The following text - originally compiled and written in late 2007 - has been expanded and updated to include and reflect upon the effects which the economic downturn has had on the hobby of collecting comic books and the comic collector's market.

Footnotes in square brackets indicate a quoted source; these are listed at the bottom of this page.
Click on covers for larger size images.

Steven Gelber, Professor of History at Santa Clara University, provides an excellent illustration and analysis of the mechanisms governing collections and the market for collectibles in his 1999 publication Hobbies - Leisure and the culture of work in America and distinguishes between primary collectibles and secondary collectibles. Whilst the first are made directly for the collector (e.g. commemorative coins), the secondary collectibles - by far the largest group - pass through one or more intermediate stages before they become collector commodities [5]. Comics, therefore, are classic secondary collectibles: originally intended and sold for consumption without any explicit further purpose, they acquire new and different meanings in the hands of the collector who does more than just read the comic books.

"Collectors are not merely people who accumulate objects, but those who accumulate them in a particular systematic way that necessitates the development of specialized knowledge. The application of that knowledge is what distinguishes collectors from noncollectors." Gelber (1999, 78) [6]

Whilst "soft factors" such as personal taste or sentimental nostalgia usually dominate at the outset of any collection, "hard factors" generally superimpose themselves very quickly and in a fairly systematic way:

"There is a natural progression in the hobby careers of collectors toward specialization and its associated expertise, which leads to a much more rational, that is to say, business-like approach." Gelber (1999, 79) [7]

The framework formula for the comic book collector's market is constructed on the basis of the following typology (which does not include traded items or comic books received for free): Whilst an original purchase means that the comic book is bought first-hand when originally published (or when still available as a back-issue order from the distributor) and the price of purchase is the cover price, a collector's purchase usually involves buying a comic book which has had one or more previous owners and at a collector's price (which is not the original cover price), usually through specialist dealers or auction services.

Paradoxically, the market place which is thus created is not only a vital instrument for the collector's hobby but also a threat, because trading (which is symbolic and involves the exchange of collectibles) is often replaced by buying and selling. Deals involving money can become detrimental to the hobby as such because business, after all, is business:

"Whether they collect primary or secondary, natural or manufactured goods, hobbyists often create a leisure world every bit as ruthless as the business marketplace." Gelber (1999, 59) [8]

It is this aspect of the comic book collector's market which has also made it attractive to buyers whose motives are financial profit rather than a genuine collector's interest - even though in the eyes of most hobbyists buying with the intention of selling quickly or for the pure sake of profits is speculation and violates the spirit of the hobby [9]. This "moral" position voiced from the collector's - and therefore the buyer's - point of view, however, collides with a very fundamental aspect of modern collecting:

"Collecting is the ideological expression of the free market, it replicates and confirms the legitimacy of risk-taking in a market milieu." Gelber (1999, 107) [10]

The ideal of a self-contained marketplace where like-minded enthusiasts could "trade fairly" was gradually giving away to market realities as the interest in comic books increased:

"The comic market was really taking off in the '60s. Prices were escalating rapidly. Almost any 10c comic was worth money." [11]

Before a comic book's market value can be assessed, its condition needs to be determined. Obviously, the desirability and value of a comic book are linked to its material condition - comic books in absolutely perfect mint condition are worth several times the price of the same book in extremely worn, dirty, and torn poor condition. Generally speaking, grading of a comic book is based upon an accumulation of defects, which accounts for the fact that older comics in mint condition are extremely scarce and are rarely advertised for sale; most of the higher grade comics advertised range from very fine to near mint.

The Overstreet scale is divided into 14 grades. It is interesting to note that the terms "excellent" or "high (grade)", although used fairly often e.g. on internet auction platforms, are not an established comic book condition, i.e. grade.

MINT: near perfection - complete flatness, bright colors, glossy covers, sharply cut corners, no rust on staples, white paper (in reality, a comic in mint condition is virtually impossible to find, even fresh from a newspaper agent's stand).

NEAR-MINT: only minor and very subtle imperfections

VERY-FINE: exceptional eye-appeal, off-white paper acceptable, barely noticeable stress line on spine

FINE: minor wear but no serious defects, flat and clean but less bright in cover color than VF

VERY GOOD: average-used comic book, read more than a few times but still has eye appeal, with discoloration, brown (but not brittle) paper, one loose staple (cover must be still intact) and minor inside tears

FAIR: retains cover and all pages but has missing (cut) sections, low paper quality, slight brittleness, corners slightly rounded, spine damaged

POOR: may fall apart upon touch, prevalent tears and stains, heavy discoloration on the cover and inside, pages may be missing

"I could see the market was growing (...) I was buying everything off the stands in the '60s beginning with Spider-Man #1, so I had all this stuff. I had a great inventory of Silver Age books. I bought duplicates, so I set up Sonny Johnson to be a dealer. I gave him an inventory to get him started. He ran an ad and the comics sold just like that. I couldn't believe how fast they went. Then I decided I better stop selling the books. They were still going up in value." [13]

In his first price guide in 1970, Overstreet listed the price for a mint copy of Fantastic Four #1 at $30 and $20 for a copy in fine condition. Initially the guide was criticised for giving high prices [15], but market demand kept rising to the extent that even Marvel basked in the market's trend by early 1974:

"After all, didja know that Fantastic Four #1 is now selling for up to $50 in many back-issue comic-book stores across the nation, and that Spidey #1 isn't far behind?" [16]

By 1976 Overstreet's price rating had gone up to $250 for a high grade copy [17] - a phenomenal rise in just six years, yet nowhere near to what was still to come. Another six years, and the price was valued at $550 [18]. Although the comic market struck back even at the classics in the mid-1980s (by 1987 the price estimate for Fantastic Four #1 had dropped to $500 [19]), some analysts of the comic market money game feel that this drop was caused only because more and more buyers were moving into the top-grade issue market [20].

As the demand for high and top grade copies continued to increasae, the market was in need of a stringent grading procedure which would ensure reliable and consistent application of Overstreet's grading scheme. The fairly subjective nature of the grading process in conjunction with rising monetary values for high grade copies resulted in a growing concern with regard to grade misrepresentations by sellers attempting to make profits on wildly exaggerated grading assessments. Such behaviour would erode investor confidence and virtually put a lid on any future substantial price increases.

In order to further establish and maintain a consistent and professional market standard, Comic Guaranty LLC (CGC) was formed in 2000 as an independent and impartial specialist comic book grading service under the umbrella organisation of The Certified Collectibles Group, which also includes the Numismatic Guaranty Corporation of America (NGC; a grading service for coins) and Sportscard Guaranty LLC (SGC; a grading service for sports cards). Any comic book submitted to CGC is graded according to established CGC standards and eventually cased in a tamper-evident protective holder to "freeze" the condition of the comic book as submitted and the resulting CGC grading (comics contained in such a holder are described as being "slabbed") [21]. The holder also displays comprehensive info about the book and its grade.

Today, over a 100,000 comic books are submitted to CGC for grading each year [22]. The confidence injected into the collector's market through the consistent CGC standards has grown in importance as more and more selling takes place in a context where the buyer and the comic book for sale are not at the same location - most prominently, of course, regarding transactions through the internet. As a result, any collector buying a CGC graded comic book can expect to get what is being advertised, no matter who the seller is. This situation is quite unlike the uncertainty which still clouds many internet auction sales where sellers may be honest and experienced graders or just the opposite.

CGC slabbed and graded (9.6) copy of Fantastic Four #1 - a CGC 9.4 sold for $111,000 in 2002

CGC slabbed and graded (9.4) copy of Amazing Fantasy #15, which sold for $210,000 in October 2007

This concept is not, of course, comic book specific. It was, for example, well known amongst collectors during what became known as the "Swatch watches fever" in the early 1990s:

"A Swatch that is purchased for a collection is never worn as a timepiece; it is kept in its original packaging so that it remains in mint condition. A serious collector who wants to wear a Swatch purchases two of the same model - one to wear and one to keep in the collection." [25]

Buying two near-mint copies of a top-price comic book may be a bit difficult, but the principle is applied the same way in the case of investors who also happen to be interested collectors:

"[Mr. Z...] keeps the priciest copies worth more than $100,000 in a safe-deposit box. When Mr. Z... wants to read about the Green Lantern in 'All-American Comics' no. 16, he doesn't turn to his $30,000 copy, but a book of reprints he bought for $20." [26]

Since the entry of CGC prices for some specific titles have rocketed. A very fine copy of Fantastic Four #1 sold for $24,999 in late 2004 [27] with the auction price rising even higher, to $52,000 in 2007 [28]. Impressive as these figures may be, they are nothing compared to the prices asked and paid for top grade copies of Amazing Fantasy #15. Riding high on the popularity of Marvel's most successful hero Spider-Man (aided more recently by added promotion thanks to high-budget and hence high-publicity movies), the prices asked for this specific comic book have virtually blasted through the proverbial ceiling. Rated at $5 in 1965 by the Argosy Comic Book Price Guide [29] - already a big rise on the original August 1962 12c cover price - a near-mint copy fetched $ 122,000 in January 2004 [30]. By June 2007 the price had gone up to $ 210,000 [31], and only a few months later a near-mint copy of Amazing Fantasy #15 sold for the highest price ever paid for a comic book published after 1950 when it changed hands in October 2007 for $ 227,000 [32].

But what is more: the estimated value of a comic book copy of the same grade differs greatly whether it is CGC graded or not. A 9.4 graded copy of The Incredible Hulk #1(1962) had a November 2007 estimate of $30,000 whereas a CGC slabbed copy of the same grade is expected to be worth $75,000 [33].

Naturally, only a handful of well preserved near-mint copies of the classic early 1960s comic book titles have survived into the 21st century (for the reasons already discussed), which creates an extremely disbalanced ratio of demand and supply. But the market forces which drive up the price of a single comic book to the levels reached by Fantastic Four #1 and, above all, Amazing Fantasy #15 no longer operate in what can be termed a true collector's market. The takeover by the investors is, however, no sinister plan secretly hatched by some evil conspiracy. It's big money, and it's communicated quite openly - not the least because this is one important way of maintaining "wantability":

"'When it comes to the best available CGC certified copy of a Silver Age Marvel key like Amazing Fantasy 15,' says ComicLink.Com CEO Josh Nathanson, 'we always have a top-notch buyer willing to pay the highest price. Our buyers realize the enormous investment potential of scarce, high-end comic books. The buyer of this CGC certified copy of Amazing Fantasy #15 realized that he was paying a premium over the last sale price, but was still comfortable stepping up to the plate because he knew that he was getting the best. He is very happy to have obtained this book for his collection.'" [34]

This statement in conjunction with the January 2004 sale of Amazing Fantasy shows the contradictions displayed when the collectibles of a collector's market become commodities of investment. The repeat sales over a fairly short period of time don't match up with the assumption that a true collector, having gained possession of such a prized collectible, would cling on to it - even more so if he were fortunate enough to be able to pay a premium price. It can therefore be assumed that many recent purchasers are more likely to be investors rather than "happy collectors" - with the aforementioned collectors-turned-investors thrown in between:

"For (...) a Washington D.C. lawyer (...) 'it's not just collecting' he says 'it's investing'." [35]

A CGC slabbed and graded Signature Series copy of Journey into Mystery #83 (signed by Stan Lee) - typically low grade (4.5)

"Getting comic books signed by creators has been a part of our hobby since early fandom. But (...) there have always been concerns surrounding signature authentication and verification. Now (...) collectors can have their comic books and comic magazines signed by their favorite creators in the presence of an exclusive CGC authorized witness. These comics can then be authenticated, graded and certified by CGC under the prestigious CGC Signature Series label." [36]

Apart from prearranging signings (with the added marketing spotlight of such events) this has given CGC the option to grade and market comic books in medium to low grades. In December 2007, Stan Lee autographed ten Silver Age comic books for a comic store in California which were then offered for sale through eBay.

A low grade (3.0) CGC Signature Series copy of X-Men #1 (Stan Lee)

"If you need any proof that the comic book market is still running strong, you can point to a recent sale of Amazing Fantasy #15 in CGC 9.4 for a whopping $210,000 as proof (...) The $210K price tag is nearly 2.5 times the last GPA-recorded sale of $86K for a AF #15 CGC 9.4 sale in 2003. That's a 144% increase in 4 years that beats the Dow Jones Industrial Average gain of 63% return during the same time period... and that's while the stock market was in a bull run!" [39]

It is understandable that the high profile titles which sell as well as Amazing Fantasy #15 are often taken to be benchmarks of "the market". But whilst marketing specialists as well as onlookers refer to such titles as the "holy grail" of a comic collection [40], the fact that only very few titles have reached these heights is often largely ignored. Other classic Marvel titles have sold for far less in the recent past: a CGC 9.2 Avengers #1 for $9,500 in March 2005 and a Daredevil #1 (CGC 9.2) for $ 7,000 in November 2004 [41]. Prices dip further for grades which are below the 9.0 mark. Not every classic comic book is a guarantee for sky-high returns on investment, and the market is also subject to highly complex dynamics and influences:

"Prices are vulnerable because people are driven only by investment potential (...) now the [collectibles] market is totally driven by collectors with an insatiable desire to own the best (...) [it is amazing] how much money they are willing to pay." [42]

True investors must consider what the interest will amount to on the money which is being tied up. If it becomes necessary to hold those comic books for a waiting period of more than ten to fifteen years before any increased appreciation takes place, the interest on the money invested may well eat up any profit made.

Which brings up Ralph Chicorel again. For once, the wonderful newspaper headlines were spot on: "Comic collector may earn up to $500,000 in auction" [43]. Having bought the comics himself, his original expenditure was in the region of $11, so the end auction price (which turned out to be even higher, namely $620,000) virtually equalled his personal profit. This, of course, is the kind of story and amount of money which sends a lot of people dreaming and quickly blurs the reality to which it is attached: the fact that Chicorel was both the original buyer and high price seller is a fairly singular incident, and he had to keep his comics for around 70 years to be in a position to pocket that auction money. Taking into account the standard 20 percent fees which renowned auction houses charge for that kind of sum, Chicorel walked away with around $500,000 net - which, ignoring taxes for simplicity, breaks down into roughly $7,150 for each of the 70 years he had the comics in his possession. From that perspective, it's still a nice sum of money to have every year, but the "annual profit" is no longer mind-boggling, especially as the US dollar has, of course, continuously lost purchasing power over that period of time ($1 spent in 1940 had the purchasing power of $15 in 2008 [44]).

As for original ownership profits, the auction sale of a CGC-certified 9.2 near mint- copy of Amazing Fantasy #15 for $190,000 (highest price tag ever for that grade) in February 2009 [45] nicely illustrates that the original owner hardly ever is the one to make the big money:

"According to Pedigree's President and CEO Doug Schmell, "The issue in question is from an original owner in Redondo Beach, California. As the story goes, high grade dealer/collector from the North East, Tom Brulato, had purchased the comic book, sometime in the mid-1990s, from two brothers living in Redondo Beach. They had found the comic in their grandmother’s dresser drawer, who was the original owner, and took it to that year's San Diego Comic Convention in order to sell it. They found a large dealer from Connecticut, Dan Greenhalgh of Showcase New England, who was set up at the show, and he referred the brothers to Brulato, who bought the book on the spot. The book, which according to Brulato, was super glossy with incredible colors and structure, was subsequently submitted to the CGC for certification and encapsulation and received the 9.2 grade. The book was then sold by Brulato to another dealer and was eventually purchased by a collector in the Midwest, who consigned it to Pedigree Comics for our auction". [46]

Even accepting the two brothers as original owners in lieu of their grandmother, this still makes for four middle men in just over ten years between the original owner and the grand auction sale. The fact that they were all professional dealers or big spending collectors (who of course were fully aware of the title's appeal) makes it obvious - and they should not be blamed for it - that substantial profits were added each and every time the copy changed hands. In other words: there can be no doubt that the two brothers from Redondo Beach received only a fraction of the $190,000 the copy made in 2009. So much for the usual drama of the original owner who didn't hang on long enough to his comic books and the big exception, Ralph Chicorel.

The major illusion, however, which is created and fostered by the market, is that the entire market runs on this scale. As pointed out above, many early Silver Age Marvel comic books are nowhere near the price tags of Amazing Fantasy #15 or Fantastic Four #1. Even in spectacular condition (CGC 9.4), Avengers #2 "only" fetched $13,500 in February 2009 [47]. And a virtually mint (CGC 9.6) copy of Amazing Spider-Man #29 was sold in the same auction for $5,100 [48]. That's a lot of money, of course, but not the gold mine which some people seem to perceive the comic book collector's market to be. In addition, few observers seem to fully take into account that all high grade comic books which sold for six figure prices over the past few years already required a substantial investment by the previous owner.

"Certain common denominators [for collectibles] exist in varying degrees from an investment perspective: often high costs to trade and own; high price volatility; no current income; and undependable or poor liquidity. These factors plus the opportunity cost of an unproductive investment lead to one conclusion: Collectibles, especially when the relevant group of collectors is solidly in place and in good communication, will probably gain value and outstrip inflation over the long term, but the costs and risks of holding collectibles for investment purposes can be justified only when the assets also provide their owner pleasure or utility." [50]

"Markets for collectibles are notoriously inefficient, often requiring long lead times, uncertain prices and narrow pools of potential buyers. These markets also can be particularly sensitive to wider economic forces, such as a recession, and can see spikes and drop-offs due to factors beyond the artist’s ability or name recognition." [51]

The attributed value of collectibles is thus largely a subjectively perceived value. If this goes down noticeably - for whatever reasons - the divergence between "collector's price" and actual material value is reduced siginificantly. This has happened, for instance, with ornate 18th century French furniture which has lost favours with collectors and investors [52], but at least the collector or investor is left with a - albeit overpaid - useable piece of furniture. A comic book, however, has no material value to speak of and relies entirely on collectability appreciation. If that falls away, there's not much one can do with a comic book, and even less so with an overpaid one.

The construction of the comic book collector's market is largely centered on creating a sense of durability and reliability: demand will always be there and prices will therefore remain a highly controllable investment risk. Upon closer inspection, however, this feeling of security is built up by the marketplace itself. CGC rating and slabbing (which becomes investment securing preservation) plays a central role in this perceived reliability of the comic collector's market - giving collectors and investors alike the peace of mind that "what you buy is what you get" - but it also heats up prices to an extent which disconnects the market from the actual collectors. The higher an individual copy is graded, the larger the difference in price estimate becomes, solely depending on whether it is graded by CGC or an independent dealer (who should not be confused automatically with a possibly fraudulent seller on an internet auction platform). This can be seen best of all with regard to the "market benchmark" Amazing Fantasy #15. Up to grade 8.0 (very fine) the estimate is $30,240, regardless of whether the grading is done by CGC or not [53]. But as of grade 8.5, the price range starts to develop differently, when a CGC graded copy is suddenly valued at more than $9,000 superior to a non-CGC graded copy ($46,800 vs $37,440) [54]. The difference in value is finally blown out of all proportion with regard to the coveted 9.4 grade: $180,000 for a CGC graded copy (although this was actually sold for $210,000 in October 2007) and less than half of that estimate, namely $72,000, for a non-CGC graded copy [55].

This distortion of price estimates is just as much a reality of CGC standards for other Marvel Comics titles - as any centralized standards are for any collector's market:

"For years, avid stamp collector Van K. Tharp had a successful method for deciding how much to pay for rare stamps. “I always looked for the best thing that I could afford,” [he] says. “If I saw something I wanted, I’d assign it a grade - at least a rough estimation, based on condition of the item and my knowledge of the market - and paid about 80% of what I thought it was worth.” That process worked well for him until a few years ago, when something significant happened in the world of rare stamp collecting: Professional Stamp Experts, a Newport Beach, Calif., grading company, began assigning professional and widely accepted grades to the majority of stamps that came to market. Soon, Tharp found that he was no longer able to pay less than what he calculated a stamp to be worth. “The price of rare stamps has gone up so much,” he says. “I’m unlikely to get anything at even 100% of the price now.”" [56]

The justification needed for the price distortion is provided in two ways: by expertise and by scarcity. The first element is the very foundation of CGC, paired with impartiality:

"Every comic book certified by CGC is graded by the hobby’s most experienced and trusted team, according to well-established grading standards. Furthermore, every CGC-certified comic book undergoes a thorough restoration check by leading professionals during the certification process. (...) CGC is the only expert, impartial, third-party certification service." [57]

There is no doubt that CGC lives up to this self-description and the standards implied. At the same time, this does not by way of principle exclude other parties from grading to similar or equally high standards - many experienced comic dealers are perfectly capable of delivering expert and honest assessments. Whilst CGC does not, of course, explicitly rule this out, there are many wordings in official texts and presentations which convey just that - a sublime expertise monopoly attributed to CGC.

Another element put to use in order to add stability to the perception of the market is scarcity. Actually, it is artificial scarcity - a typical trait of monopoly pricing structures such as the brand "CGC graded /slabbed" - created by the CGC Census. Basically, this is nothing more than a detailed report of all the comics certified by CGC, listing the total number of books in each grade for every specific issue of a comic book title [58]. CGC has a detailed caveat disclaimer on its relevant webpage [59], indicating that a number of characteristics inherent in the marketplace undermine the accuracy of the CGC census and that e.g. rarity is only one factor in determining the market value of a comic book. What CGC is actually saying is that they obviously know how many copies of Amazing Fantasy #15 have been graded 9.4 by CGC, but there is no way they can guess how many additional 9.4 copies still exist outside the CGC grading process. Again, however, many fail to see the not-so-subtle difference - including even experienced comic dealers:

"CGC grading has not only created a better and far more consistent standard for what a NM should look like but has also created an accurate Census along the way. There is no guessing now, as to what issue exists in true NM 9.4 or how many there are. Just check the CGC Census and you can see for yourself." [60]

Even without taking into account the possibility, even though not a very likely one, that a whole crate of Amazing Fantasy #15s in pristine condition could turn up in the corner of some warehouse, it is quite obvious that the CGC census only provides reliable data with regard to CGC graded copies. Nevertheless, it plays an important part in constructing price reliability within the market and boosting a positive investment approach. On these grounds, it could even be argued that the comic collector's market has de facto largely become a CGC graded comics market - certainly for the top grade copies. One specific problem of this aspect of the constructed market is the submission of run of contemporary comic books for CGC grading - almost certainly in the hope of slabbing a future classic and hence investment, a procedure which has even resulted in overblown prices for very recent (i.e. still available) comic books [61].

"As the economy continues to struggle (...) in the first half of 2009, it should be no surprise that we are also seeing the activity of the coin collecting community shift their priorities.  (...) A number of collectors out there have slowed down (...) There are also a number of collectors and dealers that are either being forced to sell their collections to make ends meet, or they are just becoming disillusioned (...).  In a down market, the inferior examples in a specific grade are just going to sit and sit and sit!  In this market, only the top tier coins (...) are going to be the coins that will move, and probably move at a premium independent of tier price.  Likewise the more common issues are going to be less desirable and will suffer due to the lack of demand for such ordinary items. (...) For some collectors who have been able to put themselves in a strong cash position, this is an excellent time to purchase coins if the right gems emerge.  For example, the recent sell of the Adams-Carter Class III 1804 dollar brought half a million dollars less than it would have reportedly brought a year ago due to the current recession. (...) A price correction is taking place in the numismatic marketplace just as it has in so many other parts of our economy." [62]

"The results of recent auction sales suggest that something of a buyer’s market exists: while the prices of top-grade cars seem to be holding strong and even setting records, cars of lesser condition and rarity have been somewhat soft." [63]

""Bidding was aggressive; a reassuring sign for the economic health of collectible investments during a tumultuous week on Wall Street," stated ComicConnect co-founder, Stephen Fishler. "Though there were some deals to be had in the auction, overall we saw very healthy prices being realized by consignors." [66]

A CGC 9.2 copy of Fantastic Four #2 went down $1,500 in worth between May 2007 and September 2008

"unprecedented hammer price[s] of $160,200 on a SHOWCASE #4 CGC 9.4, $118,977 for AMAZING FANTASY #15 CGC 8.5, and $25,000 for DETECTIVE COMICS #29 CGC 6.0." [67]

In other words: two highly classic titles from the Distinguished Competition (also known as "DC" for short; Showcase #4 is considered to be the milestone comic which kicked off the Silver Age, and Detective Comics #29 introduced Bat-Man's famous utility belt) plus the old Marvel aquaintance, Amazing Fantasy #15 - the equivalents of Picassos and Van Goghs for comic book history.

And speaking of Picasso and Van Gogh, a look at the modern and contemporary art market - where some artists even provide something of a link to the comic book world, such as Roy Lichtenstein - revealed that by November 2008, investors as well as the auction houses had taken a real beating:

"This month [November 2008] the auction art market finally took its pratfall. Depending on the sale or the country you choose to measure it, the prices for Modern and Contemporary art dropped a full one-third to one-half all around the world, costing the three big houses - Sotheby's, Christie's and Phillips De Pury & Co. - millions of dollars. Sotheby's had estimated a low figure of $338 million for its New York sale on Nov. 12-13, but the auction brought in just $223.8 million. Its catalog cover, "Half Face with Collar" by former Rutgers University teacher and comics copier Roy Lichtenstein, was valued at between $15 million and $20 million, but it didn't sell. The only one of the auction houses that is publicly traded, Sotheby's stock has lost 83 percent of its value in just one year." [68]

Having established the metaphor that the Picassos of any collectibles market will most likely always sell in spite of a turbulent economy, even this segment of the collectible's market is far from being bullet-proof, especially if owners are in need of the money which is tied up in the item:

"Riding the current craze for late Picassos, Christie’s had put a 1968 painting by him on the cover of its auction catalog. The work, “Musketeer With a Pipe,” was being sold by (...) a victim of the Bernard L. Madoff [investment] swindle. The brightly colored canvas was expected to fetch $12 million to $18 million. Four bidders sought the painting, which went (...) for $14.6 million. (...) Sotheby’s tried to sell its star Picasso - a 1938 portrait of the artist’s daughter Maya - that was also being sold by a Madoff victim (...). It was a more expensive work, estimated at $16 million to $24 million, and it went unsold." [69]

As a conclusion, it is important for the comic aficionado to bear in mind when looking at the collector's market that individuals can, and do, control the manner in which objects are viewed, and that the value of objects as well as the memories of those objects are socially constructed [70]. This by consequence results in a general volatility and accounts for some of the drops in monetary terms of collectibles, such as certain stamps which at one time sold for $20 and are now going for $5 [71]. The comic book collector's market is also a prime field of applicability of Thompson's (1979) Rubbish Theory which provides a framework for illustrating that the value and meaning of objects can and do change over time. Thompson's example to illustrate this point is the fact that an old vase described as an antique in pristine condition is worth quantitatively and qualitatively more than an identical old vase described as used and in good condition [72]. In the end, it is a bit like having the vase graded and slabbed.

"Where should you put your money in these uncertain financial times? Once-prudent investments in housing and the stock market no longer provide safe financial refuge for your hard-earned dollars. But some suggest that, when searching for a stable place to invest your money, you need look no further than your comic book collection. Some investors are selling off their stock and buying up vintage comic books, believing that the timelessness of comics offers a more secure long-term investment than stocks have of late." [73]

For some people, it seems, a statement such as "the timelessness of comics offers a more secure long-term investment than stocks have of late" blocks out anything else and virtually erases the all important remark that the investors described as selling off their Wall Street assets for comic books are buying up vintage comic books - which leads us back to the finding that only a very limited number of key issues in near-mint quality are going for very high prices, but 99,9% of all published books from the same period are not. Nevertheless, an amazingly large number of individuals actually seem to believe that they can buy almost any comic book for a few dollars and expect to see it go on sale for huge profits in virtually no time. It is a view which, not surprisingly, is constantly fuelled by the driving side of the market, i.e. the sellers and intermediates, through statements which refer to the success zone of the comic book collector's market without making it overly clear just how very narrow that success zone is:

"The Obama back-up story is one of the most embarrassing Spider-Man stories I've read in a long time (...) [it] couldn't possibly make any new reader want to come back for more. (...) It's a good thing all those people lined up in the cold probably only bought it for the cover." [80]

In other words: no comic book collector will be wanting a copy in 20 or 30 years because it's such a great or important issue for Spidey, let alone the history of comic books. The value lies strictly with the Obama cover, and the appearance of an American president in a comic book is not a first, although previous such cameos were predominantly featured in books from the Distinguished Competition, e.g. JFK in Action Comics #309 (February 1964), Nixon in From Beyond the Unknown #17 (July 1972), Carter in Superman vs. Muhammad Ali (1978), or the Clintons in Superman: the Man of Steel #20 (February 1993). The oldest of these books, i.e. Action Comics #309, has an estimated price tag of $140 in 9.4 grade [81], regardless of the fact that Kennedy plays an active role in helping Superman preserve his secret identity but the book actually hit the newsstands the week after JFK's assassination - too late for DC to recall [82]. One CGC graded near-mint (9.4) copy did fetch $717 at an auction in January 2008 [83], but until then CGC had only slabbed two copies of the book in that grade, making this a one out of two known copies purchase [84] - quite unlike the 175 CGC graded 9.8 copies of Amazing Spider-Man #583.

The "collector's item / investment value" hype drummed up by some people in conjunction with Amazing Spider-Man #583 is somehwat reminiscent of the not too distant comic book collector's market collapse of the mid-1990s - the result of a string of events which newcomers don't seem to know about and some seasoned collectors don't seem to care to remember.

Having outlined the artificial construction of the comic book collector's market above, it will come as no surprise that the entire bubble imploded brutally after passing its saturation point. A lot of insight to the mechanisms involved can be gained from an insider's report who witnessed the events from the comic book dealer's side of the table:

"After selling two copies [of Harbinger #1] at cover price to customers practically apoplectic with excitement I marked one up to $5. It was gone in minutes. As a gamble, I marked one up to $10. It was also gone in minutes. (...) During a slow point I wandered the show to see what other dealers were selling their copies for. I saw one customer gladly plop down $25 for a copy. At future shows, I sold copies for $75 each, which is completely irrational for a new book with a multi-thousand print run. (...) Such was the power of the speculator market." [86]

The comic book speculator market finally collapsed between 1993 and 1997. Two out of three comic book stores closed, and numerous publishers were driven out of business. Marvel Comics was forced to declare bankruptcy in 1997.

"In general, the comics that have the most collectible value are those published between 1938 and 1979. Typically within that time frame, superhero comics hold the most value, with first appearance or origin issues being the most sought after. The vast majority of comics from the 1980s and later have little, if any, value today. In the 1980s and early 1990s, the comics industry experienced a speculator boom of collectors who saw potential in an up and coming collectors market. They bought and hoarded large numbers of each issue, not realizing that they were ensuring the worthlessness of the very items they were hoping to profit on. This artificial demand increased comics print runs, making them virtually worthless in the long term. This misuse of the market by collectors and publishers alike led to the virtual collapse of the comic book industry in 1998." [89]

In November 1987 - long before the CGC market was set up - Marvel launched its Marvel Masterworks anthology publication in the form of hardcover, full-colour reprints on high-quality gloss paper featuring various series in chronological order. Volumes typically contain 10 issues plus any annuals, and on average number between 220-260 pages, although some volumes have fewer pages. From 1987 to 1994 Marvel published 27 Masterworks volumes, covering the most successful characters such as the Amazing Spider-Man, Fantastic Four, X-Men, Hulk, Iron Man and Daredevil. Following a hiatus (during which the initial 27 volumes were reprinted between 1997 and 2002), Marvel published new volumes as of 2000, and the range has been continuously expanded since, now covering a total of well over 100 published volumes by mid-2009 and many more constantly announced [90]. Mostly featuring Silver Age super-hero material, Marvel has also introduced some Golden Age and a few Bronze Age title runs.

"Thanks to the Masterworks collection, we're comin' around again to charm the socks off a whole new generation." [91]

Purists sometimes argue that some of the essential aspects of comic books are lost - and they are, of course, right. Reading a Marvel Masterworks volume is quite unlike holding a regular comic book in your hands. On the other hand, no "regular" Silver or Bronze Age comic book ever saw this kind of paper quality and colour gloss. But then it is understandable that the sensory experience of holding and reading a comic book, the very specific smell and feel of the paper, can be a key element of nostalgia.

Far more serious, however, is the criticism directed towards what is called "art reconstruction" in the Masterworks publications, and the topic has sparked huge controversies. At the heart of the issue stands the fact that not all of the material featured in the Masterworks volumes could be based on the original artwork or archive film, simply because it is no longer available. Going back to existing prints poses a number of problems, as it is impossible (even with today's high end image editing programs) to create perfect scans of a printed comic page simply because the original printing quality was so low, especially with books from the early 1960s. Furthermore, much of the original stats and film which is still available has been altered over the years, as covers had characters resized or redrawn, captions were altered or removed, or editors changed content. So even in the instances where the Masterworks editorial team has film or plates at their disposal to shoot from, these would no longer be actual representations of the original print. In order to resolve this matter, Marvel hired artists such as Mike Kelleher (who has very openly explained the process of art reconstruction on several occasions [92]) to help resolve the problems:

"I agree that reconstruction of the artwork is a necessary evil. I'd much rather see the EXACT original artwork for the Masterworks books, but sadly, that is not an option in many cases. (...) You can even go so far as to argue that the printed comics are not a great representation of the original artwork. We've all seen comics where the line art was blown out ( lines become thin and disappear in areas ) or where the black plate was underexposed creating overly thick lines and "blobbing" of details. Even the best scans from printed source material needs enhancement on some level. (...) I have created a method using digital and hand drawn recreations to replace artwork for print. (...) The best that I hope for is that most people will be happy with the new printed page. Of course, if you don't notice that I did any work on it at all, then I've done it right." [93]

As mentioned, criticis of this procedure have been severe in their statements:

"There's another truth to this - you're not buying what you've been told you're buying. Not even close. In some cases you're buying all new material recreated by artists who probably weren't even alive when the original comic books came out. You're being duped. (...) Now Marvel might well argue that the original art is missing, can't be located and as such needs to be recreated. Certainly Marvel aren't seeking out the original artists to recreate their own work. When Marvel undertook 'restoration' work on the Iron Man volume [#4] they chose to engage the services of a cheaper artist instead of the original artist, Gene Colan. Same with Fantastic Four volumes - Joe Sinnott and Dick Ayers are still around and doing high quality work. Instead Marvel elect for the more economical route (...) What would be a far more honest practice would be for Marvel to include a disclaimer in each and every volume stating that the volumes you're buying contain material that was not produced by the original artists and then identify which stories, covers and pages that have been recreated at a later date. That'd be fair." [94]

The issue is a thorny one. It is a fact that every Masterworks volume clearly carries the indication that art reconstruction is included and even credits the artists involved, but it is also true that the exact amount of this reconstruction is not given. At the end of the day, it would all seem to hinge on just how much compromise is acceptable in order to produce visually appealing reprints. Answers to this question will, no doubt, vary from individual to individual.

The Masterworks edition basically presents the opportunity for those who were either too young at the time or those who didn't keep their original copies to read up on classic Marvel material. That way, you can read Amazing Fantasy #15 or Fantastic Four #1 in glorious colours and without massive expenditure. Currently (2009) selling for a suggested retail price of around $55 (many sources offer discounted prices) and an average content of 10 issues, Masterworks volumes are reasonably priced and the money spent certainly won't buy a copy of the original even if it's fallen apart completely ages ago (a copy of Amazing Fantasy #15 in poor condition (0.5) is valued at $720, a copy of Fantastic Four #1 in the same dismal state at $380 [95]). Since 2006, the most popular volumes are even being produced in cheaper softcover versions.

Containing about 20 to 30 issues of Silver or Bronze Age titles on an average of around 550 pages, the Essential range is just the opposite of the Masterwork edition, being black-and-white paperbacks using phone book-quality paper - and thus much closer to the material quality of the "regular" comic books. The compromise on production quality along with (in most cases) the loss of the original's colours is compensated by a suggested retail price around US $17 (2009).

For obvious reasons, "art reconstruction" concerns the Essentials volumes as much as does the Masterworks series where material from the Silver Age is reprinted. Newer material, i.e. Bronze Age books from the 1970s, have not publicly been known to be affected, and indeed the poor quality of some of the covers reprinted in various Essentials volumes would indicate that the editorial team in charge felt that inferior quality scans were quite acceptable for this low-price publication format.

The loss of colour has raised some debate, but never to the extent which the subject of "art reconstruction" has. This is most likely motivated by the fact that whereas the latter adds to or even replaces what is perceived to be the "original representation", greyscale reproduction only takes bits away from it. From a point of view which focusses on "origi9nal artwork", greyscale must appear to be fine, as the original artists never coloured their artwork. On the other hand, from a point of view which focusses on the end product, there is indeed something missing. Again, this eventually boils down to a matter of personal taste and preference, but it is a fact that e.g. Gene Colan's art and Tom Palmer's inks for Tomb of Dracula were not considered a finished product when the series was originally published in the 1970s. Although the artwork is considered by many to look great (for some even better) in greyscale, the colour of the original publications was an artistic element which added to the overall visuals.

One big bonus of the Essentials series is the fact that - apart from the "classics" - many of Marvel's lesser titles (such as the rather ill-fated Bronze Age title Monster of Frankenstein) have been reprinted, most of which would not seem commercially viable material for the Masterworks series, or classic Bronze Age titles which have not yet been included in the Masterworks publication schedule (such as aforementioned highly successful Tomb of Dracula).

Originally released at irregular intervals (sometimes twice a year and sometimes eight times per year), the Essentials range brought out a new volume every month since 2005. A first wave of reprints was launched in 2001, with a new design and corrections of printing mistakes which had sneaked into some of the from previous volumes (such as, in the worst of cases, missing pages). As of May 2005, many of the volumes have been reprinted for a third time. 2008 saw a third new cover design being launched, again starting with reprinting older volumes that were going back to press for new printings.

The Essentials line has suffered some criticism with regard to a lack of continuity as early editions did not include annuals. Marvel tried to correct such problems with the new printings, which then led to complaints about having to rebuy the same book for the new material and to be able to read the stories in proper order.

Marvel has also been criticised for censoring the third and fourth volumes of Essential Tomb of Dracula, in which digital editing was used to remove or obscure nudity. Both volumes contain reprints of Dracula stories originally published by Marvel in black and white magazine format and thus not subject to the Comics Code restrictions.

Marvel Double Feature #19 (December 1976) reprints Tales of Suspense #95 (Captain America) and the second half of Iron Man #1

Avengers Classic #4 (November 2007) reprints Avengers #4

However, reprint titles do have problems of their own, as illustrated by Marvel Double Feature, which reprinted Iron Man and Captain America stories from Tales of Suspense. The first nine issues of Marvel Double Feature featured 20 pages, making it necessary to cut two pages from either original story. Usually the reprint title would alternate the cuts between characters, but later on the more popular superhero retained the complete stories. In this case, Captain America had the upper hand. A similar thing occurred with the Tales to Astonish reprints in Marvel Superheroes, where the Hulk was more popular than the Sub-Mariner, who thus suffered the cuts.

Regular reprint titles mostly lost favours with readers after the mid-1970s, and from that point on Marvel reduced their number substantially. However, the House of Ideas would revert to reprints for their regular monthly titles when the artistic or editorial team couldn't make the deadlines. Depending on the original story length, either framing pages were added or cuts were made, and usually the reprints had some connection to the current comic. In the 1990s and 2000s, reprints were and are purposely included in giant-sized anniversary or special issues and usually are complete.

Some stories have been reprinted more than once, e.g. the original 1939 Sub-Mariner story from Marvel Comics #1, which can be found e.g. in Invaders #20 (September 1977, deadline problem) or the 2009 one-shot special Sub-Mariner Comics #1, celebrating Marvel's 70th anniversary. Marvel made an attempt at publishinga regular reprint title with Avengers Classic, which featured reprints of the early Silver Age Mighty Avengers starting with issue #1 together with specially produced back-up material, but the title was cancelled in May 2008 after 12 monthly issues.

The 1939 Sub-Mariner origin story from Marvel Comics #1 has been reprinted in Invaders #20 (September 1977) and, more recently, in Sub-Mariner Comics #1 (2009 one-shot)

The illustrations presented here are copyright material (mostly of Marvel Comics Group).
Their reproduction in this non-commercial context is considered to be fair use.

Text is (c) 2007-09 Adrian Wymann

page first published on the web 20 December 2007
updated and revised 24 August 2009

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