Gerald D. and Catherine Leibowitz - Page 45

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          market, as discussed supra, and in valuing each item for sale on            
          an individual basis.  Everett's testimony that the collection’s             
          mint condition would tend to increase the prices commanded in a             
          retail store was strongly supported by commentary in all of the             
          movie memorabilia pricing guides in evidence.                               
               The level of collector demand for the titles in the                    
          collection was also very important.  Everett characterized the              
          collection as “middle of the road”.  The pricing guides, Warren's           
          concession that at least some of the titles were marketable, and            
          the evidence in the record that the collection as a whole could             
          be sold in the New York retail market all support Everett's                 
          characterization.  The collection contained some quite desirable            
          titles, some titles for which there was an identifiable level of            
          demand, and still others for which ascertaining any level of                
          demand from the record was difficult.                                       
               The record indicates that the base price of one-sheets, the            
          most commonly sold category of movie memorabilia, was somewhere             
          between $5 and $15 in December 1985.  In no case did any 1985               
          pricing guide in the record, other than Warren's, indicate a                
          value of less than $10 for any one-sheet.  But Warren's 1985                
          prices were intentionally low--as Warren himself revealed in                
          later editions of his price guide.  The 1985 price guides in the            
          record, other than Warren's, list prices for 106 one-sheets in              








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