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I have been told by a few of my friends that the Sandman graphic novels by Neil Gaiman are amazing, and that I should read them. However, they're slightly expensive, and before buying, I just wanted to get some other peoples opinions. Are they worth the money?

They are. Absolutely. Buy them.

Or, if you're willing to wait, you could hold out for the absolutely gorgeous but fairly pricey Absolute Sandman volumes that will eventually come out.

Why have you not started buying them already? Do so asap! (And really, they're not much more expensive than your average graphic novel, and really really worth it).

What exactly is the story on it anyway? Is it anything like the Incarnations of Immortality series? I suppose that's what's holding me back the most, is that I really don't know the story, or what to expect from it.

There are several anthropomorphic personifications in the story, but unlike Piers' Anthony series, they aren't humans raised up. They came into existence when they were needed. First was Destiny, the oldest brother, who was there when things had a course to follow. After him was Death, the eldest sister, who came when the first living thing arrived. Dream (Morpheus, aka Sandman) arrived when things first began to need his realm to escape. There are others too, all part of the Endless family. But the story isn't usually about them, it's often about people and their interactions with them in some cases.

Morpheus is rather serious, making him a contrast to Death, who seems more of a free spirit, but nevertheless never falters in her work. There's also Matthew the Raven, something of a sidekick for Morpheus. And then there are some of the members of Morpheus' kingdom, like Cain and Abel, Lucien the librarian (with books that have never been written, like "Alice's Adventures Behind The Moon" and Tolkien's "The Lost Road").

But really, it's not very precise to include all this, because the stories (usually) aren't about these characters, they're simply part of what happens. A good thing to find would be Vertigo Preview, which has a Sandman story in it that's quite good, and a preview of Death in her awesome limited series "Time Of Your Life." It retails for a buck, so it's an easy way to see if you like it or not... it was what first convinced me to jump on board.

It's really, really good. Alan Moore good in fact.
You might as well wait for the absolute edition for improved art and a more convenient collection, but the whole series is great (Although I didn't like the story with the Cuckoo much).
SandmanFAQ, you might find this useful or check the Wikipedia entry.

The series is indeed pretty pricey though I've read the whole series many times but I only own vol 11 "Endless nights" (Which has a very nice Dream story that ties into normal DC continuity), I wouldn't reccomend "The Dreaming" though, it's pretty weak from what I've heard.

EDIT:
It's also a mature title especially in the first few arcs, Dee in the diner and the serial killers are nasty bits.

I often felt the stories were gratuitous but after the few first few volumns they seemed to evolve past evoking shock value and started telling a story.

It's pretty clear when Neil has a bugbear he wants to get off his chest.

I haven't read the Sandman novels yet, but I can tell you in all confidence that Neil Gaiman is one of my favorite authors ever and I'd buy the Sandman novels just because of him.

OK, I am a huge fan of Alan Moore, and I actually just finished reading V for Vendetta. So you guys have pretty much got me convinced, but I have one question. When do the ultimate collections come out? Because I'm thinking of buying the first two graphic novels next week, but if the new versions are coming out soon, then I'll wait. Thanks for all your help guys!

*EDIT*

Well, as far as I can tell(couldn't find a release date..), a lot of the bonus material for the Absolute Sandman won't be the same from the Trade books original stuff, so I do think that I will just get at least a few of the books that are out now.

I know that the first Absolute Edition is in the works but I can't imagine it would be out until late 2006 at the earliest.