Heritage Auctions

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The world’s most valuable action figure -- the first handcrafted, 1963 G.I. JOE® toy - has been purchased for $200,000 by prominent Baltimore business executive Stephen A. Geppi.

Mr. Geppi is the president and CEO of Diamond Comic Distributors, a $200 million a year business that distributes comics, collectibles, toys and games throughout the world. He is also the owner and publisher of Baltimore Magazine and a part owner of the Baltimore Orioles.

Heritage Comics Auctions of Dallas, Texas (www.HeritageComics.com) sold the prototype G.I. JOE on behalf of one of the famous toy’s designers, Don Levine of Providence, Rhode Island.

Mr. Geppi commented: “While GI Joe is an integral part of American pop culture, he has always stood for something more. He is a hero who represents all of the American servicemen who have made -- and continue to make -- great sacrifices to ensure the triumph of liberty and democracy. I am honored to own this unique part of Americana.”

“Although it did not reach Mr. Levine’s $250,000 minimum bid reserve when it was offered in an auction last month, we knew it would not be on the market very long. This handcrafted, hand-painted prototype is the very first G.I. JOE action figure, and a unique piece of American cultural history,” said John Petty, Director of Heritage Comics Auctions.

Levine made the nearly foot-high figure on his Ping-Pong table 40 years ago while working as Vice President of Research and Development at Hassenfeld Brothers, Inc., later re-named Hasbro Toys. The prototype wears a hand-stitched Sergeant’s uniform and an apparently battle weary expression. “G.I. JOE toys were the first moveable action figures with the ability to flex and bend. The prototype is innovative, but rather fragile, as Mr. Levine had to engineer each of the movable limbs and parts,” explained Petty.

“This is the world’s most valuable action figure. It is the prototype G.I. JOE that changed the history of toys in the 1960s,” said Petty.

"Heritage did an absolutely wonderful job finding a new home for the first G.I. JOE. They couldn't have done any better than Steve Geppi, who has compiled an unparalleled collection of the very best classic comics, comic book art, animation, toys and posters. My G.I. JOE is now in great hands,” said Levine.

“My purchase of GI Joe does not mean that he will go into a dark and dusty bank vault. I plan on making sure he is visible, as we will celebrate 40 years of GI Joe on his retail anniversary next year. In addition to having him displayed at my Diamond International Galleries, I also plan to lend him as a fund raising attraction to Veterans groups and other related charities. Who knows? One day he might even end up in the Smithsonian,” Mr. Geppi said.

“Six figure purchase prices are almost becoming commonplace across a very wide range of collectibles,” commented John Snyder, President of Diamond International Galleries in Timonium, Maryland.

“It is no wonder why these prices are becoming the norm, rather than the exception, when you consider that the value of collectibles far out pace the performance of the stock market and the devaluation of the dollar over time. More and more people are coming into the collectible markets, they are paying notable prices for quality goods and then they are staying put,” said Snyder.

For comparison, a 1904 Steiff Teddy Girl bear was purchased for $158,000 in a 1994 auction, while an original late 1940s Howdy Doody marionette (the stringless model known as "Photo Doody") also sold in 1994 for $113,431.

Other significant prices realized in various categories of toys over the years include a 1932 The Mummy one sheet ($453,500); a 1916 French doll by Albert Marque ($215,000); a Mickey Mouse 24-karat Gold Statue ($690,000); a 1930s Mickey Mouse & Minnie Riding on a Motorcycle Tin Toy with box ($110,000); a 1940 Supermen of American Member Ring ($100,000); 1939 Marvel Comics #1 ($350,000); three 1933 Mickey Mouse daily strips -- # 1,3 and 10 - sold as a set ($350,000); and a 1934 B&W animation set-up for Orphan’s Benefit ($450,000). A record $426,000 was paid in a 1998 auction for a mechanical toy bank created by W.S. Reed Company depicting the nursery rhyme, "the Old Woman in the Shoe."

The world’s largest collectibles auctioneer, Heritage set comic book records last year when it sold the $1.7 million vintage comic books collection of Academy Award-winning actor, Nicolas Cage, and the reference collection of Spider-Man co-creator, Stan Lee.

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