Reading vs Speculating vs Collecting.

Without me really being aware, speculation has re-entered the comic market.

When I started at Pegasus Books 39 years ago, a big part of buying comics was expecting some of them to go up in value. I wasn't able to shed that impression until the big collapse in the mid-nineties. I looked around the wreckage and realized that the only people still buying comics were those who were buying them to read.

I came up with a mantra: "Readers keep reading, speculators always quit."

There is a middle ground, what I call "collectors." They buy comics to read mostly, but also harbor the secret ambition to have a very cool collection. What I've noticed though is that they are usually not surprised that their comics aren't worth big bucks. It seems perfectly valid to me to want to be a completest and to keep your comics in good shape and to pass them along.

Anyway, after the big collapse of the mid-nineties, which wiped three-quarters of all comics shops, a bunch of publishers, and all but one of the distributors, I decided I would cater to readers only. I wouldn't pay any attention to the after-market. Collecting is what happens after they leave the store.

I personally don't believe that speculation is winnable. There are just too many variables and by the time you add up the work and time, it probably is a net loss. There is theoretical value in some things, but it's very tricky realizing that value.

Another phrase I coined: "Antiques Roadshow has a lot to answer for."

By making this choice, I emphasized the importance of graphic novels and collections. Occasionally, for number ones and perhaps significant issues, I might have bumped up the after-price a couple bucks here and there, but even that faded over time.

We became what I call a "retail" store. Whenever anyone asked for discounts, we'd just say, "Everything in the store is retail." That is, we don't lower or raise prices, but go mostly with suggested retail price. The only exceptions, really, are toys which have such low margins that we usually have to bump them up a little. And we offer a volume discount on magic cards--because we have to.

Our market has become self-selecting. Those who don't like our terms don't come back, but those who stay are solid. From there we built our inventory to the point where it became more or less self-sustaining.

Anyway, over the last decade or so, all the bad habits of publishers have come back: shiny gimmicky covers, stunts, cross-overs, endless number ones, and most egregious of all, variant covers.

We simply haven't played along. We've continue to buy for readers and whatever was available to us at regular prices, we would order.

Turns out that during this time, speculation was becoming a thing. (My not knowing this is a function of me not working everyday.) Apparently, websites have popped up touting certain issues as "valuable." Even more to my dismay, many of my fellow comic retailers are playing along.

I think this is really bad idea. I don't trust some of these websites not to be pump and dump operations, for instance. And I think when these speculators find out they can't actually sell their comics for what the websites are claiming, they'll flat quit--again.

At the same time, I don't want people who aren't regular readers to come into my store and strip me of these supposedly "valuable" comics--if for no other reason than it deprives my own regulars.

What to do?

We've already put in a policy of no more than two of the same issue for any one buyer.

If I was working the store everyday, I'd probably put some effort into figuring out what comics are "hot" and set aside a few issues from my regulars. If the regulars don't snag them, I might bump them up a few dollars.

But I've so indoctrinated my longterm manager Sabrina on the dangers of speculation that she simply refuses to countenance it.

I'm so proud. Really, she was listening!

And she's right, bless her.

I'm not sure if it is coincidental or not, but monthly comics have been falling for the same two years or so. Not just for us, but for most everyone.

When that started happening, we had a choice. We could dive back into researching comics, figuring out the problems, doing the heavy lifting that might help ameliorate the problem.

Or we could let comics find their own level, without catering to the speculators, and double down on the reading aspects of graphic novels.

We chose the latter, and it has worked out really well. Our graphic novels sales are increasing steadily, compensating for the comics--and whatever we're missing by not catering to speculators.

We're doing the right thing and doing well by it. Phew.