I recently had a challenging discussion with my three daughters on the appropriate thickness of liquid soap. Whether soap is dispensed as a watery stream or thick globs, falls into the category of first world problems. It's like trying to decide between buying a graded 9.4 or a graded 9.8 copy of a 'grail' comic like Batman #232. At what point, and with what justification, does one decide that owning a Batman #232 in the best-known grade merits one's hobby money as opposed to 'settling' for a copy in only 9.4 NM condition? Further, is it better to go ahead and purchase an original page of art from that comic as opposed to the comic itself? In both cases, they are for display only!
I want to break down the options and the rationale, at least for the sensible buyer. For anyone sick-rich, go ahead and do what you like.
Batman #232
Let's consider Batman #232 featuring Ras Al Ghul, Talia, Abu, and the artwork of Neal Adams. It certainly qualifies as a 'grail' comic book for me. The story kicks off the climactic confrontation between Batman and Ras. Ras wants to test the detective to determine if he is worthy not only to succeed Ras as the leader of the League of Assassins but also for Talia's hand in marriage. Batman must play along, seeking ways to even the odds, since Ras knows Batman's true identity.
Neal Adams cover art for Batman 232The Sales Data Breakdown
It's obvious why this comic book is desirable, but what are the options--again, for the sensible buyer? A quick study of GoCollect sales data for Batman #232 yielded the following results:
Grade 9.8: Fair Market Value $4,400 - on eight sales in the last two years average price of $4,661.
Grade 9.6: Fair Market Value $2,100 - on eleven sales in the last two years average price of $1,878.
Grade 9.4: Fair Market Value $1,550 - on fourteen sales in the last two years average price of $1,404.
GoCollect's standard modeler for Fair Market Value suggests nearly triple the value for the relatively small step up in aesthetic appeal to go from Grade 9.4 to 9.8. The average prices over the last two years for copies of Batman #232 suggest a similar relationship. I believe another piece of information is paramount in importance. What is the relative availability of copies in each grade: 9.4 and above versus 9.8 and above?
What is the CGC census for Batman #232?
The highest grade in the CGC census is actually 9.8 for Batman #232. There are sixty-two. On the other hand, 179 copies have been assigned a grade of 9.4 with 184 higher. What type of collector are you and how do you like your soap? When you press the pump of the soap dispenser, do you expect the viscosity to match the thickness of a bottle off the store shelf? When you purchase a comic for your collection, do you expect it to be HIGHER grade than most comics that came out of the drugstore rack in 1971? Are you buying as an investment speculator or a hobbyist attempting to complete a run?
Is there anything more exclusive than 9.8?
Let's throw a wrinkle into these nearly pristine, unrestored comic books. In grade 9.8, at least 62 exist. Sixty-two is the census from CGC, it does not include others graded by CBCS or hiding away on someone's shelf. There exist collectibles from Batman #232 that are unique, one-of-a-kind. I refer to the original published artwork from the story, including the cover art. Above, I quoted sales prices gathered over the last two years by GoCollect for comic books. Several pages of original art from Batman #232 have sold through Heritage Auctions over the years, one as recently as 2018.
Page 5 from Batman #232 by Neal Adams and Dick Giordano sold in 2018 for $20,315. I graded that page R6 on the CAT grading scale (learn more at CAT Price Guide). Clearly, it was more expensive than the comic book, but it is also unique. There is no higher-graded page five of that comic because only one exists. Other pages from the comic sold in 2016 and 2008 through Heritage Auctions. Page 11 graded slightly higher on the CAT scale and sold for the same price in 2016.
Batman 232 Page 5 by Neal Adams and Dick GiordanoBottom line: It's time to lather up and make a choice.
Returning to the rationale for choosing a 9.4, a 9.8, or even an original piece of art, the motivation for the purchase reigns supreme. Someone only wanting to complete a collection can drop down to a 6.0 and save a boatload of money. A person who is speculating may wish to select the highest affordable grade, or the art itself because supply and demand ALWAYS impact future prices. I note that GoCollect provides a link to a 9.8 copy of Batman #232 'buy it now' for a mere $5,000. For about 40% of that price, 'buy it now' a 9.4 for a little over $2,000. (Again, such a small diminishing of appeal.) Unfortunately, I am not aware of any page of original art currently available. However, on the low end, $8 will purchase a barely readable copy of the classic through eBay.
In a future post, I'll investigate the question of whether buying a high-grade comic or an original page of art from that comic is a smarter long term investment.
