I love both covers ! #1's cover is iconic. I did not realize "alot of people dont like AMS #1's cover"
I need a Valiant man formula or something.
The simplest way to look at it would be to look at average copies.
The highest grades are a different animal with their own market.
Just talking about ASM #1 possibly being undervalued would be across all grades.
An average (universal) copy of each of the big 3 would be:
Action #1, CGC 4.17, about $700,000
Detective #27, CGC 4.85, about $600,000
Amazing Fantasy #15, CGC 3.63, about $15,000
Now, look at the average (universal) copy of the regular series #1s...
Superman #1, CGC 2.61, about $150,000
Batman #1, CGC 3.51, about $125,000
ASM #1, CGC 3.98, about $5,000
We're seeing 21% for the average Superman #1 vs. Action #1.
We're seeing 21% for the average Batman #1 vs. Detective #27.
We're seeing 33% for the average ASM #1 vs. AF #15.
Now, we could argue that ASM #1 deserves to be 33% because the other two books aren't second appearances, but the 2nd appearances of Superman and Batman aren't 33% of the first appearances either. Looking at the Big 3, an argument could be made that ASM #1 is not undervalued vs. AF #15. Should ASM #1 fall closer to 21%, or should AF #15 increase if ASM #1 stays steady? Different debate.
Between Superman #1, Batman #1, and ASM #1, it's probably the Superman #1 that is underpriced.
There are only 50 universal copies for Superman #1 compared to 97 for Batman #1, but you can get an "average" copy of Superman #1 (about CGC 2.6) for about the same price as an "average" copy of Batman #1 (about CGC 3.5).
Assuming the Batman #1 isn't going down, it's the Superman #1 that probably needs to increase on average since there are half as many of them.
Great analysis.