Million Dollar Action in First Superman Comic Book Auction - How Much Value in Comics

The latest comic book auction saw million dollar sales. Are comic books the next bubble of the global financial crisis? Or are comic books artifacts just catching up with other assets and valuable investments like a Picasso or Monet?

These questions are being asked because a vintage comic book saw a million dollar comic book auction twice last month. Indeed Superman supplies one and three days later Batman supplies one! The comic market has been waiting excitedly to read comics on iPad and these auctions remind one of the first popular forms of multimedia art was a comic book.

A very fine copy of Action Comics No. 1 from 1938 (Superman comic 1), Superman’s first appearance sold for a million dollars last month on Monday February 22 and three days later on Thursday another very fine copy of Detective Comics No. 27 from 1939 (Batman copy 1), Batman’s first appearance sold for even more, $1,075,500.

These results almost tripled the previous record price for a comic book. The previous record was $317,200 paid for a 6.0 copy Action Comics No. 1. Both these million dollar copies were graded 8.0 by CGC.

The link between comic book art and painting is hardly a tenuous one. Pop Art with figureheads like Andy Warhol and Roy Lichenstein used comics in their work, which have sold for millions of dollars incidentally. In music we saw U2 draw heavily on both Warhol and Lichenstein for their PopSmart Tour.  

You can see from the Action Comics No. 1 difference in prices (nearly $700,000) that a grading means a lot. How do you grade a comic? It is very subjective like all art; the resident expert seems to be CGC (Comics Guaranty Company). They will grade your comic book for you for a fee. Once graded seal the comic book in a protective sleeve. The CGC grading is a professional opinion for insurers, prospective buyers and collectors on a comic books condition.

The two million dollar comics had an 8.0 grading which is considered very fine. This is almost as good as you get for comics that old. Nature affects paper over time with some natural discoloration expected. Thus you can imagine the conditions old comics must be kept to be in the “Very Fine” category. You would be extremely wary of any older comic book graded above “Very Fine”.

For a comic book to be considered, “Very fine” it needs to meet the following criteria:

CGC: 9.0-7.0)

(Overstreet: 89-75)

(Abbreviated as VF) 

While these two comics were the first to crack the $1 million barrier high prices for comic books have been bubbling away for a while. A little research through Hero Complex and Comic Link offers a few highlights.

CGC 6.0 copy of Action Comics #1 sold for $317,200

Last year a CGC 6.0 copy of Action Comics #1 sold for $317,200 by ComicConnect.com.  ComicConnect told AP that the buyer was rare comic dealer John Dolmayan (drumming for System of a Down is his day job).  The purchase was on behalf of an unidentified client. The 8.0 copy sold for $1,000,000 last month.

CGC 9.4 copy of Amazing Fantasy #15
 sold for $227,000.

This comic book is from 1962 and the first Spider-Man and Origin with Jack Kirby and Steve Ditko art. Comic Link says “This issue stands alone as the HOLY GRAIL comic book collectible for Baby Boomers and Generation Xers alike. ”

One of only 5 comic books assigned the VFNM 9.0 designation by CGC. It was part the White Mountain curator pedigree collection.

CGC 9.0 copy of Marvel Comics #1 sold for $208,000

This comic book was a CGC 9.0 VFNM from 1939, the very first Marvel comic!

The superheroes were Human Torch & Origin of Sub-Mariner; here we see them for the very first time.

CGC 8.5 copy of Fantastic Four #1 sold for $52,000

We meet the Fantastic Four for the very first time; Stan Lee and Jack Kirby launch the Silver Age with this comic book. There are only comic books five graded 8.5 by CGC.

CGC 7.5 copy of All Star Comics #8
Sold for $20,000

Here we have a CGC 7.5 copy from 1941 of the first comic with Wonder Woman. This 1941 issue is one of only five All Star Comics #8 with a CGC 7.5 grading.

So there you have it! All that pocket money you spent reading those comics was worth it after all. Make sure you show your Mom this article and remind her of all those comics she made you throw a way. It will be interesting how this art investment niche grows; the supply is certainly limited with the fine qualities of the original comic books. One suspects the expected revolution of Comics on iPad will expose the original artworks to a new generation. Whether that fuels an investment bubble is another question.