LOS ANGELES (Reuters) - A film memorabilia collector paid $1.2 million for nine rare and early film posters, including the world's highest-valued poster of the 1927 film "Metropolis," in a bankruptcy auction in Los Angeles on Thursday, the trustee in the bankruptcy case said.
Ralph DeLuca, who owns New Jersey-based film memorabilia company Movie Archives Inc, won the bidding against three others in the court auction, said trustee John J. Menchaca.
Bidding for the lot of posters started at $700,000. DeLuca beat out memorabilia powerhouse Heritage Auctions.
The "Metropolis" poster, the crown jewel of the collection, was purchased by California collector Kenneth Schachter for a record $690,000 in a 2005 private sale. But he was forced to sell the poster along with eight others after declaring bankruptcy.
"I honestly feel that the 'Metropolis' poster is worth more than the whole lot," DeLuca told Reuters after the auction. Other notable items in the lot included an original "King Kong" poster and an "Invisible Man" poster, both from 1933.
Rare "Metropolis" poster fetches high price in U.S. auction - Read Full Story at Arts-Reuters
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