The past year has been awful for comic book investors. In 2021, we witnessed a boom in comic book values that we may never see again. Not surprisingly, that bubble burst in 2022. That is not necessarily a bad thing, as this crash may have created buying opportunities. One opportunity to consider is Uncanny X-Men #120, which contains the first appearance of Alpha Flight in cameo.

I've written about this book before. This is a rare situation where a first appearance in cameo actually sells a little better than the first full appearance (Uncanny X-Men #121). I actually prefer Uncanny X-Men #121, but the market wants what it wants.

Before the comic boom, this book's ROI was 7.5% annually.

For a ten-year period, a CGC 9.8 copy of Uncanny X-Men #120 steadily climbed in value. Specifically, back in 2005, a CGC 9.2 copy (top 44%) sold for $59. Fifteen years later, in mid-2020, another 9.2 sold for $175. During that time, this book's value increased by roughly 7.5% annually over that fifteen year period. That is a solid ROI.

Then, of course, the comic boom happened. In June of 2021, a 9.2 sold for an all-time high of $656. The value was being driven up, in part, by rumors that Wolverine would first appear in the MCU as a member of Alpha Flight.

Since reaching that peak, this book has dropped like a rock. Just two months ago, this book sold for $163 during an auction on eBay, an approximate 75% drop from its all-time high set just 16 months before. That's a remarkable drop for a solid Bronze Age key issue.

Some CGC 9.2s are now selling at prices that are lower than sales in 2020.

Although I don't believe this book is worth $656, it is worth considering if this key issue has overcorrected. This sale is lower than what this same book was selling for in 2020. Back then, it was selling in the $175 to $200 range. If the comic boom hadn't happened, and this book continued producing a 7.5% annual return just as it had for the previous fifteen years, this book should be worth around $215 today. When you consider this book is now underperforming its historical ROI, then I think a strong argument could be made that it has overcorrected.

Personally, I think this is a good time to buy, especially if you can purchase this book at a value that is lower than its mid-2020 prices. No one can know for sure, but I think once the economy and the comic book market have settled down, this book will readjust again, according to its historical trend lines. This is a solid book with roughly 3,000 CGC blue labels. In addition, we haven't yet seen Alpha Flight in the MCU. If and when they do appear, this book's value might receive a shot in the arm and create a selling opportunity in the not-too-distant future.

What do you think? Has Uncanny X-Men #120 overcorrected? Is this a good time to purchase a copy? Please let us know your thoughts in the comments section below!

*Any perceived investment advice is that of the freelance blogger and does not represent advice on behalf of GoCollect.