History for Sale

"I was in the top 10 dealers in the country, and my annual billings were roughly a million," says Ed Jaster, who came to Heritage in 2002 to run the comics department with Petty, who moved into media relations and marketing in 2004. "My first full year here, we did $18 million in comics and comic art." Jaster, like most of the department heads, was a well-known collector and expert when Heritage hired him. Halperin was one of his clients.

But the comics department cemented its rep with two big-name sales almost back to back: Nic Cage decided to sell his collection of important comics (first appearances of Superman, Spider-Man, Captain America and the original Green Lantern--that kinda stuff), and Marvel Comics icon Stan Lee likewise went in for a little spring-cleaning, decades after co-creating the likes of Spider-Man, the Incredible Hulk and the Fantastic Four.

"So I'm responsible for their enormous growth?" Lee says, laughing. "My attorneys will call them shortly." Halperin and Lee are now such good pals they have lunch together several times a year. Lee got rid of his comics and some original art because he didn't even know he had it. It was up to John Petty to sort through Lee's belongings that had been stuffed into a backyard shed.

"If I ever retire I will get nostalgic about these things," Lee says. "But right now I am thinking of what I am going to do today and tomorrow."

Not only did the comics auctions attract high-profile consignors, coveted collectors also came to Heritage to snatch the titles that had been previously hard to find. Though Heritage keeps confidential its buyers and most of its sellers--save those who want or do not mind the publicity--an unabashed regular buyer at the auctions is actor Thomas Jane, who portrayed Marvel antihero the Punisher in the 2004 film of the same name. Jane specializes in horror titles from the early 1950s and insists it wasn't easy finding the good stuff till Heritage got in the game. He bought art in the Thanksgiving 2001 auction and even now does his own bidding over the phone or Web.

"When Heritage started, people said, 'It'll be good for three, four auctions, but what'll be available after that? The quality will go down,'" Jane says. "I don't think it will, because people know this bidding pool is opening up, they're reaching into the stuff they've had for 20 years and bringing it to Heritage, so it'll never stop. I will feel more comfortable selling something I would have hung on to 15 years, knowing it will come around again or that I can take the money and put it into a more desirable piece."

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Alas, Heritage does not make all of its serious money selling funny books. With its Americana department, which includes a few items of note imported from Europe, it has become a sort of clearinghouse for important documents--real founding-fathers-in-the-Smithsonian stuff. A letter written by Abraham Lincoln on December 21, 1860. A John Keats love letter to his mistress. Republic of Texas papers, some written by Stephen F. Austin, and all unseen even by scholars.

It was in fact the acquisition of legendary Pennsylvania collector and Lincoln enthusiast Henry Luhrs' collection that convinced Rohan the company was a legit player. Heritage got involved only after Luhrs had contacted six other auction houses; Rohan and Americana acquisitions director Tom Slater heard about it at the last minute, flew to Pennsylvania on their own dime, offered their proposal and ultimately got the consignment. If someone doesn't contact Heritage directly, this is usually how the company gets a collection: luck and legwork.

Doug Norwine recently read on the Internet that the James Dean Gallery in Fairmount, Indiana, was shutting down because of financial difficulties. He got on the phone, got on a plane and come this fall's signature auction, Heritage will sell everything--from James Dean's elementary-school homework to a piece of the car in which he died. People sell all kinds of things for all kinds of reasons, but it often boils down to two things: They need the money, or they need the space.

Just two weeks ago, consignment director John Hickey was in John Petty's office showing him a tattered document that, if it can be proven to be authentic, is "one of the most significant documents of the 20th century," as Petty puts it. It was shown to me only with the understanding its contents not be revealed, but Petty and Hickey are right to be giddy. Should it be the real thing--and "there's a lot of research being done right now to prove that out," Petty says--it will cause an enormous stir among historians and garner Heritage the kind of media attention all of its other auctions combined haven't attracted. And make no mistake: If it is indeed the genuine article, it will be auctioned off, perhaps "for millions of dollars," Petty says.

"And that's what's so cool," he says. "That's what keeps us coming back in here day after day. We're just starting the research process now. It's exhaustive. It's amazing. As any kind of collector or just someone who appreciates American history, you've gotta look at that stuff and just be in awe of it."