A rare 1927 Metropolis, King Kong, Invisible Man, and other posters being auctioned in a court ordered bankruptcy auction.
It has been reported on various web sites and news organizations, that a rare, 1927 poster of the film, “Metropolis” of which there are four known copies, will be auctioned as part of a bankruptcy order. The poster is valued between $690,000-$1,000,000. Collector and poster owner, Ken Schacter, is being forced to sell a collection of rare and valuable movie posters, including, according to an article from The Hollywood Reporter, “a King Kong poster from 1933, which is considered by experts to be nearly as valuable as the Metropolis poster, and a 1933 one-sheet teaser from The Invisible Man. The total collection could be worth as much as $5 million, according to court filings, but the exact value is uncertain because Schacter has ignored court orders to provide a full and complete inventory”.
A web search I did on Mr. Schacter brought up an online shop called, Majestic Posters, appears to be no longer seems operable and currently displays the message: “Sorry, the shop is inaccessible temporarily. Please try again later.”
Via a search of various online sources including a search of public records, the Yuku site, Not Suitable For General Exhibition, The Hollywood Reporter, ScreenCrush, and others, Mr. Schacter was ordered by a bankruptcy court to liquidate his entire collection to pay off a judgement for $551,000 for a loan he incurred from investor, Robert Mannheim.
A March 9, 2012 article published by The Hollywood Reporter, stated the Metropolis poster was being offered for sale by The Movie Poster Exchange, an online movie poster web site, for $850,000. When Manheim became aware of the possible Metropolis sale, he contacted the bankruptcy court to say he believed Schacter was trying to conceal assets to avoid repayment of the loan. An earlier filing for a Chapter 11 reorganization made by Schacter was changed to a Chapter 7 liquidation bankruptcy after the court agreed with Manheim.
The Hollywood Reporter article also mentions the owners of the Movie Poster Exchange were unaware of the bankruptcy case when Schacter consigned the poster to them for the sale. They then withdrew it from the site after learning of the dispute.
Auction house, Heritage Auctions, is reportedly going to auction Mr. Schacter’s collection to satisfy the courts ruling sometime before the end of 2012.