The following is based off of the $100,000 Club list, a catalog I keep of all the individual comic books that might sell for over $100,000. Unlike some lists I've seen out there (in print and online) both this article and the $100,000 Club strive to name not only the title and issue number ("Action #1 is the most valuable comic book in the world") but to try to pinpoint the individual copies that make up the hobby's stratosphere. For a real world analog, all the other lists are the equivalent of saying "Picasso's paintings are amongst the most valuable in the world" and leaving it at that where my list is would point out that "Picasso's Garçon à la Pipe sold for $104,000,000 in 2004."

All of this is the result of a couple of years of research and discussion of these top end books both in private conversation and online. Before anyone points it out, there are obviously holes in my data set as there are books that have slipped out of the hobby (many of the Reilly books, for example), there are books I don't have full information on (some people are less free with their knowledge than others) and there are non-pedigree books that I just don't know about, so this should be treated as a work in progress.

Feel free to speculate about what "might" be out there. That's part of the fun.

To that end, I'm always interested in feedback on these lists.- if you've got into on any of these books, or just want to talk in depth about my reasoning, feel free to drop me an email or leave a comment below.

1. Mile High/Edgar Church Copy of Action #1

The best copy of the first appearance of Superman, the single most important American comic, wins this particular horse race. This was the easiest book on the list to position (although #2 is a virtual tie in that regard.)

A truly legendary comic, speculation about the value and (more recently) condition of this book has been a favorite topic of conversation for hard core (and even some not so hard core) collectors for more than 20 years. The current owner, (hereby referred to as "The Dentist"), famously overpaid for this book in 1985, spending an unimaginable $25,000 on it. At the time, people openly questioned his sanity. Fortune favors the bold apparently, as that $25,000 investment is now worth at least 40x as much. I say "at least" because there is a popular anecdote that "The Dentist" turned down a $2,000,000 offer* from coin dealer Jay Parrino when Parrino was exploring the comics hobby. Assuming the offer was legitimate, and with the vast sums of money Parrino spent on comics I have no reason to doubt it, it would peg the value needed to actually get the book to change hands somewhere north of 100x the purchase price.

Speculation about the book's condition is also a popular topic in today's condition-conscious, CGC world. The best estimate of its condition comes from Stephen Fischler from Metropolis Comics. Fischler, certainly someone in position to know, says that the book would be an Unrestored 9.2 (on CGC's ten point scale) if it were in a CGC holder. Until we see a photo or a high resolution scan, or Steve Borock et al. get their hands on it down in Sarasota, that estimation is as good as we're going to get.

Of course, regardless of the number attached to the book, it's generally agreed that this is the best copy and if that's truly the case the technical grade is practically irrelevant. It's the best copy of the best book from the best pedigree and it's in the best collection on the planet.

It wins.

2. Allentown Copy of Detective Comics #27

If the Church Action #1 is the #1 book in the hobby, then this book is #1a. The best copy of the first appearance of Batman is another book owned by "The Dentist" and it's another book for the speculation files in terms of grade. Called NM/MT when it was sold 15 years ago, this book is generally accepted to be the best copy, and unlike the Mile High Action #1 this book is supposed to be the best by a pretty wide margin. I've always assumed it was at least a 9.4, but judging by some of the other books from the Allentown collection images of a 9.6 Detective Comics #27 dance through my head from time to time.

If you're thinking "Does this guy really daydream about million dollar comics?"

The answer is, "On occasion, yes."

To be honest, I'd pay money for a high res photo or a scan of this book.

3. The "other" high grade copy of Action #1

As far as I know this book hasn't been mentioned anywhere publicly. It might have been mentioned in some price guide somewhere (as in a "Mint Action #1 sold for XXX last year"), but I really don't know either way. The short of it is this- this basically anonymous book is supposed to be the second best Action #1 behind the Mile High.

Interestingly, when this high grade, non-pedigree copy surfaced some years ago, it made its way around the hobby, and, as these books do, it ended up in the hands of "The Dentist." As the story goes, "The Dentist" was looking at this book as a possible upgrade to the Mile High. With the two books in hand, the Mile High Action #1 and this "other high grade" copy, "The Dentist" decided to keep the Mile High, because it was the superior copy.

Did I mention that "The Dentist" has a son that also collects comics? He does. That means this is undercopy is the most valuable book in the world that isn't definitely locked away in a seriously permanent collection (although it could be as I've never been able to track down, even in an anonymous sense, where this book currently resides.)

Making predictions about what books at this level might sell for is a dangerous game, but owing to the fact that it's "the best available" and the importance of the book, I'd have to imagine that if this book ended up in a 9.0 or higher blue holder it would have to be a seven figure book.

4. The "other" high grade copy of Detective Comics #27

I've had this book pretty definitively quoted as being a 9.*. Interestingly, it was listed as only a FN68 in the 24th edition of the Overstreet Price Guide. I'd love to know why there's such a discrepancy. Still, the people who have spoken of it say it's an extremely nice book and one that would be the best available if it were to come up for sale. As such it's the second best copy of the second best book and the best potentially available. Simple math slots it in pretty comfortably at #4 (2+2=4?)

In that same guide it was listed as having sold twice in a year- once for $81,000 then again for $101,000. The latter figure, I believe, makes this the first documented member of the $100,000 Club.

I say "documented", because John Verzyl told me that he spent over $100,000 for the Church Marvel Comics #1 when he purchased it in the 80s (!)

5. Best Existing Superman #1

"The Dentist's" copy. I've heard a range of grades for this book ranging from 8.0 to 9.2. Considering this is the copy he chose to keep I would guess that it's nearer the 9.* end of that range.

As to value on this book, the Church copy sold for $170,000 nearly ten years ago and a 7.5 sold for $250,000 recently. I think this book has to be worth at least twice the 7.5, being the best copy of one of the top five books in the hobby. Especially since Superman #1 is a book that is notoriously difficult to acquire in high grade. From my research it's this book, the Church copy (a sketchy 8.0) and then the 7.5 at the high end. Compare that to the half dozen copies of Marvel Comics #1 over 8.0 and you'll see why I push this book up to #5.

To editorialize for a moment, the Church copy is an absolute stunner. Apparently, it's got internal damage that brings it down a little bit technically, but I remember it looking a lot nicer than the CGC 8.0 it received when I saw it way back when.

6. Mile High/Edgar Church Copy of Marvel Comics #1

To be quite honest, I'm reluctant to place this book so high on this list (I'm also reluctant to list it any lower…)

(This isn't an exact science.)

I'm listing this book this high because it's possibly the best technical copy of any major Golden Age key book, it represents the dawn of the Marvel Universe and it's the Church copy. I just can't imagine the floor on it being that low, even if I don't hold it in as high esteem as some folks.

To me, Marvel #1 is just not the same caliber of book as Action #1 or Detective Comics #27 or even Superman #1 (at least in high grade). I don't mean just in terms of absolute value, but in terms of "strength" of sales. Recently, seemingly every copy of this book (many high grade!) that has come up for sale has crossed the boards for what has felt like a bargain price**. The same cannot be said for either Action #1 or Detective Comics #27 which sell for extremely healthy prices in all unrestored grades.

Maybe if this were an October** copy?

7. Mile High/Edgar Church Detective Comics #27

The CGC 8.0 sold for 278,190 at Mastro in what? 2002? 2003? The Church copy is reportedly nicer (I've had around 8.5 quoted to me), is the Church copy and prices at the high end of the hobby have changed a bit in the past five years (and that includes some post-Parrino price slippage.) As nice as the Church Flash Comics #1 is, it's still just a Flash Comics #1, so if that book can make what a high grade unrestored Detective Comics #27 made just a few years ago, the market for a book like this has to have grown appreciably.

For perspective's sake, this book sold for $125,000 almost a decade ago and a 7.0 Detective 27 sold for $200,000 at Investment Collectibles in 2006. That $125,000 investment looks pretty good from where I'm sitting.

8. Action #1 CGC 8.5

After #4, this list is a lot less certain in my mind. The first four I'm pretty comfortable with; everything else is a lot less cut and dried.

This book is a big reason why.

Why? Well, as has been pointed out a million times, this book has slightly rusted staples. Without the rust, I'd likely pencil it in at #5 (#6 at the lowest.) With the rusted staples the question of this book's value becomes a lot murkier. I know that the rusted staples detract from the value, the question is- exactly how much? Based on the prices realized for lower grade unrestored Action #1s I feel the floor on this book is still pretty high, but pegging how exactly how high is still pretty tough.

So, it slots here now…

Have I mentioned this isn't an exact science?

9. Larson Action #1

This book takes this spot assuming that this it (a) will grade out higher than 7.5 and (b) will get a clean bill of health in the restoration department. Even if it grades out at 7.5 I'd have to think it would be worth more than the 7.5 based on the pedigree (not as glamorous as the Church collection, certainly, but still cool) and the fact that, if my memory serves me well, the 7.5 is one of those "very minor" Blue Holder books with a dot of glue or something. Just enough to get noted on the label and not enough to get the dreaded PLOD. Those notations turn some people off and at this level I think they have maybe even a greater impact (since the stakes are so much higher.)

10. Amazing Fantasy 15 CGC 9.6

It pains me to include this book ahead of the Fantastic Four #1 CGC 9.6 (a book I've had in hand thanks to Doug Schmell,) but I think this book has a slight advantage over the FF. While high grade FF #1s and AF #15s have generally tracked together over the past few years, I think the cachet of the "best existing" copy of the first appearance of Spider-Man is enough to juice this book up just that extra bit to tip the scales in its favor. For my money, I'd rather have Doug's book, but I'm not much a Spider-Man fan and that puts me in the minority.

I should say that this book is a really tough call in terms of inclusion in the list. Part of me feels like the best copy of this book would bust past the "logical" price point for this book (to my mind, around $300,000) while another part of me feels like the ceiling on this book might be even lower than that. I've seen enough mania from Spider-Man fans to err on the side of the fanatics with this one, so it's included.

If a 9.8 were to appear on the market? At that point all bets are basically off. I don't know how much higher a copy that nice would climb up the list (As at this level the technical grade is less important. It's more important that it's the "best"), but it would certainly take any doubt out of my mind as to whether or not the best AF15 deserves to be in the top ten.

The next few (in no order)

Action #1 CGC 7.5

Sold for 192,120 in 2002. Something like a tiny spot of glue or a dot of color touch (I don't remember which) is noted on the label, which will hold it back a little. Still, I can't imagine that it hasn't moved significantly from the 2002 sale price.

Fantastic Four #1 CGC 9.6

There's a picture of me holding this book somewhere on my hard drive. It's a nice copy

Captain America Allentown CGC 9.6

Sold for $260,000 nearly six years ago now. The thing is, it's already in the hands of the guy likeliest to spend a lot of money for it, so I don't know how much it's grown over the past half dozen years.

Mile High/Edgar Church Superman #1 CGC 8.0

Another one of these books that I've actually seen in person. It's a stunner. Bechara paid a pretty strong price all those years ago. Still it's the second best Superman #1 and it's a beautiful copy. I'm curious what the removed restoration would do to the price. From what I can tell people are a little hesitant about the book because of it and I think that would put a break on the price.

This sale made quite a splash, as I remember it. It even made CNN. My mother called me and said "that comic guy you know, Bechara? He was on television. He bought a comic book for some record price? Know anything about it?"

*Speaking of offers for high grade Action #1s. Steve Geppi, owner of half the hobby (Diamond, Gemstone, The Overstreet Price Guide, Hakes Auction House, etc.) offered up a $1,000,000 bounty for a near mint copy of Action #1 in a widely circulated press release a couple of years ago. The press release made the newspaper in several markets. No unknown high grade copies came out of the woodwork. Too bad. I'd love to see the reaction to a new high grade copy.

**to my mind we've passed the threshold where the prices have stopped being "bargains" and started being "the price"

***On that, I'm not entirely sold on the difference between the two versions being that much of a price driver, by the way. The logic is there, I just don't know if people really feel the difference in their bones, so to speak. As a side note, how incredible is it that there are so many high grade November copies and no October copies (that I've heard of) better than Nic Cage's old copy which is mid grade? Every pedigree seems to have had a nice Marvel #1 and not one of them was an October cover.

Weirdness like that is what makes this hobby fun.