The Comic Book Speculation Boom: The dark age of comic collecting

A couple of weeks ago I was talking with a friend about helping out with a project related to this blog. During the conversation he asked me if I knew much about the worth of older comics. Specifically he has some Roy Thomas Conan comics from the 70s and he was wondering what they are worth. I told him I had no idea as I am not interested in the aftermarket, but that there are several price guide sites he could check out.

On top of that I got an email from a friend pointing me to an online auction for Action comics #1 (the original not the one from three months ago). The buzz is that this is the copy owned by Nic Cage. As of my writing this the bid is up to $1,306,000.00.

All this brings up memories of the speculator boom of the late 80s/early 90s. It’s the ghost of this boom that makes those unfamiliar think that any older comic book is worth something.

The consensus is that the boom started in 1985 with the release of four titles. Batman: the Dark Knight, Watchmen, Crisis on Infinite Earths and Secret Wars. All four titles were huge hits and together redefined comic books. They also gained a lot of mainstream attention. A lot of news stories at the time would always mention the worth of older comics like Action #1 or Detective comics #27. This prompted people to start collecting the successful books in hopes that they would gain worth over time. This led to other books at the time being collected in hopes that they too would gain worth.

This was an interesting theory but had a huge flaw. The books from the 30s and 40s were valuable due to their rarity. A lot of comics were donated to paper drives during World War II. And let’s face it everyone has heard stories of parents tossing out the comics as trash.

So a speculator market form books in the 80s was interesting but little should have come of it, except that the publishers started pandering to it.

If you were into comics between 1985 and 1993 it was inescapable. Books were released with variant covers.  There were covers with gimmicks like holograms, die-cut, embossing, and foil-stamps. Publishers would look for any excuse to launch a first issue. Back issues were selling like crazy. People were being multiple copies of the same issue.

Back then people in the comic book shop looked at me like I was crazy. I would buy one copy of an issue and then read it. Seriously I swear one guy nearly had a stroke once because I was ruining the resale value of the book by not immediately sealing it in a polybag.

And yes there were speculators who were making money. And how were they doing that? They were selling to other speculator. Here you should see the first flaw in the paradigm.

Who were those speculators going to sell to?

And the other flaw?

Oversaturation.

Publishers were printing titles that were selling over a million copies an issue.  Remember what I said about the rarity of the golden age books. That was not happening here.

And if four titles launched the boom, it was two storylines that took it down.

The Death of Superman and Knightfall.

These stories saw the Superman die and Batman crippled. Both were replaced by edgier successors. I and my fellow longtime comic fans were starting betting pools about how long it would take Clark Kent and Bruce Wayne to be restored and reclaim their mantles. However a lot of speculators were not longtime fans.

They saw these books as real changing of the guards and bought them in unprecedented numbers. And this was the killing blow, not the inevitable return of the heroes, but the oversaturation from people ordering so much and the publisher meeting demand. Speculators would try to sell them off and couldn’t because their target audience already had plenty of copies of their own. And with that the speculator bubble went pop.

It’s interesting to note that even though it was two DC stories that started the end of the boom DC does not get much of the blame. Most people heap much more blame on Marvel and Image as they were seen as the publishers that pandered the most to the speculators.

As the comic speculation market was collapsing a new speculation market was being created. It was the trading card game market. Magic: The Gathering was designed to be collectible. But there was a major difference. Not once did Wizards of the Coast pander to the speculator market. When I was working at WotC customer service and a customer called in asking about card value we had a standard response. “Wizards of the Coast does not concern itself with the aftermarket and makes no decisions based on it”.

And almost twenty years later there is still a healthy after market for Magic cards, with prices based on a cards value in tournament play more than anything.

What about the comic book aftermarket today? It is still there, driven primarily by sites like EBay and Craigslist.

Sadly you see some companies still trying to pander to it too. Go back and read my blog about the Flashpoint/Fear Itself controversy. What was Marvel offering for the destruction of DC books that were actually selling? A variant cover of Fear Itself.

Role-Playing and Urban Legends Part 2

In the last post, I said that urban legends have been a hobby of mine since I was 12. This has had its ups and downs.

When I was in my early twenties I worked as a clerk at a 7-11. A woman came in wanting to put up a flier warning about lick-on tattoos laced with LSD. It was a classic example of the Blue Star Tattoo legend. I took a flier and explained the legend. 

Let’s just say that both she and my manager were less then pleased.

But the real fun with urban legends started when I was working as a customer service representative at Wizards of the Coast.

I was hired by WotC in July of 1993, the same month they released Magic: the Gathering. So I was there for its early rush of success.

My day-to-day job was answering questions about our games. The majority of these questions were based on the rules to Magic: the Gathering; and later, after we bought TSR, Dungeons and Dragons. However, this was a job based on taking incoming phone calls, so anything could happen.

At some point my manager decided that one of us should be focused on any calls based on rumors about our games, like the ones based on the sources I cited in the last post.  Specifically he wanted a point person to deal with any question about our games being evil, satanic, or harmful. Basically, to deal with people who believed the urban legends.

In his wisdom, he decided I should be that person.  I guess my love of urban legends made me the ideal candidate.

Part of the fun of this new responsibility was that I got to have special training.

WotC flew out a Michael Stackpole to give me this training. You may remember Michael; as I mentioned him in the last post. If the industry had an expert in this field it was Michael.

I would like to believe that by the time I left WotC, thanks to Michael’s training and my own experiences, I was the industry’s second leading expert.

The method used to direct calls to me was pretty simple. The person who got the call would put the customer on hold and then yell out loud, “Jeff! Satan call!”

I ended up developing a lot of responses to that.

“Tell him I’m not here”

“Tell him it can never work out between us.”

 “Tell them we’re not in league with Satan. We’re in a bowling league with Satan. And do you know how hard it is for him to rent shoes?”

“Why don’t I ever get Shiva calls?”

You get the idea.

After that I would take the call and get to work.

Most of the calls and letters fit into two basic categories.

The first would go like this:

"What is this game based on?" I would be asked.

"Math, basic arithmetic and a little algebra." I would answer.

“What?” as I had clearly not given the expected answer.

“Well the game was developed by a math professor. If you take out all the art and flavor text what you are left with is a game mechanic that is based on mathematic principles.”

The other type would go like this

“Is this game based on the occult?”

“I’ll be honest with you; I doubt any of the game designers know anything about it. All the setting and art are based on western fantasy literature and most of that was derived from the work of a pair of English theologians who were writing Christian allegory,” I would answer. Of course, I was referring to J.R.R. Tolkien and C.S. Lewis.

Between these two sets of stock answers, I was able to field a good majority of those calls.

Of course, there were some real winners.

My personal favorite was a woman who called and as soon as I answered she went off:

"I am going to burn these cards my son bought."

"No ma’am, you don't want to burn them."

"No, I am going to burn them."

"No, please, shred them instead."

"What?"

"The cards are coated in plastic like poker card; if you burn them the smoke will be toxic. Shredding them will be much safer."

"Aren't you upset that I am going to destroy them?"

"Why would that upset me? We already have your money. The rest is an issue between you and your son."

My manager wanted to give me a stern talking to for that one, but he was laughing too hard.

Another one that always puzzled me was a bit of mail we received. It wasn’t a letter; it was a copy of the rule book found in Magic decks. Someone had written in Bible quotes on random pages. Well, not the quote - it would be Book, Chapter and Verse; it was up to me to look up the quotes. They were mostly from the Old Testament.  I could never really figure out what theme they were going for, since no two passages covered the same subject.

They did write one original thing on the back of the rulebook.

“I Pled the Blood of Christ on your company”

I still look at that and think that the word just seems off.

Then again it’s not like they took the time to write an actually letter.

The last one was a doozy that was still going on when I left WotC in 1997.

I got a call from the superintendent of a school district in upstate New York.

His story went like this. One of the schools in his district had allowed students to start up a Magic: The Gathering club. Everything was going fine until some parents had seen the cards and complained to the district. It was a fairly standard “These cards are Satanic” complaint. What was different was that one of the parents was a lawyer and she was preparing a ^t First Amendment law suit against the school.

I’m pretty sure you looked at that previous sentence and thought, “A First Amendment law suit? Why?”

This was her logic (so to speak): Since the game was so clearly Satanic in nature, allowing it to be played at school was promoting a religion, and thus violated the separation of church and state.

Honestly, if this was a work of fiction, I would have violated suspension of disbelief.

I spent time helping the superintendent understand the game, and even gave him examples of cards so that he could have the game looked at by a child psychologist. They found nothing wrong with the game, but the lawsuit went on. And from what I heard, it was going on as late as 2004.