking it's suddenly worth $5,000. The farther in the past the Titanic tragedy occurred, so grows the demand for and the prices of its relics.
My May 2005 purchase of Obadiah Oldbuck (and subsequent purchases) stem from this. Right when Bob was considering selling this great and rare book, I was positioning myself to be one of the top buyers in the country for that exact book...it was a perfect match. He knew how historically important, rare, and undervalued and under-appreciated this book was, so I had to be aggressive with my offer, and Bob and I took about a week to strike a deal.
The Overstreet Comic Book Price Guide lists this book as “very rare,” defined as 10 or less copies thought to exist. I believe from all my research that realistically only 6 to 9 copies of this book exist, with the actual number probably closer to 6 than 9.
I don't want to be too specific about my want list and create even more people looking for what I am, but I will say that there are three other known copies of Obadiah Oldbuck, and I want those three books! I also am very seriously looking for a copy of Yellow Kid in McFadden's Flats, and Detective Dan Secret Op #48 (just to name a few).
By far the most rewarding aspect of comic collecting for me is knowing what I want, knowing it exists, and looking forward to adding it to my collection. Equally as rewarding is my anticipation of the growth in values and interest in the Victorian Age and Platinum Age markets, and watching it become a reality. Seeing Obadiah Oldbuck become a $200,000 book, instead of $20,000. Seeing the Guide full of advertisers with want ads for the Yellow Kid, and not just Batman and Green Lantern. The reward is psychological...it is the vision, the hope, the possibilities!
My advice is that you must spend time educating yourself before you spend any money on investing. Buy a The Overstreet Comic Book Price Guide, Gerber's Photo-Journals, and sign up to become a member of Heritage Auctions so you can view their 100,000+ previous sales which include great photos and descriptions. Attend a large comic-con and talk with dealers and collectors you run into. Ask a lot of questions. You must understand the basics of grading, supply and demand, restoration, CGC grading services, comic book history, and the difference between reputable and disreputable dealers. Early on you should find a high demand niche that you like within the marketplace and stick with it. Have a purpose and a focus to your collection. Don't be like me and think you have a crystal ball and can view the future if you are new to the comic world. What I do requires a tremendous amount of research and market experience, combined with some calculated risks and future forecasting. Don't go spending $20,000 on a copy of Obadiah Oldbuck, if you can't even pronounce his name! Start with an un-restored CGC-graded 8.0 Showcase #22 with off-white pages, and see where it leads you.
• Produced for the benefit of all who enjoy the hobby of collecting, Gemstone Publishing's The Scoop is available free of charge to anyone who wishes to receive it. To view the latest edition, or to sign up, visit The Scoop online by at http://scoop.diamondgalleries.com.
