It's only hard to believe as an outside observer. Again, we can all speculate about what something like WD #1 would sell for...but the BSDs who are the buyers at that level are the ones who will decide. Can't say down the line, but I will say that there is no chance it will get anywhere near $1M today.
If you talk to long-time collectors, most will tell you that they're surprised the WATCHMEN covers sold so HIGH. These covers have not been held in high regard-- traditionally, WM fans have preferred nice pages. These covers were floated (as a set) to BSDs for years for much less than what they auctioned for now, and there was minimal interest. Personally, I like the covers when displayed as a group, and I agree that the #1 cover is key. But the reality is that during the auction, there were three bidders at $80K, and then two guys took it to the finish. The pool is not that deep when we're talking these types of numbers.
Having said all that, I think the WATCHMEN #1 cover is a decent "value", relative to some of the other high-dollar entries on that list.
Agreed, which is why I just don't think TWD #1 is pulling 1 million. I love TWD, but you can tell from that list that the ingredients for a top dollar sale are legendary artist + well known/regarded character or franchise. TWD is on it's way, but it isn't ASM. And Tony is one of my favorite artists of the modern era, but his lack of available art to me is a big reason why his pieces have so much attention.
I am constantly amazed at how easily people can throw around huge numbers when speculating on value, and I can't help but feel that a lot of this has to do with the fact that most of us, when speculating on such things, are nowhere near being in a position to make such a purchase, and so it's akin to valuation with Monopoly money. It might be easy enough to say that xyz should be worth $1M...but there is a HUGE difference between speculation when you don't have it, and spending it on comic art when you do.
Like I said earlier, I'm almost positive all of us could pretty much name the parties who could/would realistically even be in the bidding pool. One Million sounds fun, but who's bidding it up that high?
Edit: We also don't have much of a gauge on public sales of high end TWD OA. I've heard numbers regarding the recent #19 sale, but even with that, there isn't a precedent/recent sale that would make me think #1 would go north of 100K. Maybe it would, but there's no market data to support it.