COLLECTORS ARE ready to pay star prices for memorabilia from classic films and television shows. A Chewbacca head from Star Wars. (Photograph by Profiles In History.)

That was the situation for Azarian, who obtained the items in his collection from private sales, auctions, studios and actors who worked on the shows. "It’s very nostalgic, very emotional, bringing you back to a happier time. It brings back great memories," he says.

A JOHNNY-Five robot from the Short Circuit movies sold for $138,000 (top). A B-9 from Lost in Space is Joe Maddalena’s most-prized TV item (bottom). (Photography by Profiles in History.)

Azarian’s pieces would command high prices at auction—were he inclined to sell them. "When I started collecting 15 years ago, memorabilia wasn’t worth near what it’s worth now," he says. The value of a George Reeves Superman costume, which he ranks as his most important item, has increased tenfold since he bought it, he claims, though he won’t give a specific figure. And although Azarian admits that early on he and his wife, Donna, had some "discussions" about his purchases being "silly" and "wasteful," he believes she is much more appreciative now that the values have risen. "It’s a pretty good portfolio," he says. But he has sold only one item, and then only because he was offered what he calls a "ridiculous" amount of money.

However, another aficionado is putting his massive collection on the auction block in Palm Beach on March 15 and 16. Anthony Pugliese III is a Florid a real estate developer who is also a cochairman of the independent movie company World Films. He has credits as a producer and an actor, too. Pugliese is divesting himself of some 850 items because he wants to concentrate on Destiny, a small city he plans to build from scratch in central Florida. Among the iconic items, which are being offered through Guernsey’s, are props from Citizen Kane, The Wizard of Oz, The Godfather, The Maltese Falcon and a host of TV shows. Many of the items were so significant that they made headlines when they were originally sold, although Pugliese was not always identified as the buyer. "It’s an overwhelmingly great collection that exceeds anything I have ever seen in my 35 years in the field," Ettinger says. "Here this man was, quietly accumulating the best of the best."

Planet Hollywood
The broad appeal of American movies and TV shows draws collectors from around the globe, Ettinger notes. "It’s hard to define them. There are some buyers who come out of the woodwork with no obvious reason for making a purchase, and if you speak with them, they’ll tell you that they bought something from a movie because they went with their spouse on a first date to see a film and would treasure something from that movie."

A GUARD costume from The Wizard of Oz commanded $115,000 each at auction.

The burgeoning popularity of home theaters also contributes to the wave of interest, Maddalena says, noting that the Planet Hollywood chain of restaurants, launched in 1991, showed how memorabilia could be displayed. "What it did was give people the idea that this is no different than pop art—Lichtenstein or Warhol. It has the same emotional tug. There’s no difference about how an art collector and I feel. It’s the desire."

Some collectors also prize items from more recent TV shows and movies. For example, Hugh Jackman’s Wolverine claws from 2003’s X2: X-Men United sold for $40,250 in June 2007, more than three times the expected price. However, Ettinger warns against paying inflated prices for some newer items. A Babe Ruth baseball, for example, sold for $126,000 in 1998. Just three months later, the baseball that Mark McGwire slugged for his 70th home run in a single season fetched $3.2 million. "If you’re a baseball fan, no way you would say that Mark McGwire is 23 times better than Babe Ruth," Ettinger says. "But it was in the moment."

Transient excitement can lead to bad investments. A Bruce Willis badge from Die Hard once went for $10,000, Maddalena says, but now a seller would be lucky to get $500. The Wizard of Oz, on the other hand, which took years to recoup its production costs, is a classic today, and items from the movie continue to appreciate.

"Not everything goes up and up and up," Ettinger says. "Having said that, if you buy judiciously and look beyond what is trendy or hip, you can’t go wrong." He advises new collectors to spend their resources on a few great items rather than a lot of things that are only "pretty good."

BONANZA Prices paid in 2007 for TV and movie memorabilia Short Circuit and Short Circuit 2—Johnny-Five robot $138,000. Alien—the alien $126,500. The Wizard of Oz—guard costume $115,000. Superman (1978 movie)—"Superman" costume $115,000. Lost in Space—hero laser gun $92,000. Raiders of the Lost Ark—Staff of Ra headpiece $69,000. Star Trek—Leonard Nimoy "Spock" tunic $34,500.

And as with most collectibles, provenance is critical. Buyers should ask whether the item has ever appeared at auction before, and whether anything was said about it. "Frequently things that look too good are too good to be true," Ettinger warns. "It’s easy to create some of this mate-rial. There are bad people who are out there."

Once a collector has assembled a formidable collection, what’s next? Azarian lends out some items, although he adds, "For me, it’s an expensive hobby. It’s not a money-making venture, so I’m selective in loaning it out." His tiara from Wonder Woman was included in an exhibition at the Victoria and Albert Museum in London. Alongside gem-laden real tiaras was the TV prop: cardboard covered with gold lamé. He also renovated his home, adding a 2,500-square-foot museum room. While the house was undergoing construction, his collection was in storage for a year and a half. "I didn’t see anything. When I went to move it, it was like playing with my toys."

Debra Ryono is the managing editor of Worth.