Million Dollar Movie Poster to be Sold in Chapter 7 Bankruptcy Case
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Million Dollar Movie Poster to be Sold in Chapter 7 Bankruptcy Case

July 3, 2012

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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.”


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