{"id":9960,"date":"2012-06-24T21:03:27","date_gmt":"2012-06-25T01:03:27","guid":{"rendered":"http:\/\/www.moviepropcollectors.com\/magazine\/?p=9960"},"modified":"2012-06-25T01:40:54","modified_gmt":"2012-06-25T05:40:54","slug":"metropolis-1932-movie-poster-to-be-sold-in-bankruptcy-sale","status":"publish","type":"post","link":"https:\/\/www.moviepropcollectors.com\/magazine\/metropolis-1932-movie-poster-to-be-sold-in-bankruptcy-sale\/","title":{"rendered":"“Metropolis” 1927 movie poster & others to be sold in bankruptcy sale"},"content":{"rendered":"

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\"\"<\/a>It has been reported on various web sites and news organizations, that a rare, 1927 poster of the film, “Metropolis<\/em><\/strong><\/a>” 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,<\/em><\/strong><\/a> is being forced to sell a collection of rare and valuable movie posters, including, according to an article from The Hollywood Reporter<\/em>, “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”<\/em>.<\/p>\n

I did a web search on Mr. Schacter<\/em> that brought up an online shop named, Majestic Posters<\/em><\/strong><\/a>, which appears to be no longer operable and currently displays the message: “Sorry, the shop is inaccessible temporarily. Please try again later<\/a>.<\/strong>” I have blurred the other business partner and phone number in the ad because they are not named in the bankruptcy.<\/p>\n

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Via a search of various online sources including a search of public records, the Yuku site, Not Suitable For General Exhibition<\/em><\/strong><\/a>, The Hollywood Reporter<\/em><\/strong><\/a>, ScreenCrush<\/em><\/strong><\/a>, and others, Mr. Schacter<\/em> 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<\/em>.<\/p>\n

A March\u00a0 9, 2012 article<\/em><\/strong><\/a> published by The Hollywood Reporter<\/em>, stated the Metropolis<\/em> poster was being offered for sale by The Movie Poster Exchange<\/em><\/strong><\/a>, an online movie poster web site, for $850,000. When Manheim<\/em> became aware of the possible Metropolis<\/em> sale, he contacted the bankruptcy court to say he believed Schacter <\/em>was trying to conceal assets to avoid repayment of the loan. An earlier filing for a Chapter 11 reorganization made by Schacter<\/em> was changed to a Chapter 7 liquidation bankruptcy after the court agreed with Manheim<\/em>.<\/em><\/p>\n

The Hollywood Reporter article also mentions the owners of the Movie Poster Exchange<\/em> were unaware of the bankruptcy case when Schacter<\/em> consigned the poster to them for the sale. They then withdrew it from the site after learning of the dispute.<\/p>\n

Auction house, Heritage Auctions,<\/em> is reportedly going to auction Mr. Schacter’s<\/em> collection to satisfy the courts ruling sometime before the end of 2012.<\/p>\n

Stay tuned to Movie Prop Collectors<\/em> for updates.<\/p>\n

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