We Have the 1st Member of the $1,000,000 Club- The Kansas City Action #1 Sells for One Million Dollars
The Kansas City Action #1 CGC VF 8.0 is listed as Sold on the Comic Connect site.
It's the first publicly reported sale over $1,000,000 of a comic book.
It's actually the first publicly reported sale over $500,000, but who's counting?
The price is stronger than what I feel the book is worth (by about 25%), but I'm happy to be wrong in this situation. $1,000,000 is a nice round number that will generate a lot of press. Press= good for the hobby (as long as any new people stay away from the books I want to collect 
)
With the speed of the sale, it's clear to me that there's a possibility that this transaction was prearranged or even consummated long before the book was even announced. Comic Connect would have been smart to do so, so as to guarantee the maximum exposure and publicity for the sale and to protect against a protracted, potentially embarrassing (if it went on long enough) $1,000,000 listing with no takers.
Here it is, the belle of the ball.
Holy cats.
That was basically my reaction. Just bonkers.
From the Post:
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/22/AR2010022202633.html
I agree that the price is way high. But definitely some major publicity. Even saw a blog post.with a link the CGC boards.
Wow! Pretty amazing…. great exposure for the hobby!