At The Counter #9: The Impact Of The Small & Global

It’s time to return to the retailer counter as our own Tony Thornley sits down again with comics retailer Greg Gage of Utah’s Black Cat Comics to talk about the industry. Tony had a small trend growing on the speculator market, and Greg suggested talking about global events. It’s a broad column today but a little shorter as Tony just started a new job and Greg preps to attend this weekend’s Chicago Comics and Entertainment Expo.

Tony Thornley: Hey Greg! Thanks for tolerating a small break while I start a new job! Now I can actually pay you real money again!

Greg Gage: Real money is definitely my favorite kind! 

Tony: So we somehow keep finding two topics to talk about each column. There’s one alarming industry trend and one frightening world at large trend that we both thought would be talking about. So let’s get right into the former.

What’s the deal with the rise of “keys” and how they’re artificially raising the back issue market?

Greg: I’ve never really understood the variability of what people call keys. Most of the rise of them, I believe, has to do with online sales. Anyone can get online and sell, and if they price it significantly higher than what they paid, which is, of course, how wholesale/retail works, some will buy into the opinion that it’s hard to find or a key of some sort. Then that shows on sold items, which, in turn, raises the price of the next sale.

Tony: The big thing I’ve seen is that the concept of a “key” issue has completely changed. In the past, it went from something very subjective — a key for me might be something like Star Trek: The Next Generation/X-Men but for you it’s Batman: Long Halloween #1 for example — to being any issue that had something Important Happen particularly with a character that might show up in a movie some day.

The problem is that it’s literally anything — I saw a WhatNot auction that charged more for a first appearance for a character I’ve never heard of before in a Moon Knight issue. Has this affected the store at all and what sort of behavior has it driven?

Greg: What’s a key, really? You’re right. It used to be pretty defined. Important books that either started a new era (Uncanny X-Men #94), a first appearance (Batman #181), or a first issue (Amazing Spider-Man #1). It’s a little fuzzy now. I’ve seen brand new books called “keys” the day they come out. Don’t you think we should wait for a minute or two to see if those characters or that particular book has some staying power? I always thought the term grail was pretty well defined, too. It’s just a book that means a lot to you personally. Now I think those terms are becoming sort of meaningless. They’re tossed around about anything.

Tony: Is this a sustainable trend?

Greg: I don’t think so, but I honestly thought that 10 years ago. Then with Covid. Then again, and so on. The spec market comes and goes, and now it’s back. But I’m also seeing quite a few people giving up on it and losing their butts. I always say not to define your collection by value and resale, because you’re always going to be disappointed. 

Tony: So you and I tend to avoid political topics, though we both are not shy about our own views. However, this has to be talked about. The Iranian invasion is affecting the whole damn world. What effects have you already seen, just three weeks in?

Greg: Oh, boy. I’m just going to go with facts, not opinions. I’ve already seen shipping prices inch up because of the oil situation, but cover prices have gone up, too. Not from the current issues, but from the tariffs. Individual issues are mostly printed in Canada. Most trades are printed in China. When you add in raised shipping rates, that’s tough on a small business. 

Tony: There’s a lot of difficulty in managing when these situations hit retail. Is there any way you’re able to mitigate it?

Greg: Not much, really. I’ve had to raise prices on my storage boxes by $1 each, but I’m doing everything I can not to pass that on to the consumer. The cover prices, however, I can’t control. I give a 10% discount for hold customers, and that helps mitigate a little bit, but all in all, we’re just in a tough time that is getting tougher every day.

Tony: How do you navigate talking to customers about these changes?

Greg: I try not to bring it up too much. If I do, I attempt to joke about it. If I seem stressed, that transfers to the customer, and this is a place that is supposed to exist to erase stress, not increase it.

Tony: What are you as a small business owner most worried about as our current economy is in such chaos?

Greg: Every single aspect of it. The big problem with the economy right now is that there doesn’t seem to be a viable way out of it. Just when we think one thing is being controlled, seven other things happen. The only good thing right now is comics are an escape. We read these things to go away for an hour or so, and not have to worry about all the garbage happening outside our brains. Trying times are usually good for comics because of that. Of course, that could change, depending on other factors, like unemployment, gas prices, food prices, etc. I just try to look forward to tomorrow without getting pissed off at yesterday.

Black Cat Comics is on the web at https://blackcat-comics.com/ and via all the usual social media channels. If you live in or are visiting the Salt Lake City area, you can visit the store at 2261 Highland Dr, Salt Lake City, UT 84106, or call Greg and his team at (801) 461-4228.