Action Comics 1

wolf_2099 · Post by **wolf_2099** » Wed Nov 30, 2011 10:22 pm

Sold For $2 161 000.
Second best copy in existence, most expensive comic ever sold, by a lot.

It used to be Nicholas Cages copy that he bought for $100 000, but it was stolen several years ago along with the first appearance of Batman from his house.

It was recovered last year from a storage unit, and auctioned off by the insurance company.

http://www.comicconnect.com/bookDetail.php?id=432101

Thoughts?

MGM · Post by **MGM** » Thu Dec 01, 2011 1:21 am

Thougts is why didn't Cage get it back?

wolf_2099 · Post by **wolf_2099** » Thu Dec 01, 2011 1:34 am

I am told, insurance paid out, so they own the book.

There has to be a clause for stolen merchandise to be offered back exclusively to the seller.

The insurance company, after paying out, owns the recovered property, and probably saw that it would be more profitable to sell.

Cage's publicist has said he would like to have had it back, so something did not go right.

XIII · Post by **XIII** » Thu Dec 01, 2011 2:45 am

Where did you get the funding to bid $2,000,000 + ?

wolf_2099 · Post by **wolf_2099** » Thu Dec 01, 2011 3:38 am

I Pimped Wally. Hard. And for weird stuff.

Mr Wallstreet · Post by **Mr Wallstreet** » Thu Dec 01, 2011 8:13 am

Among performing other services I was briefly the concubine of a wealthy shiekh

wolf_2099 · Post by **wolf_2099** » Thu Dec 01, 2011 1:54 pm

Mr Wallstreet wrote:Among performing other services I was briefly the concubine of a wealthy shiekh

That only brought in about 200k.

It was Charlie Sheen paid for that really did it.

Stocky Boy · Post by **Stocky Boy** » Thu Dec 01, 2011 2:11 pm

Seems a bit unfair that when it's obvious you can in fact get your insured property back, that you can't just agree to exchange the insurance payout with the recovered item? I'm assuming Cage didn't have any liquidation problems at the time.

It almost seems like it's insurers insuring fraud. What covers you for instances when the insurer gives you a low quote to insure an item and then steals it from you, pays out the insurance and then 'recovers' the item and sells it off for a better price?

Anyway, $2mil. Damn! I guess Sheen isn't the only prick who's "winning".

wolf_2099 · Post by **wolf_2099** » Thu Dec 01, 2011 2:26 pm

Cage owes a shitload of money to the IRS right now. Millions.

So there could be something else going on here.

Everyones best guess is that Cage did not include the return to owner cluase in his insurance, which is common practice for things like artwork, but not so much comic books and other collectibles.

Stocky Boy · Post by **Stocky Boy** » Thu Dec 01, 2011 2:43 pm

wolf_2099 wrote:Cage owes a shitload of money to the IRS right now. Millions.

So there could be something else going on here.

Everyones best guess is that Cage did not include the return to owner cluase in his insurance, which is common practice for things like artwork, but not so much comic books and other collectibles.

And there we go!

I like when I think about a reasonable clause in a lawful practice that I'd expect to exist and then I learn a while later that it does in fact exist. Makes me feel better about the world - a little bit.

Man, how do actors like Cage end up oweing shed loads of money to the IRS? You'd think the first thing you do as a highly paid no talent is get an accountant to sort everything out. No tax evasion and an agreement to limt how much access you have to your own money on a monthly basis (for your own wild spending protection).

wolf_2099 · Post by **wolf_2099** » Thu Dec 01, 2011 2:54 pm

Stocky Boy wrote: Man, how do actors like Cage end up oweing shed loads of money to the IRS? You'd think the first thing you do as a highly paid no talent is get an accountant to sort everything out. No tax evasion and an agreement to limt how much access you have to your own money on a monthly basis (for your own wild spending protection).

You get an accountant to try and work it out to pay as little as possible, then later find out (or knew all along) what you were doing is illegal and you get screwed. Wesley Snipes did the same thing. You're pretty much funneling mioney off-shore, or earning money in a different country and not reporting it to the IRS.

It's no different than lots of people, just on a larger scale.

Mr Wallstreet · Post by **Mr Wallstreet** » Thu Dec 01, 2011 4:37 pm

Nic Cage's financial woes are due to 2 things: Real Estate and box office bombs.

Nic Cage, at one point owned an obscene amount of real estate; he owned villas and mansions in and out of the U.S, he even owned a castle at one point. Then the big real estate crash that began in 06 and took a turn for the worst in 09 happened and it took a big chunk out of hs fortune.

Cage then began starring in box office bomb after box office bomb. His poor movie performance resulted in lower salaries for future films which adversely effected his ability to pay the property tax on the ridiculous amount of real estate.

It's not all about shady accounting practices. Sometimes its just plain old incompetence.

XIII · Post by **XIII** » Fri Dec 02, 2011 2:35 am

It's a catch22 : he needs money so he'll accept any movie so he'll do ones that bomb so he'll get paid less money so he'll need more and accept any movie...

Stocky Boy · Post by **Stocky Boy** » Sat Dec 03, 2011 4:22 am

Yeah, I suppose it is a Catch22. However, one of his own making. Plus, if he were a better actor, he might find it easier to climb out of his mess.

It's always headthumpingly non-surprising this matter of people getting large pay cheques ending up with large debts. Instead of merely raising expenditure to a reasonable level, just below new outgoings, they go crazy and raise spending to well beyond their new means. Presumably thinking things like, "I'll just get a better film or do lots of films this year to pay for it all". That is just not sound thinking.

wolf_2099 · Post by **wolf_2099** » Sat Dec 03, 2011 4:54 am

The only catch is, buying real estate, was up until a few years ago, a really safe bet.