> >I agree David... this sale will garner majormedia attention and since its promted by Heritage it will be sure to get the best that the poster market will offer, surely Investors will clamor on this title as it will get much publicity.. its too bad people have to lose.. im not sure about what happened however ive noted that in the HIGH end collectables arena that so much deception and misrepresentation seems to exsist or at least get media coverage.. perhaps its just as prevalent in the smaller areas also... as in reprints etc... however many people simply make mistakes.. I was thinking today about the demographics of posters and thought really Bruce and Rich have a large market and I bet the typical buyer makes under the 200K wages, and perhaps 5% are in the leauge ofbuying 500K posters ... so that leads me to think that Heritage and several other auction houses are best to sell the high end as thye have excellent display and security aspects, also insured and have venues with high exposure... yet the costs to stage that type sale are also high end... but in the long run worth it IMHO..
still there are finds in small towns and dealers that croak orcollectors that croak or go bust so many of the poster can surface in such unique ways... the biggest part seems to be to watch out for counterfeit items or stolen items or the legal burdens of who owns what as in this recent case... still the poster Hobby seems healthy as the memorabilia is also.. just seems to be changing with tastes and the younger people dont seem to be wanting to spend money on such things... which I respect as they seem to be discovering a return to familys, babies and living within means.. Bravo... To the speculators.... well there will always be collections for sale.. it always comes back around.somtimes at a better price too.. like the housing market seems to be finally... now ifwe can all just keep jobs and working maybe we can all get balance... > >---- Original Message ---- >From: [email protected] >To: [email protected] >Subject: Re: [MOPO] "Metropolis" Poster's Troubles Featured in the >Hollywood Reporter >Date: Sat, 23 Jun 2012 15:56:40 -0700 > >> >>I think "Metropolis" will be sold by Heritage with NO RESERVE and >will generate a lot of advance publicity in the months ahead. Why? >Because the bankruptcy trustee will demand whatever the market will >bear. If Heritage, for argument's sake, wanted to post a reserve or >offer a "guarantee" - or even buy the poster outright for, let's say, >$500,000 for a future sale - I think the trustee would say no. The >trustee is the "consignor" in this case, bound by law. Why would the >trustee accept $500,000 - or ANY price - when there's a potential >upside to get more than that? One never knows. Remember, I could be >wrong, but I seem to recall this poster was once listed on Kenny's >and Peter's old defunct site for around $2 million, a "fishing price" >just thrown out there for the right millionaire with money to spend. > >> >>It's not a happy situation for Kenny, but when was the last time a >high ticket, nearly one-of-a-kind poster like this - was offered on >the open market with NO RESERVE? Under normal circumstances, >Heritage would insist on a reserve or desire to buy it outright as an >investment for whatever price the market would bear, whatever Texas >laws would allow. But that would be a little odd because there's no >doubt Heritage would want to capture the most dollars NOW - in >relation to its planned big-budget marketing of this poster. This is >big-time news for the hobby. -d. >> >>Date: Sun, 24 Jun 2012 08:14:31 +1000 >>From: [email protected] >>Subject: Re: "Metropolis" Poster's Troubles Featured in the >Hollywood Reporter >>To: [email protected] >> >> >> >> >> >> >>........he estimates its value at just $250,000, a >>number most observers view as comically low. High-end estimates put >the >>value of the poster at more than $1 million, which would make it the >first >>poster to cross that barrier in a public sale. Conversely, a sale at > >>Schacter's low estimate of $250,000 or even any number below >$690,000 would >>represent a softening of the poster market at a time when other >collectibles >>such as movie props and rare comics are selling for record >>amounts. >> >>If this poster is to be sold as part of a "liquidation >>sale" presumably with no reserve, the "comically low" estimate of >$250,000.00 >>might be not far off the mark. >> >>Regards >>John >> >> >> >> ----- Original Message ----- >> From: >> David Kusumoto >> To: [email protected] >> >> Sent: Sunday, June 24, 2012 7:58 AM >> Subject: [MOPO] "Metropolis" Poster's >> Troubles Featured in the Hollywood Reporter >> >> >> >> >> >> >> I'm >> not surprised that the "splash" publicity surrounding the infamous > >> "Metropolis" 3-sheet - and its brief offering for sale for >$850,000 before it >> was suddenly pulled from Sean and Peter's MoviePosterExchange site >- could >> lead to to more stories, albeit nearly four months later. There >are many >> interesting things in the article below that - while NOT NEW to >hobbyists - >> are still "new news" to the rest of the world. I find it >intriguing that >> The Hollywood Reporter boldly takes credit - asserting media >publicity about >> the poster - and the publication of its own story in March 2012 - >led to its >> seizure by federal authorities. The update below cuts through the >tedium >> of going through reams of court documents posted elsewhere. I now >wonder >> if editors at other news organizations - might "piggy-back" or >"copy-cat" the >> Hollywood Reporter - with updated stories of their own. -d. >> >>World's >> Most Expensive Movie Poster Seized in Bankruptcy CaseOne of four >surviving "Metropolis" >> posters along with valuable "King Kong" and "Invisible Man" >posters will be >> sold as part of a liquidation auction. >> 12:01 >> PM PDT 6/22/2012 by Andy Lewis >> A >> rare and coveted Metropolis movie poster -- one of >> only four known surviving copies from the 1927 silent classic -- >has been >> seized as part of a Chapter 7 liquidation bankruptcy case >involving its owner >> Kenneth Schacter, >> a well-known collector. The poster will be auctioned off soon. >> The case is being >> overseen by the U.S. Bankruptcy Court in Los Angeles, with John >Menchaca serving as the >> bankruptcy trustee. >> The historical >> importance of the Fritz >> Lang-helmed movie and the rarity and beautiful art deco design of >> the Metropolis poster >> combine to make it “the crown jewel of the poster world," >according to >> Sean Linkenback, >> a well-known poster dealer. (See the full poster below.) >> The poster had been >> offered for sale in March for $850,000 by >> Movieposterexchange.com. >> >> >> Estimates >> vary as to what it would fetch on the open market. >> Schacter >> paid a still-record $690,000 for it in 2005. >> In the bankruptcy filing, >> he estimates its value at just $250,000, a number most observers >view as >> comically low. >> >> >> High-end >> estimates put the value of the poster at more than $1 million, >which would >> make it the first poster to cross that barrier in a public sale. >> >> Conversely, >> a sale at Schacter's low estimate of $250,000 or even any number >below >> $690,000 would represent a softening of the poster market at a >time when other >> collectibles such as movie props and rare comics are selling for >record >> amounts. >> >> Other key items in Schacter's collection include a King Kong >poster from 1933, which >> is considered by experts to be nearly as valuable as the >Metropolis poster, and a 1933 >> one-sheet teaser from The Invisible >> Man. >> >> >> The >> total collection could be worth as much as $5 million, according >to court >> filings, but the exact value is uncertain because Schacter has >ignored court >> orders to provide a full and complete inventory. >> It was THR's reporting about the poster being offered for sale >that >> pushed Schacter from a Chapter 11 reorganization bankruptcy to a >Chapter 7 >> liquidation bankruptcy. >> >> >> Schacter >> had filed for bankruptcy protection on Dec. 12 to avoid a judgment >over a >> roughly $500,000 loan from Robert Mannheim, an investor >> who provided money for Schacter to invest in posters to sell for a > >> profit. >> >> When Mannheim learned about the possible Metropolis sale via Movie >Poster >> Exchange, it reinforced his belief that Schacter was trying to >conceal assets >> to avoid repayment. >> >> >> (The >> owners of Movie Poster Exchange were unaware of the bankruptcy >case when >> Schacter consigned the poster to them for sale and immediately >withdrew it >> from the site when they learned of the dispute.) >> Mannheim filed a >> motion to force a conversion to a Chapter 7, which the court >granted March 12, >> concluding that Schacter had indeed abused the Chapter 11 process >by failing >> to disclose his full inventory or complete financial assets. >> Schacter was >> required to immediately turn over his entire collection to a >court-appointed >> bankruptcy trustee, which he failed to do. >> >> >> On >> May 16, the court found Schacter in contempt, ordering him to >submit a list of >> his holdings by May 31 or face a $2,000-a-week contempt fine. >> Schacter submitted >> an inventory of his collection, but the bankruptcy trustee still >is trying to >> assess whether it represents his full and total holdings at the >time he filed >> for bankruptcy (to account for any sales he may have >surreptitiously made >> after filing). >> >> >> The >> trustee is in possession of the Metropolis, King Kong and >Invisible Man posters but only >> has a list of many of the other items. >> Once the inventory >> investigation is complete and creditors have submitted timely >claims, the >> bankruptcy trustee intends to hold a liquidation auction. >> If >> the court approves the request, the trustee is likely to use >Heritage >> Auctions, one of the largest auctioneers of movie posters, to >conduct the >> liquidation sale. >> >> Given the size of the Schacter's collection, Heritage might >auction it >> in waves, but no final decision has been made. >> The liquidation is expected to >> begin before the end of 2012, but the exact date is dependent on >the speed of >> the inventory assessment and the court's ruling on the application >to conduct >> the sale. >> >> >> Visit the MoPo Mailing List Web Site at www.filmfan.com >> >___________________________________________________________________ >> How to UNSUBSCRIBE from the MoPo Mailing List >> >> Send a message addressed to: [email protected] >> In the BODY of your message type: SIGNOFF MOPO-L >> >> The author of this message is solely responsible for its content >. >> >> Visit the MoPo Mailing List Web Site at www.filmfan.com ___________________________________________________________________ How to UNSUBSCRIBE from the MoPo Mailing List Send a message addressed to: [email protected] In the BODY of your message type: SIGNOFF MOPO-L The author of this message is solely responsible for its content.
