The growth of the collectibles market is fascinating, so I’m glad I had the opportunity to chat with Chuck Costas. After 20 years at Accenture, Chuck Costas became the Vice President, Business Development and Marketing for Propstore in LA. They host massive auctions for authentic memorabilia, including iconic props and costumes from your favourite movies and series.
The next auction has a total estimated value of $10 million. How do you feel about the debate on spending money on possessions vs. experiences?
Everyone is different so there isn’t a right answer. Just as there are people that value a vacation over a new outfit, people need to determine what they’ll most appreciate when spending their money.
Collecting original memorabilia from a favourite movie or television show has the benefit of bringing the owner joy as they display it in their house on a daily basis. And, after you’ve decided that you’re ready to part with an item, you can always sell it and potentially make your money back, or even more, having enjoyed it while you owned it.
I love how there are some lower-priced items from Tom Cruise and Brad Pitt. In a tough economic climate with many layoffs and expensive groceries, how can fans justify spending hard-earned dollars on memorabilia?
Purchasing Hollywood memorabilia isn’t necessarily for everyone and it may not always be the right time to make a purchase. Depending on your situation, you need to decide how much of your budget you feel comfortable spending on entertainment.
We try and include pieces in our auctions at all price levels as we recognize that not everyone collecting has a ton of disposable income. If you can find an item that fits into your budget and it brings you a great amount of joy to own it, that could justify spending some of your budget on collectibles.
There will be about 2K props and costumes at the next auction! Approximately how many fans would you expect to keep the memorabilia vs. resell it?
We find that most of the people that buy in our auctions are not investors, but fans who truly enjoy owning a piece of their favourite film and television shows. We do find that over time, people’s tastes change and people may decide to sell pieces later on, sometimes to finance life events, and sometimes to fund new purchases. But I would guess that many of the people who buy in our auctions, buy with the intent of keeping those items in their collections at least for the next 5-10 years.
The thrill of owning movie memorabilia goes beyond bragging rights. What is the most unique example you’ve seen of how a collector has displayed their purchase?
I was shocked to hear that one collector bought a movie helmet from one of our auctions for a few thousand dollars and then wore it to a rock festival. I wouldn’t normally suggest wearing items you purchase in our auctions, but I can see how that could bring joy to a fan and be the ultimate way to show it off.
It’s amazing that the original box of chocolates from Tom Hanks’ scene in Forrest Gump is up for grabs! When fans are lucky to take home something special like that, how do you recommend preserving it in mint condition?
The box of chocolates was amazing for us to discover. Unfortunately, I wouldn’t say it’s in “mint condition” – it shows the wear of having been on set. That being said, those imperfections are what make it special.
Some basic care advice I give to people is to keep items out of direct sunlight as much as possible as the UV rays can fade or degrade a piece. Other than that, I’d say find a place in your house or office that you want to showcase the item and keep it safe by building a protective display around it. Sometimes you can find some great inexpensive displays for your items at local arts and crafts stores or you may be able to find a local framer that can build you a simple shadow box to display your item.
The August auction offers a selection from classic movies like Batman and Pretty Woman, as well as newer movies. When you plan Propstore auctions, how cognizant are you about selling memorabilia for different audiences and generations?
In the 25 years that Propstore has been in business, entertainment memorabilia from the 1960s through 1980s has always been popular. In recent years, we’ve seen a shift in demand for movies and television shows from the 1990s like Titanic or the 2000s like Harry Potter. It’s a generational shift.
As people start having more disposable income in their late 30s or early 40s, they search out items from their teenage years that brought them joy. As we search for content for each auction, we are cognizant of the titles that have a nostalgic appeal and actively look for new sources that may be able to provide that content.
Propstore auctions have so many incredibly rare items. You can even get the original bucket list that Morgan Freeman and Jack Nicholson used in The Bucket List movie! The next Propstore auction will be at The Petersen Automotive Museum, which I loved visiting on my last trip to LA. Browse the full catalog here and keep an eye on Propstore’s future auctions to make your wildest dreams come true.