Buying Authentic-Complete
Author: M.E. Williams
Below, I detail the typical mark up you can expect for purchasing a complete game, as well as some advice on what to look for to ensure you are getting an authentic game and not a bootleg or conversion. This guide is essential for the new Neo community member.
Complete AES games come in three varieties. Let's explore each type below.
AES - Advanced Entertainment System
There isn't anything like owning an authentic and complete Neo-Geo AES game. Whether you've spent $45 on a copy of Samurai Shodown or $8000 on a copy of Metal Slug X, you develop a sense of pride and satisfaction that most retro video game collectors will never experience.
Cardboard Box: 1990
When the AES was released in Japan games came in large cardboard boxes with a sturdy plastic insert and a large manual. These boxes were quickly phased out in favor of more sturdy options.
image credit: ebayVinyl Case: 1991-1994
These soft but sturdy vinyl cases were hinged so they open like a book and look amazing on a shelf. They also include a plastic insert to house the cartridge. Manual sizes were changed in 1994 to match those of the Neo CD to save on printing and manufacturing costs. Manuals for AES games have a small cartridge graphic on the from that says "ROM" to denote it is the AES version manual rather than CD.
Softbox cases are prone to tearing in the seams with over use, and the plastic tray inside is very brittle. The transparent plastic on the front of the case that holds in the insert can also warp over time.
Snaplock Case: 1995-2004
In 1995 SNK upgraded the case one more time to a hard-plastic snaplock case that not only looked better but was more secure. To add a bit more luxury, SNK emblazoned their logo along the front above the snaplock as well as on the inside of the case where the cartridge sits. Most games from 1996-2000 also have a gold warning label on the front of the cartridge.
Pro-tip 1: If the game has an English label, but a Japanese gold warning label, there's a good chance it's a bootleg.
Pro-Tip: When you open a Snaplock case DO NOT bend the lock all the way back - you don't need to hinge the lock to open the case. The hinge will eventually break off over time if not taken care of.
While not much of an issue in 2023, collectors new to the Neo-Geo still need to watch out for bootleggers that will try to pass off conversions or reproductions as the real deal. There are some tell-tale signs to look out for when purchasing an AES game, which are discussed in the conversions/reproductions section.
Prices:
As touched on in the How to Buy Consoles section, Neo-Geo AES games are the most expensive, ungraded retro video games, period. On average a new collector can expect games released earlier in the Neo-Geo’s life to be on the cheaper end of the spectrum while later releases command a higher value. That said, there are plenty of early games that are well over $1000 and some later releases that are still under $300. Some games are so rare that they cannot be found on the open market, and those that are on the open market are most likely bootlegs. Metal Slug is a prime example of this phenomenon - and if you find an authentic Japanese copy it will cost you between $10,000 and $20,000 due to a very small quantity produced worldwide. A US copy? Expect to pay well over $80,000.
How to Not Go Broke:
If you want to collect complete AES games, here are some tips to help you budget and keep yourself in check:
Be patient! Just because there is a copy of Art of Fighting 3 on Ebay for $900 bucks does not mean that is a good deal – that is a good deal on Ebay.
Speaking of Ebay, be aware that you’ll pay exponentially more for games on average on that service due to a 15% seller fee on all purchased items - basically, you're paying for the game + the fees the seller accrues from the sale.
Don’t be afraid to order from Japan via a proxy service like ZenMarket or FromJapan. You’ll find the BEST deals on all Neo-Geo products in store fronts like Suruga-ya or the Emporium. That Art of Fighting 3 example above, you can easily find a copy for less than $700 direct from Japan. Shipping is not that expensive in this modern age, either.
Private sales are most often cheaper – but not always easy to find.
Be involved in forums or Facebook groups. You can find many good deals just by plugging yourself into a community.
There are caveats to this approach, especially with the neo-geo.com forums, but generally you'll find the best deals here.
Investment Potential:
The retro game market is a volatile place in 2023 with prices fluctuating all the time in all segments. AES games continue to rise in value, so the longer you wait the higher prices will be. It’s unclear on when/if the AES market will plateau in the future, but rest assured, your AES collection will always have more value than any other console in your retro game archive – by a significant margin. Some people purchase AES games as investments, put them in a plastic box, and set them on the shelf to never be touched again. Some people, like me, do what you're supposed to do with video games and play them. We all have our reasons to purchase these antiques, so no matter your angle for collecting, rest assured your collection is likely to only rise in value - even during a global pandemic and economic recession.
MVS Games
The arcade version of Neo-Geo games are not very pretty to look at, have no sexy cases or inserts, and don't even have a graphic sticker on the front. What you do get are either black, translucent, or garishly colored cartridge shells with a sticker on the edge with the game's name. Outside of a few Neo CD exclusives, the MVS has the full set of Neo-Geo games including games that did not get a home release like Super Dodge Ball and Neo Bomberman. As an aside, you cannot play an MVS game on an AES without a converter. Even then, not all converters are compatible with all games.
The "complete in box" variant of an MVS game is what you'd refer to as a "full kit." A full kit comes with a cardboard box as well as mini-marquees, dip switch manual, poster, and move sticker sets for arcade cabinets. An MVS full kit is not as sought after as a complete AES game, mostly because arcade operators would often just throw the box away upon game installation. You can purchase repro kits for your authentic games, but these aftermarket pieces have little to no value. A full kit only has value if it's authentic and the serial number on the box matches the serial number on the cartridge's label. Full kits are typically double in price than a bare MVS cartridges, but are still (usually) much, much less than the AES version of the game.
MVS with shockbox
If you get into MVS collecting, consider getting Shockboxs for your games. These custom cases from Southtown Homebrew (originally created by long-time community member Big Bear) protect your game and look great on a shelf, just like an AES game! Keep in mind that MVS games are slightly larger than AES carts, so the cases are also taller and bulkier.
When you order a Shockbox from STHB you can choose to have one of their ready-made inserts printed, or you can even design your own! There are also neat full-collection inserts for series like Samurai Shodown or King of Fighters that all have artwork that ties together when set next to each other on the shelf. If you like to customize the look of your game collection, MVS is definitely the way to go!
Bootlegs and MVS Games:
The MVS is one of the most bootlegged pieces of arcade hardware ever created. Thankfully you can always check out MVS Scans to ensure the authenticity of your PCBs and rom chips. That said, you will also need to look out for EPROM conversions (see conversion section). If you're buying games from a private sale, most sellers will send you pictures of the board upon request to ensure authenticity. If you're buying from Ebay or another online service, you're mileage will vary. Labels often get beat up over the years as well, so even if a label looks reprinted or replaced, that does not necessarily mean that the game is not authentic. Bootlegs typically only exist for games of great value, but there are exceptions. While MVS collecting can save the new Neo fan a ton of money, it does take some work to make sure what you are getting is legit.
Investment Potential:
Like the AES, MVS games continue to rise in value - although not much. While an MVS collection will never be as expensive as an AES collection there is no scenario in the near future that would devalue these games. Well, save for maybe total economic collapse? It's also possible to have a full set of MVS games and NOT file for bankruptcy. A modern collector and YouTube personality by the handle ScarletSprites completed his full set MVS collection in 2020 - and while impressive, that full set is a tiny fraction of the cost of a full AES collection - mostly due to him sourcing loose carts for the majority of the games.
To give you a sense of scale - ScarletSprite's MVS collection is worth roughly ~$20k for all 148 games released. My personal Japanese AES library of 65 games (about half of all AES releases) is worth over $52k in the 2023 market.
Bare in mind that just because something has "value" in a particular market, it does not mean these games are easy to sell. Even on Ebay, it could take you months to sell a single high-dollar video game. Despite being highly collectable, not everyone has hundreds or thousands to spend on a single video game. If you have a high-dollar game and want to sell it quick, reach out to Shawn McKleskey and his staff that run the Neostore.com. They will often purchase the game from you or offer to sell it for you via a consignment agreement where they keep a percentage of the profits.
Neo-Geo CD Games
Neo CD games are overall just a bit cheaper than their MVS counter parts, and loads cheaper than AES games. Even the highest priced CD games don't go much above $500, and you can nab some of the most sought after games for a fraction of the cost of the AES version. For example, Pulstar (a highly praised horizontal SHUMP) is over $5000 on AES, but cost right around $200 for a CD version. That said, as with the AES, the US versions of games are much more rare meaning those versions will cost double or more the Japanese versions.
Most of, if not all Neo CD games use Redbook audio for their soundtracks, but that does not mean all CD games have arranged soundtracks. Most early games (circa 1990-1993) just use the cartridge music, and some later games as well. The big name releases all have arranged soundtracks, though.
CD games often included other small bonus features and extras: like the Blue Mary's Blues (say that ten times fast) music video that plays after you beat the CD version of Real Bout Fatal Fury Special. There are also some special editions of games, like the Art of Fighting 3 Limited Set, as well as some games exclusive to the CD platform like Crossed Swords 2, Samurai Shodown RPG, and Iron Clad.
CD Buying Tips:
Because the Neo CD has no copy protection, you can get high quality reproductions for less than $30 - many of which include a manual and spine card. That said, if you're after authentic games make sure to watch yourself if buying from Ebay as sneaky sellers will try to sell you a reproduction for the price of an authentic copy. Even going the fully authentic route, this is the most cost effective way to build a Neo-Geo collection.
Investment Potential:
Neo CD games sit in a weird segment of the SNK market. While current prices are rising due to the resurgence of SNK in the last few years, CD games are the least durable, and the inevitable mechanical failures of the hardware could lead to this segment being devalued quicker than the AES or MVS. While not a worry in the short term, I would caution that a Neo CD collection is less of a guarantee in long-term investment potential. There will always be value here, just not as much as you'd get from the much more durable and sought after AES or MVS collections.