Superheroes beat the downturn

Los Angeles: Superman and Batman's first appearances in comic books have each set auction sales records and broken the $1 million (Dh3.67 million) barrier, in an age when traditional investments have fared badly and superheroes look attractive.

A 1939 comic with the first appearance of masked crime fighter Batman sold at auction in Dallas on Thursday for a record $1.075 million, said Heritage Auction Galleries.

Three days earlier, a buyer paid $1 million for Superman's world debut in Action Comics No 1, more than tripling the previous comic book sales record set last year.

Shirrel Rhoades, former publisher and executive vice president of Marvel Comics, said high sales for those comics is partly a reflection on the poor economy.

"When the stock market is down, when real estate investments are over the cliff, collectables offer an alternative that you can invest in that may have some growth potential," Rhoades said.

He said the 1938 Action Comics No 1 is arguably more historic than the first appearance of Batman, but that this week's sales seem to be following their own logic.

Frenzy

"We're probably seeing a little bit of a feeding frenzy," Rhoades said. "With the sale of Action No 1 for a million, I think that's going to keep prices up for awhile."

Heritage Auction Galleries did not disclose the name of the previous owner or the winning bidder for Detective Comics No 27, the first book featuring Batman.

The previous owner is a savvy collector who bought the comic for $100 more than 40 years ago, a figure which at the time seemed a large price, said Heritage Auction Galleries.

The Action Comics No 1 sale was handled by ComicConnect.com, and Vincent Zurzolo, chief operating officer of the website, echoed Rhoades' view that comics are fetching record sums because they are an attractive investment in a down economy.

He said buyers pay high sums for vintage comics because they want something "they're familiar with, that they feel comfortable with, that they think are good investments."

Back in the 1930s, both Action Comics No 1 and Detective Comics No 27 sold for 10 cents.