Investment Update: Captain Marvel

by James Jou

695962_mighty-captain-marvel-1-young-variant-now-198x300 Investment Update:  Captain MarvelHow are the various Captain Marvel key books performing now?

After months of fervor surrounding the world premiere of the Captain Marvel (2019) movie and a monster worldwide box office of $1.1 billion, one has to wonder if their investments in the character’s key comic book have kept up.  Here we examine the best course of action forward from a financial investment perspective.


Marvel Super-Heroes #12

Going chronologically, the first book up for performance review is Marvel Super-Heroes #12 (1967), the 1st appearance of Captain Marvel.  Below is the sales for the CGC grades 9.2, 8.0, and 6.0, which represent a cross section of the top 19.5%, 50.1%, and 83.2% of the census:

cm_1a Investment Update:  Captain Marvel

The value is dropping across all the grades. Most noticeably, the higher end 9.2 is losing its value the fastest; its value declining at a rate almost ten times that of 8.0.


Marvel Super-Heroes #13

Next up for performance review is Marvel Super-Heroes #13 (1968), the 1st Appearance of Carol Danvers.  Below is the sales for the CGC grades 9.0, 8.0, 6.5, and 4.5. This represents a cross section similar to the book above; specifically, its the top 6.3%, 18.2%, 45.7%, and 81.2% of the census:

cm_2b Investment Update:  Captain Marvel

Like the issue before it, Marvel Super-Heroes #13 is losing its value across all the grades. Unfortunately for MSH #13, it’s on average declining in value across its grades faster than MSH #12.


Ms. Marvel #1

Moving on to Ms. Marvel #1 (1977), the first time Carol Danvers took up the moniker of Ms. Marvel.  Below is the sales data for CGC grades of 9.6 and 9.2, which represent 18.7% and 47.1%, respectively:

cm_3c Investment Update:  Captain Marvel

For Ms. Marvel #1, we observe an unmistakable decline in value of the book. The value for 9.6 has been declining at a rate almost three times faster than 9.2. With this and the books before, a trend seems to be revealing itself across the Captain Marvel keys.


Avenging Spider-Man #9

The final book up for performance review is Avenging Spider-Man #9 (2012), the 1st Appearance of Carol Danvers as Captain Marvel. This book experienced a massive boost from the movie.  Below is the sales data for the book graded in CGC 9.8, which represents 46.1% of the census:

cm_4d Investment Update:  Captain Marvel

As with all the keys above, Avenging Spider-Man #9 in CGC 9.8 is losing its value. The latest sale on 6/22/2019 was $237.51. This is a far cry from the first sale of the year on 1/2/2019 for $550. It makes one wonder if we’ve seen the bottom yet.




With so many keys, one might hope that at least a single key would retain its market value. Unfortunately, that is not the case. Unless there is another catalyst that can provide upward pressure, Marvel Super-Heroes #12, Marvel Super-Heroes #13, Ms. Marvel #1, and Avenging Spider-Man #9 all currently represent bad investments. Looking forward, the negative growth of all the Captain Marvel keys offers a very poor risk/reward scenario. It would be difficult to see how a bump from a movie sequel can overcome the declining value.

  • Marvel Super-Heroes #12: Sell
  • Marvel Super-Heroes #13: Sell
  • Ms. Marvel #1: Sell
  • Avenging Spider-Man #9: Sell

On a side note, it is indeed interesting that not a single key retained its value. It could be valuable to examine why this occurred; as it can be applied to future speculation.


“Duane just kept working, not even looking up.” – Stan Lee

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Christopher Peruzzi June 26, 2019 - 8:54 am

A very thorough study indeed and one that seems to sync with my own. I am curious though how your findings would be for Captain Marvel 1 (1968). While the hot item and “flagship” character of Carol Danvers is on the decline, there seems to still be some nostalgia over Mar-Vell and Jim Starlin’s run on his title (with Thanos as the headlining “big bad”). I’d love to hear your thoughts and analysis on this.

Joshua Clark June 26, 2019 - 8:47 pm

Great articles man!

Perhaps the difference is a totally forgettable film, and an insignificant role in endgame; despite the hype of her character in infinity war?!?!?


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