Until recent developments came to light, the Spawn #306 NetherRealm variant was considered one of the rarest of the rare modern comics. Coinciding with Spawn’s inclusion in Mortal Kombat 11, the issue was published exclusively for Chicago’s Final Kombat, an MK tournament held in 2020. Due to the pandemic lockdowns, the event was canceled to the public, and players were only allowed one guest each.
As part of the festivities, Final Kombat attendees were given copies of the Spawn #306 variant. Just how many copies actually left the building that night? That’s the big question.
Todd McFarlane Productions relayed that only 200 were printed, and fewer than 50 were actually distributed. Supposedly, the rest were tossed in the trash bins rather than paying to ship them back.
The idea that there were so few issues in circulation resulted in high prices, particularly for the mythical 9.8. After all, if so few comics survived, that would make the small percentage of near-mints that much more coveted. Last year, only three graded 9.8s sold online, earning staggering figures that ranged from $4,050 to $5,500.
Collectors were warned over a year ago that there could be market manipulation at hand with concerns that “the greater portion of its inventory was being held back to give the illusion of scarcity.” To add to the intrigue, CGC has 84 total graded copies listed on its census, which contradicts Todd McFarlane Production’s statement of there being fewer than 50 in existence. In 2022, a redditor claiming to work for NetherRealm said the studio gave him 20 copies, 18 of which just so happened to be for sale at that time.
While the Reddit thread raised eyebrows, it didn’t necessarily prove any accusations of market manipulation. Still, the idea of the MK variant being scarce meant profits. This past March, a graded 9.8 sold brought an impressive $3,825 in March. That was the only 9.8 to sell online in the first seven months of 2023. Then the floodgates opened.
Last month, one comic seller claimed he bought 70 copies in bulk, which he said was a sixth of the entire print run, implying that at least 420 copies are floating about. The seller slapped more than 60 raw copies on eBay. Suddenly what had been one of the rarest comics was readily available, resulting in 23 sales for graded 9.8s in August alone. That surplus lowered prices considerably. Sales reached as low as $500 and no more than $2,650, a far cry from the $4k-$5k figures a year prior.
How many of those 60+ sales will get the coveted CGC 9.8? Reddit is sure those who bought near-mint grades for four figures should be worried.
Market manipulation is nothing new, and that’s why outliers well above the current FMV should always be questioned. Although the true number of Spawn #306 MK variants in existence remains unclear, there’s no question that the original assertion of less than 50 copies was completely false.
Whether that was an honest mistake or an outright lie on the part of Todd McFarlane Productions, we may never know. At any rate, we should question the legitimacy of 2022’s gigantic sales. Hopefully, the Spawn #306 fiasco will make us all more wary of perceived “rare” variants with ridiculous prices. After all, how often has this happened without anyone knowing?
