Posted in: Comics, Vintage Paper | Tagged: jerry siegel, joe shuster, superman

Most Valuable Comic? Highest Graded Superman #1 CGC 9.0 Hits Auction

Found in a Northern California attic, the highest graded CGC 9.0 copy of Superman #1 should contend for the record of highest price ever paid for a comic book.

It's a classic story of vintage comic book discovery:  three brothers going through their late mother's belongings discover that she had six comic books tucked away in the attic of their family home.  Among them, a high-grade copy of Superman #1.  This copy was subsequently graded CGC 9.0, Off-white to white pages, the highest-graded copy known to exist.  A Summer 1939 cover-dated release by Jerry Siegel and Joe Shuster from DC Comics, Superman #1 features the debut of one of the longest-running and most important titles in American comics history. The issue contains the Superman stories from Action Comics #1-4, plus new material. This census-topping, highest-graded Superman #1 CGC 9.0 copy is hitting Heritage's Comic Books Signature® Auction November 20-22, and should contend for the record of highest price ever paid for a comic book.

Copies of Superman #1 have been eagerly sought after since the earliest days of organized comic book collecting.  In an issue of the fanzine Rocket's Blast Comicollector #54 (1967), editor G.B. Love responded to a reader comment about high prices that advertisers listed on their comics for sale, by noting a controversial 1962 sale of a copy of  Superman #1 by Jerry Siegel and Joe Shuster for $20. "If someone wants to put up a copy of FANTASTIC FOUR #1 for $20, that's his business. I don't think it's worth that much, but what does that prove? Five years ago, Paul Seydor sold a copy of SUPERMAN #1 to a fan for $20. Everyone in fandom, including myself, thought this fan was out of his mind to pay so much. Today, if you can buy the same comic for $50, you've got a real bargain. No, I am not saying FF #1 will necessarily be worth $50 someday, but the point is a comic (or anything else) will set at a high as price as people will pay for it."

Of course, prices have progressed far beyond any 1962 fan's imagination since then.  By way of direct comparison, a Superman #1 CGC 8.0 (note: this copy is now graded CGC 8.5) sold for $5,300,000 in January 2022. The record for the highest price ever paid for a comic book was set at Heritage Auctions with the April 2024 sale of an Action Comics #1 CGC 8.5 for $6,000,000. The top of the charts, including sales that surpass the $3M barrier, currently looks as follows:

• Action Comics #1 CGC 8.5, April 2024 sale for $6,000,000.
• Superman #1 CGC 8.0 January 2022 $5.3 million. (note: this copy is now graded CGC 8.5)
• Amazing Fantasy #15 CGC 9.6 September 2021 sale for $3,600,000.
• Action Comics #1 CGC 8.5, April 2021 sale for $3,250,000.
• Action Comics #1 CGC 9.0 April 2014 $3,207,852
• Action Comics #1 CGC 6.0 Rocket Copy January 2022 $3,180,000.
• Captain America Comics #1 CGC 9.4 April 2022 $3,120,000.

A key driver of the market for high-grade copies of Superman #1 is the relative scarcity of high-grade copies compared to other major keys. On the CGC census, there are only three entries for Superman #1 above CGC 7.5, compared to five entries for Action Comics #1 in the same grade range. The relative scarcity of copies of Superman #1 in higher grades is an intriguing historical mystery. Superman #1 had a total print run of 900,000 copies through three printings, while Action Comics #1 had a mere 202,000 copy print run, of which only 130,000 copies sold through at the newsstand.  However, it is extremely likely that a large portion of the copies of Superman #1 were distributed in New York over the course of that summer, as DC Comics also produced a comic book for the New York World's Fair that year, and was likely able to take advantage of the excitement and tourism surrounding the fair to sell Superman as well.  Further, there are few copies of verifiable provenance which have surfaced west of the Mississippi. One theory on why that situation would result in fewer high-grade copies is that print runs that were concentrated in major metro areas very likely had a far higher rate of destruction than comics with a more standard distribution.  People are more likely to live in apartments, move, change houses after fewer generations, and generally have less space — far fewer of the fabled grandad's attic (or in this case, mom's attic) or basement finds in that scenario, and those that did survive were probably moved around a lot more, resulting in more general wear and tear.  This copy appears to be a remarkable survivor of that process, as it was long considered a special treasure by the original owners (the mother and her brother).  While it's unconfirmed that this CGC 9.0 copy was purchased in California, the Heritage Auctions press release below suggests it was in that Northern California attic for quite some time.

In addition to collecting the Superman stories from Action Comics #1-4, Superman #1 contains seven additional pages done by Siegel and Shuster at the direction of M.C. Gaines.  These pages include an expanded two-page origin section, a four-page story showing Clark Kent becoming a reporter, which was added to the front of the story from Action Comics #1, and a 'Scientific Explanation' page explaining Superman's powers.  The new two-page origin names the exploding planet as Krypton for the first time, while also introducing "an elderly couple, the Kents." Those are all key additions to the Superman mythos.  On March 27, 1939, Gaines wrote, "We have decided that for the first six pages of the Superman book we would like you to take the first page of 'Superman' which appears in Action Comics #1, and by elaborating on this one page, using different ideas than those contained on this page, work up two introductory pages."  Also adding, "On these two pages, you will of course leave out the scientific explanation of Clark Kent's amazing strength, as we want a separate page on that item to use further back in the book with the heading as follows: 'Scientific Explanation of Superman's Amazing Strength', in which you will incorporate five or six various explanations, which we discussed while you were here in New York several days ago."  Gaines additionally requested "four pages of a thrilling episode which results in Superman becoming a reporter."

The iconic cover of Superman #1 is a reuse of Shuster's art from the title page of Action Comics #10, which hit newsstands in late January that year, with a border believed to be by Leo O'Melia added to complete the new cover image. It had already become clear that Siegel and Shuster had started a phenomenon with this character, and that competition from other publishers was coming.  At the time he was writing the March 27, 1939 letter, Gaines was likely preparing for the testimony he would give just days later in the DC v Bruns trial regarding DC's lawsuit against Fox's Wonder Man.  He told Siegel and Shuster to have the new material done in about a week, noting that "we want to go to press with this Superman book as soon as possible, to get it on the newsstands not later than May 15th to offset any competition which we now have or may get in the next month or so…"  Gaines was correct on that score, as the field would become increasingly competitive in the months that followed.  Even so, the Superman title was not originally conceived as a series — or they were hedging their bets, at least.  When this issue was released around May 18, it was copyrighted as a pamphlet, not a periodical, and without any issue number indications.  Issue #2 would hit newsstands five months later, and soon after, the title was well on its way to becoming one of the most important series in American comic book history.

Another interesting aspect of this copy is that it is a confirmed first printing, as noted by Heritage and confirmed by the CGC grader's notes. The issue includes a back-page ad for Action Comics #14,  and in first print copies, the ad notes the release date as "On Sale June 2," while second and third prints say "Now On Sale."  Up to now, there has been little or no detectable pricing difference between first print and later print copies, but information about the printings has only relatively recently become more widely known in the collector community. CGC started noting Superman #1 first prints in grader's notes sometime in 2023.  This Superman #1 CGC 9.0 is a truly stand-out copy, and as Heritage Co-Chairman Jim Halperin notes, this is truly a once-in-a-lifetime story, and one that will go down permanently in popular culture lore. A newly discovered, highest-graded copy of one of the greatest comic books in the history of the medium is the stuff dreams are made of. This auction may set a new milestone for the hobby, and we're honored we were entrusted with this grail of grails."

DALLAS, Texas (Oct. 31, 2025) — Three Northern California brothers taking stock of their late mother's belongings in their family home during the holiday season last year discovered she had for decades held onto a cache of old comic books, tucked away in an attic beneath layers of brittle faded newspapers and cobwebs. Six treasured comics, kept since she and her brother bought them between the Great Depression and the looming World War II, will likely result in a life-changing windfall at Heritage's Comic Books Signature® Auction November 20-22 — and could include the world's most valuable comic book.

Three months after their discovery, the brothers contacted the Dallas-based Heritage Auctions to discuss the possibility of a sale, leaving a message that crossed the desk of Heritage Auctions Vice President Lon Allen on a Sunday. Within days, he was in San Francisco examining their collection.

"They're in their 50s and 60s, and their mom had always told them she had an expensive comics collection but never showed them," Allen says. He smiles and adds, "It's a twist on the old 'Mom threw away my comics' story."

Among the collection were five early issues of Action Comics, the National Allied Publications anthology that introduced Superman to the world in its premiere issue. It included issues 9, 12, 15, 18 and 21, which would soon achieve CGC grades varying from fine to near-mint.

By far the most promising, though, was a copy of Superman No. 1, issued in 1939 after National Allied changed its name to Detective Comics, Inc. — forever known to fans as DC. Fortunately for the family, Allen says, the climate in Northern California was ideal for the preservation of the decades-old books.

"If it had been in an attic here in Texas, it would have been ruined," he says.

For the youngest of the three brothers, this Christmas discovery is more than "just a comic book."

"This isn't simply a story about old paper and ink," he says. "This was never just about a collectible. This is a testament to memory, family and the unexpected ways the past finds its way back to us."

Comics, the youngest brother says, "became a treasured refuge" for his mother and uncle in their cramped childhood apartment where luxuries were few.

"But they had each other and a shared love for comic books," he says.

As adults, his mother and uncle determined to pass along their treasured comics to her sons, as the uncle was a lifelong bachelor with no children of his own.

"Until then, she carefully tucked the box away, deep into the recess of the attic, hidden but safe," he says. "But as the years unfolded, life brought about a series of losses and changes. The demands of everyday survival took center stage, and the box of comics, once set aside with care and intention, was forgotten. Until last Christmas."

The Man of Steel has been at or near the top of the list of most valuable comic book issues for years. A copy of Action Comics No. 1 sold for $6 million through Heritage Auctions in 2024. That issue's condition was graded an 8.5 on a 10-point scale by CGC, the world's largest third-party comics grading service. The current runner-up most valuable issue is a Superman No. 1 that sold for $5.3 million in a 2022 private sale. CGC graded that issue at 8.0, but the following year CGC raised the grade to 8.5, rendering it even more valuable.

With its bright colors, sharp corners and tight spine, CGC graders determined the family's copy merited a 9.0.

Along with its superior condition, it was positively identified to originate from the first print run of the issue, when DC printed a half million copies of the issue. After those sold out, the company made subsequent runs of 250,000 and then 150,000.

For decades, Allen says, nobody knew of a way to distinguish which copies came from that initial run. Then a grader noticed a key difference in a small in-house promotional spot advertising the upcoming Action Comics No. 14. In the first run, those ads included text reading "On sale June 2nd." Subsequent print runs had updated it to "Now on sale."

CGC President Matt Nelson and his team of expert graders are proud for CGC to have certified and encapsulated this piece of comics history.

"Collectors around the world rely on CGC because we provide the most trusted and thorough grading for rare, high-value comics, ensuring that iconic pieces like this one are recognized and protected for generations to come," Nelson says.

"This is truly a once-in-a-lifetime story, and one that will go down permanently in popular culture lore," says Jim Halperin, Heritage Co-Chairman. "A newly discovered, highest-graded copy of one of the greatest comic books in the history of the medium is the stuff dreams are made of. This auction may set a new milestone for the hobby, and we're honored we were entrusted with this grail of grails."

Given its condition, rarity and importance, the final sale price of this 9.0 copy of Superman No. 1 looks all but certain to go up, up and away to join Heritage's Comics & Comic Art Hall of Fame.

Images and information about all lots in the auction can be found at HA.com/7427.

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