The economy might still be struggling to recover, but the market for old comic books has never been hotter. For the third time this year, a comic book has crossed the million dollar barrier. An 8.5 graded copy of Action #1 sold today for $1.5 million on the comic book auction site ComicConnect.com. The record breaking sale helped Superman once again reclaim the most expensive comic book ever spot from Batman. Earlier this year another copy of Action #1 had sold for a million dollars, only to be quickly bested by a copy of Detective Comics #27, which sold for $1.075 million.
Less than twenty years ago, when some rare comic books were starting to hit five figures in value, people were shocked that somebody would pay that much for a comic book. Now, it looks like seven figures might become the new norm for the rarest and most desirable comic books.
One of the great things about this particular issue of Action #1 is that it was apparently discovered in a stack of old movie magazines that was bought at an antique auction. It gives me hope that my dream of buying an old trunk for $20 at a yard sale and opening it up to a mint copy of Action #1 could one day come true.
While this record auction price might hold for awhile considering it was the highest known graded copy of the most desirable comic book in the world, it is also likely to send thousands of people scurrying through their attics and stacks of old magazines. Who knows when an even better condition copy of Action #1 might show up and break the $2 million barrier?