Did You Make a Good Purchase?
This copy of Journey into Mystery #83, the first appearance of Thor, was my worst purchase in the last two years. Meanwhile, this copy of a much more obscure book — Super Magician Volume 4, No. 5 — was my best. In this article, I’ll share how I evaluate my purchases, in the hope that it might help you think through your own evaluation process.
Let me start by acknowledging that this article is geared toward those who fall somewhere in the middle of the collector/investor continuum. Here’s what I mean by that.
The Collector–Investor Continuum
Pure collectors are driven entirely by passion — the love of comic books and the joy of owning the issues they care about. Whether a book’s value soars or tanks is irrelevant to these paragons of funny page virtue. Collectors might rank their interest in a comic on a scale from 1 to 10 and generally spend their time curating comics that rate between a 7 and a 10.
7: A book that fits nicely into a run or represents a creator or character they admire.
8: A prized addition with special meaning.
9: A lifelong keeper — one of their most valued possessions.
10: A personal holy grail.
These numbers often have little to do with a book’s market value — they reflect emotional or nostalgic value instead.
Interestingly, there’s a difference between a conceptual score and a copy-in-hand score. For example, I might rate Amazing Fantasy #15, the first appearance of Spider-Man, as a 9 conceptually — a lifelong keeper. But when I finally acquire a particular copy, maybe its condition or some detail bothers me. That 9 drops to a 7 in hand. Sometimes a conceptual 7 surprises you and turns into a 9, but in my experience, it usually goes the other way.
Pure investors, on the other hand, care only about the bottom line. Comics are commodities, and any knowledge they acquire is in service of harvesting financial value.
From a strictly financial perspective, here's how an investor might assess a purchase:
Great deal: >25% below FMV
Good deal: 10%–25% below FMV
Fair deal: ±10% of FMV
Bad deal: 10%–25% above FMV
Terrible deal: >25% above FMV
Long-term value is hard to predict, so many investors aim for quick flips, preferring repeated short-term gains over long-term holds.
In reality, most collectors of high-value books — myself included — fall somewhere in the middle. We love comics and want a collection that feeds our passion, but if we’re spending $500, $5,000, or $50,000, we certainly don’t want to lose money.
So how do we evaluate a purchase? I propose a 2x2 matrix.
The Comic Book Purchase Matrix
The matrix has two axes:
Horizontal (X-axis): Passion — How much do you care about this book?
Vertical (Y-axis): Value — How the price you paid compares to Fair Market Value (FMV).
Here's a basic way to understand the quadrants:
| Low Passion | High Passion | |
|---|---|---|
| Over FMV | Quadrant 1: Worst — Overpaying for something you don’t even like. | Quadrant 2: OK — You love it enough to justify the cost. |
| Below FMV | Quadrant 4: Fine — Great for dealers, less so for collectors. | Quadrant 3: Best — A great deal on a book you love. |
But this analysis can be more nuanced. If a book is truly rare and meaningful to you, paying even above FMV might still be a great decision. Conversely, if a book is common, even a small premium may not be worth it. Passion, price, and context matter.
Four Real-Life Examples
Let me walk you through four recent purchases: good, ok, worst, and amazing.
Good Purchase: Showcase Comics #4 (5.5)
I may have paid just over FMV, but this copy hit the sweet spot. It was the grade I wanted and had excellent eye appeal. It was a conceptual 9 — and remained a 9 in hand. A solid buy.
OK Purchase: Scoop Comics #2 (1.0)
Financially, this was a bad buy — I paid about 30% over FMV. But this is a conceptual and copy-in-hand 10 for me. It’s extremely rare, visually stunning (despite its technical grade), and it belonged to famed collector John Berk. If I had paid 20% over, I would’ve considered it a good buy. But at 30% over and winning at my absolute limit, it only gets an OK.
Worst Purchase: Journey into Mystery #83 (4.0)
This was a classic emotional mistake. I had just lost out on a 5.5 copy I loved — a conceptual and likely copy-in-hand 9. Still frustrated, I bid on a 4.0 copy without really evaluating it. The auction photos were unflattering, and in-hand it was even worse. What should’ve been an 8 or 9 felt more like a 5 in hand. I sold it back to Heritage at a loss. The mistake was entirely mine.
Amazing Purchase: Super Magician Vol. 4, No. 5 (9.6)
This book was a dream come true. It’s a conceptual 8 for me — fun, rare, and visually dynamic. It’s been selling at roughly $100 per point, so a 9.6 should have gone for $6,000+ by my math. I won it for just over $3,000. The book didn’t disappoint. It’s the lone highest-graded copy and a true in-hand 9. A clear win.
Final Thoughts
I can’t tell you what your great buy looks like. Your passion levels and financial tolerance may differ from mine. But building your own version of the 2x2 matrix can help you make better decisions — and avoid regret.
Don’t hesitate to overpay (within reason) for a true rare grail. You’ll regret missing out more than the extra 20%.
Be patient with more common books, like Bronze Age keys or low-to-mid-grade Silver Age keys. Don’t pay more than 10% above FMV — deals are out there and you don’t have to wait very long.
Buy the copy, not the book. Don’t let your conceptual passion blind you to a subpar copy (see: JIM #83).
Go into auctions with a plan. Impulse buys in the heat of the moment usually land around a 6 or 7 on the passion scale — and often get resold soon after.
Good luck on your own collecting journey. May your purchases be rich in passion and low in price!
Acknowledgement: Images of comics from Heritage Auctions: HA.com.
