$12 is far off.
GPA is completely irrelevant when it comes to this book because, as is often the case with these oddball indie keys, when it comes to CGC'ed copies, people only want a 9.8. Which is why the GPA averages are pretty much the same for 9.6, 9.4 and 9.2 copies of this book.
I sold a VF/NM raw copy on ebay for $60 a while back - have moved several copies at shows in the $75-80 range - and would gladly pay in the same range for a true NM copy.
If you listed an accurately-graded 9.2 copy for $40-50 on ebay, it would sell pretty much immediately.
What other books have this characteristic?
Being able to grab a CGC 9.6 for under $80 seems like an absolute steal if people are willingly paying $50 for a raw 9.2.
There are tons of Copper books like this. The Avatar Goon #1 in 9.4-9.6 raw goes for more than slabbed. Same with the DHP Special that has the 1st Sin City in it. I believe that there are tons of other examples as well, but there not enough GPA slab sales to back me up.
Once it gets into the CGC crowd there is a huge contingent that is 9.8 or nothing. But out in the real world NM and NM+ raws go for nice prices
Yep. Miracleman 15 is also a good example - there have been numerous sales of CGC 9.4 copies at around the $100 mark, yet raw VF copies still sell for $80.
MM=great example of this!