Note that price increases were just about inline with inflation until sometime in 1976.Inflation Issue Cover Justified Price Price Mar-62 3 $0.12 $0.12 Jan-69 82 $0.12 $0.15 Jan-71 106 $0.15 $0.16 Jan-74 142 $0.20 $0.20 Jan-76 166 $0.25 $0.23 Jan-77 178 $0.30 $0.24 Jan-79 202 $0.35 $0.29 Jan-80 214 $0.40 $0.33 Jan-81 226 $0.50 $0.37 Jan-85 274 $0.60 $0.43 Jan-86 286 $0.65 $0.44 Jan-89 322 $0.75 $0.50 Jan-92 360 $1.00 $0.56 Jan-94 384 $1.25 $0.60 Jan-96 408 $1.50 $0.63 Jan-00 $1.99 $0.69 v3 25 (actual price 2.99) Jan-04 507 $2.25 $0.76 Jan-05 520 $2.99 $0.78 Jan-06 533 $2.99 $0.81 Jan-07 543 $2.99 $0.83 Jan-08 551 $2.99 $0.87
On the flight back home from New York, I had to wrestle with a severe moral dilemma. This huge accumulation of old comics was clearly something I desperately needed in order to validate the entire back issue mail order business I had built with the proceeds of the Edgar Church collection. The price was right, and I believed I could raise the money for the down payment, but I was still very conflicted about whether I should buy the deal. The reason for my hesitance was that I strongly believed that the books were very likely affidavit returns, and I had made it a personal policy up to that point to never deal in such books.Chuck puts most of the blame for the 80s/90s decline of the industry on the head of Ronald O. Perelman, the former owner of Marvel Comics (plus a lot of other businesses he later "flipped").
To explain, affidavit returns are comics which were originally sent to certain very powerful newsstand distributors on what is known as a "sale or return" basis. These comics were ostensibly put out for sale by these distributors, didn't sell within the allotted 30-day sales period, and were then pulled back off the newsstand and replaced by new issues. As a part of the contract that the publishers make with the newsstand distributors, all unsold newsstand issues were then supposed to be destroyed. In fact, most distributors are required to "strip" the covers (or the top third of the covers) off all unsold issues, and mail them to the publishers as proof of destruction.
Where this system went totally wrong was when certain very large distributors were able to make arrangements to simply send in notarized affidavits of destruction, rather than actual stripped covers. Books that were then supposedly destroyed were simply shipped out with a willing trash hauler, who then sold them into the secondary market, and split the money with the distributor. Joe Brancatelli wrote a wonderful expose of this practice in his short-lived INSIDE COMICS newspaper, back in about 1980. If I remember the details of Joe's story correctly, the FBI investigated the entire newsstand distribution system at that time, and there were indictments of certain players. It was strongly implied that the FBI believed that this entire process was all being run by elements of organized crime.
Our receptionist buzzed me one day in early March, 1985, with the very strange message that there was a man on the phone who wanted to sell me 2 million comics. If I received this same message today, it would be no big deal, as there are several bulk comics dealers who today might be able to claim that they have 2 million books in stock. In 1985, however, that was a quantity equal to our entire inventory, which was probably the largest in the country. In addition, today's bulk brokers would have in stock mostly from 1992-1994, which are practically impossible to sell. In 1985, with the Direct Market still in its infancy, there were almost no unsaleable back issues. If this guy really did have two million back issue comics, it was imperative that I figure out some way to buy them.Not just anybody can pull together $200,000 overnight to spend on comic books, especially back in 1985. So while the deal was heavily in his favor, he didn't do anything immoral just by buying them.
[...]
When the seller first pulled the chain on that single light bulb, and the resulting dim illumination lit up that cavernous room filled six feet deep in comic books, I was genuinely stunned. My general experience had been that most comics dealers have no clue as to what a million comics entails. Over and over again I've gone to look at collections that supposedly contain"A Million (!)" comics, only to find actually find only a small fraction of that number. In this case, however, I really was looking at well over a million comics.
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posted by nathancaswell at 10:22 AM on February 21, 2010 [7 favorites]