Cutting the Spine: CGC PG Grade Values vs. Complete Comic Values
Today we ask an important question in comic collecting. This is a question that every comic collector has wondered at some point but, due to a lack of data, has never been able to answer:
Does the combined sales value of individual comic pages add up to the value of the complete comic?
More specifically, is the combined total of Certified Guaranty Company (CGC) graded pages from one of the most sought after Silver Age comic books, Amazing Fantasy #15 (AF15), first appearance of Spider-Man, greater than, less than or equal to that of a complete copy? And what does it mean for comic collecting if the combined sales of individual pages is greater than the single sale of a complete copy?
This question is an important one because of some negative implications that we will cover later in the article, but answering it has been difficult due to a lack of sales data. Sales on individual pages is sporadic and spread out over many different auction houses; and complete sets of comic pages rarely, if ever, sell together. Enter, NerdMelon. Our massive comic book auction data repository has the sales data needed to make an accurate calculation.
But before we answer this question, let's first talk about the reasons collectors want a single comic page in the first place. Comic collecting can be expensive. Many key issues sell for hundreds of thousands of dollars in high grade. Some, such as the first appearance of Superman or Spider-man, sell in the millions. These comics are no longer affordable to the average collector. As a result, many collectors have turned to CGC graded pages for a chance to own a piece of pop-culture history. These are not complete comics; rather single pages that have become separated from the rest of the comic. These single pages are then authenticated and encapsulated by CGC. Single pages sell for a fraction of a complete copy, making them ideal for collectors on a budget.
For the most part, comic book pages become separated from the rest of the comic due to regular wear and tear. Poor quality paper becomes brittle over time and detaches from the staple. Other factors can also play a part like fire, water, or even animal damage from mice and other rodents. Whatever the case may be, the damage is usually unintentional. No collector worth his or her salt would ever purposely damage a comic just to grade the individual pages. However, if it can be shown that selling individual pages turns a profit, then it's possible that a new trend will emerge where unscrupulous investors cut the spine of low grade key issues to sell the pages individually.
Making the situation even more enticing is that CGC doesn’t evaluate the condition of individual pages. Unlike complete comics which are assigned a grade out of 10 depending on condition, individual pages graded by CGC all get the same grade – “PG”, or “CVR” in the case of covers. This grade simply establishes that the page is authentic. It does not speak to the condition of the page. As a result, sellers can slice open low grade (i.e. low value) copies of key comics, receive the same grade as high value copies, and sell them to desperate collectors who can no longer afford complete copies of their favorite key comics.
Take the 2 Comic Connect sales below for example. Action Comics #1, the first appearance of Superman, is likely the most historically significant comic on record; and one of the most expensive. A recent sale of Action Comics #1 sold for 3.18 million. Every collector wants a copy but not many can afford one so they turn to CGC PG/CVR graded options. And looking at the sales below, collectors are willing to pay outrageous prices for their own piece of history. In the first case, a collector paid $7,100 for a scrap of an Action Comics #1 cover that is no bigger than a postage stamp. In the second case, the single page has extensive damage on the left side yet still sold for $23,000.
| Image | Item Description | Price | End Date | Auction House | Auction Type | Grade |
|---|---|---|---|---|---|---|
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ACTION COMICS (1938-2011) #1 DC CGC Cover only: 0.1 | $7,101 | Mar 15, 2022 | Comic Connect | Auction | CGC CVR |
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ACTION COMICS (1938-2011) #1 DC CGC No Grade: 0.3 | $23,000 | Aug 31, 2021 | Comic Connect | Auction | CGC PG |
So today we have compiled a list of auction results to help us answer our question. Again, that question is as follows: If we separated all sixteen pages contained in AF15, graded them, and then sold them individually, would their combined sales price be greater than, less than or equal to the sales value of a complete copy?
To begin our investigation, we searched our database and found two sales to use as a base line. The first is a low grade, but complete, copy of AF15 which includes the cover. The second is a coverless, but otherwise complete copy (we will see later that the cover has a significant impact on the combined value). These comics are perfect candidates for this exercise as they are recent sales from reputable auction houses; and they are both low grade and complete.
| Image | Item Description | Price | End Date | Auction House | Auction Type | Grade |
|---|---|---|---|---|---|---|
 |
AMAZING FANTASY #15 CGC 0.5 PR | $10,250 | Nov 10, 2022 | Comic Link | Auction (53 bids) | CGC 0.5 |
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AMAZING FANTASY #15 Marvel Coverless: 0.1 | $8,812 | Sep 20, 2022 | Comic Connect | Auction | N/A |
Next is a list of CGC graded pages that, when combined, form a complete copy of AF15. These pages were sold at various times throughout 2022 by multiple sellers making it is highly unlikely that they come from the same comic. Any attempt at assembling these pages and submitting them as a complete comic would almost certainly get you a qualified grade indicating "Married Pages" (and a full-length spine split too!). We have also calculate their combined totals at the bottom.
Now we have our base values from the sale of the complete copies as well as the combined value of the individual pages. All we have to do now is some basic number crunching:
| Base Value Complete Copies | CGC PG Total | Difference | |
| Coverless | $8,812 | $29,979 | $21,167 |
| Complete | $10,250 | $38,479 | $28,229 |
The conclusion: Yes, the combined value of each individual page can add up to more than the sale of a complete copy – by a significant amount.
The difference between the sales value of the coverless copy of AF15 and each individual page is $21,167. That means an investor could purchase the coverless copy for 8.8K, slice the spine, grade the pages, and sell the individual pages for a profit of 21K. The difference is even higher for a complete copy with $28,229 being the potential profit. The cover alone sells for $8500!
But before we all pull out an X-Acto knife and start cutting up our comics (NerdMelon does not condone violence against comics), we want to caution the potential investors out there. Sales prices for CGC PG/CVR graded pages fluctuate wildly. Interest in CGC graded pages has only recently become popular and the market hasn’t yet settled on a final price point. While the above findings are significant, they are not a guarantee. However, given what we saw today, we can conclude that under the right circumstances (you have the right comic, you find the right buyer, list on the best platform, you get a bidding frenzy, all the planets have aligned, etc.), it is possible to turn a profit by slicing the spine and selling individual comic book pages instead of selling the complete comic. Just remember that the risk is great and the damage you do the collectible is irreversible so SLICE AT YOUR OWN RISK!
Next, we will continue this discussion by analyzing 4 additional key comics: Superman #1, Batman #1, X-Men #1 and Incredible Hulk #181. We are busy crunching these numbers and will post them to the blog page when done.
