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Action Comics #1 Sells For ONE MILLION DOLLARS

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http://www.hypergeek.ca/2010/02/action- ... 0-usd.html

NEW YORK – A rare copy of the first comic book featuring Superman sold Monday for $1 million, smashing the previous record price for a comic book.

A 1938 edition of Action Comics No. 1, widely considered the Holy Grail of comic books, was sold from a private seller to a private buyer, neither of whom released their names. The issue features Superman lifting a car on its cover and originally cost 10 cents.

The transaction was conducted by the auction site ComicConnect.com. Stephen Fishler, co-owner of the site and its sister dealership, Metropolis Collectibles, orchestrated the sale.

Fishler said it transpired minutes after the issue was put on sale at around 10:30 a.m. Eastern time (1530 GMT). He said that the seller was a “well known individual†in New York with a pedigree collection, and that the buyer was a known customer who previously bought an Action Comics No. 1 of lesser grade.

“It’s considered by most people as the most important book,†said John Dolmayan, a comic book enthusiast and dealer best known as the drummer for System of a Down. “It kind of ushered in the age of the superheroes.â€

Dolmayan, who owns Torpedo Comics, last year paid $317,000 for an Action Comics No. 1 issue for a client. Others have sold for more than $400,000, he said, but this copy fetched a much higher price because it’s in better condition. It’s rated an “8.0 grade,†or “very fine.â€

Dolmayan said he didn’t buy this copy but he wishes he could have.

“The fact that this book is completely un-restored and still has an 8.0 grade, it’s kind of like a diamond or a precious stone. It’s very rare,†he said.

There are only about 100 copies of Action Comics No. 1 believed to be in existence, and only a handful have been rated so highly. It’s rarer still for those copies to be made available for sale.

“The opportunity to buy an un-restored, high-grade Action One comes along once every two decades,†Fishler said. “It’s certainly a milestone.â€

The sticker shock was astounding to Fishler, nevertheless.

“It is still a little stunning to see ‘a comic book’ and ‘$1 million’ in the same sentence,†Fishler said. “There’s only one time a collectible hits the $1 million threshold.â€

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