With many pre-code horror comics realizing solid gains over the past couple years, it’s important to look at our Pre-Code Horror CPI to see which issues are losing value or not seeing recent sales.
Down PCH Books
It’s been a good six months for the comics in the Pre-Code Horror CPI, with the index gaining 3.83% in value since July 28. However, as with all indexes, some books are down while others are flat. Let’s start with comics that have decreased in value.
Featuring a gruesome decapitation, Fight Against Crime #20 has seen its index value drop 3%. This is due to the average price of an 8.0 graded copy dropping from $38,400 all the way down to $33,600. Unfortunately, that’s what happens when the most recent sale was for nearly $10,000 less as happened in a November 24 Heritage auction that had this issue selling for $28,800. There was a smaller drop in index value in the 6.0 grade as the average price fell from $14,400 to $14,100 on January 12. However, we’re seeing increases in the 5.0 and 3.5 grades, so it’s not all bleak news.
And that’s really it for any major drops. Dark Mysteries #10 did see a miniscule 0.6% loss in index value due to a drop in the selling price of a 3.5 from $1,800 to $1,386. But it’s hard to judge this as any sort of major drop as the copy that sold was not the best looking one. At least there was a sale. The same can’t be said for the books that follow.
No Sales
There’s only been one sale of Mister Mystery #12 in the past year – a 3.0 selling for $7,800 in a July 2, 2024 Heritage auction. This was after seven sales in 2022 and 2023 combined and an average of three or four sales a year going back to 2019. It’s hard to say why collectors are holding in an up market. True, the CGC census count of 81 is somewhat low, but other books with lower counts have seen more sales. Pent up demand for this horrific cover could drive up prices the next time one is available.
While Frankenstein #1 is flat in our index, that doesn’t mean sales have been dormant. GoCollect’s collectible price indexes are designed to give you good averages of sales and thus leave out the top end of the grading scale for Golden Age comics as those few sales would heavily skew the indexes. In the case of Frankenstein #1, we’ve seen two sales in the 9.2 grade, which is beyond the Pre-Code Horror CPI’s threshold. Those sale include one for $12,000 in a September 15 Heritage auction and one for $13,200 in a November 24 Heritage auction. So, while there haven’t been any sales in the 8.5 through 1.5 grades, we are seeing some action in the higher grades. Let’s see how that translates to the less prestigious grades in the coming months.
Strange Tales #1 also hasn’t seen any sales in the past six months, although this appears to be more a case of scarcity than collectors holding. While there are 65 copies in the CGC census, only six of them are above the 5.5 grade and none of them have ever sold. Additionally, there have been four sales over the past year with each of those sales bringing in a higher price than previous sales. I would expect that trend to hold when the next sale occurs.
Final Thoughts
It’s hard to find fault with an index that’s up overall and few books that are down or not selling. In the case of the non-sellers, it’s really just a matter of time until another copy finds its way to an auction. In all likelihood, until we see evidence to the contrary, pre-code horror comics should continue to be a safe investment.
