July 3, 2012
By: John Clark
One of only four surviving copies of the iconic poster for the 1927 movie “Metropolis” will soon be auctioned off in a Chapter 7 bankruptcy liquidation sale , according to a report from The Hollywood Reporter.
Sources describe the poster as “rare and coveted” due to its link to the classic silent film, which was a landmark movie thanks to its direction by Fritz Lang and its stunning incorporation of art deco designs.
The poster itself is a testament to classic art deco design, which is why Sean Linkenback, a famous poster dealer, describes the poster up for sale in bankruptcy court as “the crown jewel of the poster world.”
And the poster’s importance is supported by its estimated value, which is listed by some outlets as approaching one million dollars. Kenneth Schacter, a well-known art collector who apparently met the requirements set forth in the Chapter 7 means test, reportedly purchased the poster in 2005 for a staggering $690,000, but the poster may now be worth more.
This March, one website listed the value of the poster at $850,000, while other collectors estimate that the poster could fetch more than a million dollars during an auction. No movie poster has ever sold for that sum, according to sources.
And industry observers believe that the poster could sell for a record price given the current state of the market for other collectibles like movie props and rare comics, both of which are selling for record amounts at auctions across the country.
Oddly, though, Schacter may have severely underestimated the value of his poster in his bankruptcy filing, as he reportedly claimed that it is worth only $250,000. Most art collectors believe this estimate is absurdly low.
Schacter’s financial troubles started a few months ago when he defaulted on a $500,000 loan from a wealthy art collector who wanted Schacter to invest in movie posters and sell them for a profit.
In order to avoid a judgment related to this unpaid loan, Schacter opted to sell some of his pricey pieces of movie memorabilia in a Chapter 7 liquidation sale.
Other interesting pieces in his collection include a “King Kong” poster from 1933, which may be just as valuable as the “Metropolis” poster, and an original advertisement for the 1933 film “The Invisible Man.”
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 400, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.