First Superman comic book up for auction on Ebay for $1.6 million

When Jerry Siegel and Joe Schuster's Superman first appeared in 1938's Action Comics #1, the character couldn't fly, he could only leap over tall buildings in a single bound.

Much like Superman's powers, the value of his first appearance in a comic book has soared.

A rare, high-grade copy of Action Comics #1 was posted in an Ebay auction starting at $0.99. After one day passed in the 10-day auction period, the current high bid stands at $1.65 million (U.S.).

You'll need a wallet of steel if you want to own this one.

There are less than 50 known copies of the issue that are known to still exist and many, after spending years in dusty, moldy garages and attics are not in the best condition.

A comic book's value often depends on its present condition which is determined by using a scale of 1 to 10. Collectors who own rare comic books send them to the Certified Guaranty Company, a group whose members meticulously inspect each page for tears, stains, and creases, encases the books in plastic, and grades them. Comics that earn a .5 to 4.5 grade are often barely hanging together. Those graded in the 8.5 to 10 range look brand new.

What makes this particular issue of Action Comics worth so much? It's one of only two known copies to have a 9.0 rating. Owners have been able to keep it in such pristine condition that it looks just the same as when eager 10-year-old boys bought it off the racks of their mom and pop shops in 1938.

Another 9.0-graded copy of Action Comics #1 was sold in 2011 for nearly $2.2 million — a record that still makes it the most expensive comic ever sold. It belonged to actor Nicholas Cage before it was stolen in 2000. Cage lost a national treasure. The comic was recovered in an abandoned Southern California storage locker before being sold.

The copy on sale is said to be in slightly better condition and with nine days left in the auction, it looks set to smash the record.

Darren Adams, owner of online comic book market Pristine Comics, owns the issue. Adams, a native of Federal Way, Washington, told the Federal Way Mirror that he bought the issue in a confidential transaction years ago and has since kept it away from moisture and light in a secret vault.

Adams already turned down a private offer of $3 million because he wants to give all collectors a fair shot at getting their hands on every nerd's version of the holy grail.

Even with the potential for a big sale, Adams is still thinking a bit like Superman instead of arch-nemesis, corrupt billionaire Lex Luthor. One per cent of the sale will be donated to the Christopher and Dana Reeve Foundation, a charitable group researching a cure for spinal cord injury. The foundation was named after Christopher Reeve, the actor who immortalized Superman on the big screen in Richard Donner's 1978 film.