“The two most important days in your life are the day you are born and the day you find out why…”

– Mark Twain

In the early 1990’s Valiant Comics was launched and quickly grew to become the third largest publisher in the comic book industry. Valiant was the first publisher, well, ever to be a legitimate challenge to both Marvel and DC in terms of sales and reach. Then, almost overnight the industry collapsed and Valiant was sold to the highest bidder.

In 2012 Valiant Entertainment was re-launched by Dinesh Shamdasani and Jason Kothari, and is today stronger than ever with a brighter future more promising than its founders might have ever imagined possible. In the Spring of 2015, Valiant partnered with DMG (a Chinese/US film production group / distributor with a hand in such movies as Transformers: Age of Extinction, Iron Man 3, and Looper) and together raised a nine-figure film fund to adapt the Valiant characters to film and TV (source: DMG and Valiant to Bring Largest Independent Superhero Universe to Movie Theaters Worldwide). For those who like numbers, nine-figures is basically in the hundreds of millions of dollars.

In the Summer of 2015, Valiant then announced a partnership with Sony Pictures to bring Bloodshot and Harbinger to the Big Screen in a five picture plan that culminates in a shared universe Harbinger Wars movie.

“Bloodshot, arriving in theaters in 2017, will kick off the five-picture plan leading to Harbinger Wars and will be directed by David Leitch & Chad Stahelski (John Wick) from a script by Jeff Wadlow (Kick Ass 2) and Eric Heisserer (Story of Your Life). Neal H. Moritz and Toby Jaffe from Original Film (The Fast and the Furious franchise) and Dinesh Shamdasani from Valiant Entertainment will produce the film. Matthew Vaughn and Jason Kothari will serve as executive producers.” (source: The Valiant Voice)

“Harbinger will follow shortly thereafter from a script by Eric Heisserer (Story of Your Life). Sony and Valiant remain tight-lipped about potential directors. Neal H. Moritz and Toby Jaffe from Original Film (The Fast and the Furious franchise) and Dinesh Shamdasani from Valiant Entertainment will produce.” (source: The Valiant Voice)

“Both Bloodshot andHarbinger will be followed by sequels before the title characters confront each other head on inHarbinger WARS—a motion picture directly inspired by Valiant’s critically acclaimed 2013 comic book crossover of the same name. Andrea Giannetti will oversee the five-pictureHarbinger Wars initiative for Sony Pictures.” (source: The Valiant Voice)

So clearly, the five film projects that are known (so far) are:

1.) Bloodshot (Sony Pictures: expected 2017 / 2018 timeframe)

2.) Harbinger

3.) Bloodshot 2

4.) Harbinger 2

5.) Harbinger Wars

As the title suggests, this article will focus on the past, present, and future of Bloodshot Investing.

Eternal Warrior #4 (the first appearance of Bloodshot) was released on November 1, 1992 with a print run of 100,000 copies. Wizard Magazine #15 listed Eternal Warrior #4 at No. 7 on their monthly “Top 10” list for November of 1992.

Rai #0 (the first full appearance of Bloodshot) was released a week later with a print run of 150,000 copies and debuted at No. 1 on the monthly “Top 10” list in the following issue (Wizard Magazine #16). Bloodshot was featured on the cover of Wizard Magazine #17 released January 1, 1993, before the February 1, 1993 release of Bloodshot #1.

(NOTE: Every comic book had a “Cover Date”, but it was normally 1 or 2 months ahead of the actual shipping date. In the middle of VH1 the “Cover Date” was up to 4 months ahead! What would happen is that publishers would put a future date on the magazines/comics so that news stands and shops could keep selling for more than just the month of the issue. (Thank’s to Greg Holland for this info!))

In less than four months, Bloodshot had made his first appearance, was listed in Wizard Magazine ‘s “Top 10” list four months in-a-row (once at No. 1), was featured on the cover of Wizard Magazine #17, and launched his own title (with a HUGE print run of 850,000 copies, the largest Valiant Comics print run ever at that point). Bloodshot #1 also featured a new “Chromium cover” and art by legendary artist Barry Windsor-Smith. There were no accidents in this game; every step was carefully planned and executed to make Bloodshot both a publishing and financial success!

Bloodshot #1 was released the very same day as DC’s Superman #75, “The Death of Superman” which had a print run rumored to be greater than 3,000,000 copies (plus any second printings of course). Clearly, this date was NOT the best time for a new publisher like Valiant Comic’s first MEGA release.

Superman #75 outsold and overshadowed everything that month (and might have legitimately been the spark that would eventually lead to the near-destruction of the comic book industry in the 1990’s. Thanks a lot Superman!).

Looking at the 10 year sales history of Eternal Warrior #4 CGC 9.8 (2005 to 2015), we see that in 2015 it was sold +939% more often than the average number of sales per year over the previous 10 years; and +231% more often than in 2014 (previously the highest sales on record for the book).

Additionally, final sale prices were on average +290% higher than the average sale price, per year, over the previous 10 years; and +257% higher than the average sale price in 2014. The 2015 peak-sale for this book was +523% more the 10 year average; and the CGC 9.8 Signature Series peak-sale was +902% more the 10 year average.

As a result of these numbers, CGC submissions of Eternal Warrior #4 in 2015 increased by +242% (nearly two and a half times) more than the total number of CGC submissions that took place over the previous 10 years! With this increase also came a 201% increase in Eternal Warrior #4 CGC 9.8’s, though the probability of obtaining a grade of 9.8 dropped by 9%.

At the time of this writing, zero CGC/CBCS 9.9’s and/or CGC/CBCS 10’s have been discovered for Eternal Warrior #4. Based on the print run size, and age, it is likely that at least one CGC/CBCS 9.9 potentially will be found in the future. Expect that book (if discovered) to sell for a premium.

(NOTE: This surge in activity correlates directly to the announcement of the Sony Bloodshot movie(s). Presently, the market has stabilized; however, it is HIGHLY LIKELY that a 2017/2018 Bloodshot movie will double the current market value of Eternal Warrior #4. Remember that most comic book buyers like shiny new things, but quality comic book investors find those shiny new things first).

Looking at the 10 year sales history of Rai #0 CGC 9.8 (2005 to 2015), we see that in 2015 it was sold +352% more often than the average number of sales per year over the previous 10 years; and +313% higher than in 2014.

Additionally, final sale prices were on average +226% higher than the average sale price, per year, over the previous 10 years; and +151% higher than the average sale price in 2014. The 2015 peak-sale for this book was +465% more the 10 year average; and the Rai #0 CGC 9.9 peak-sale was +493% more the 10 year average for Rai #0 CGC 9.9.

As a result of these numbers, CGC submissions of Rai #0 in 2015 increased by from +68% more than the total number of CGC submissions that took place over the previous 10 years! With this increase also came a 60% increase in Rai #0 CGC 9.8’s, with the probability of obtaining a grade of 9.8 increasing by 3%.

There are four CGC 9.9 graded copies of Rai #0, and one CGC 10 graded copy of Rai #0.

In October of 2015, a copy of Rai #0 CGC 9.9 was sold for $1,900 via private sale, making it the highest price for a Valiant book in 2015.

The “Top 10 Valiant Sales of 2015”

1.) $1,900 – VH1 Rai #0 CGC 9.9 (1st full-appearance of Bloodshot)

2.) $1,550 – VH1 Harbinger #1 (w/ coupon) CGC 9.8 SS (1st Harbinger Renegades: Pete, Kris, Faith, Flamingo, Torque)

3.) $1,250 – VH1 Solar Man of the Atom #3 – Gold Test Prototype (1st Valiant gold book, EVER; 1st Harada; 1st Harbinger)

4.) $1,180 – VH1 Eternal Warrior #1 GOLD-FLAT CGC 9.8 SS (super rare)

5.) $1,130 – VH1 Harbinger #1 (w/ coupon) CGC 9.8 (1st Harbinger Renegades: Pete, Kris, Faith, Flamingo, Torque)

6.) $1,050 – VH1 Solar Man of the Atom #3 – Gold Test Prototype (2nd Valiant gold book, EVER)

7.) $1,000 – VH1 Eternal Warrior #1 GOLD-FLAT CGC 9.8 SS (super rare)

8.) $1,000 – VH1 Solar Man of the Atom #10 CGC 9.8 SS (1st Eternal Warrior; first Geomancer)

9.) $1,000 – VH1 Solar Man of the Atom #10 CGC 9.8 SS (1st Eternal Warrior; first Geomancer)

10.) $900 – VEI Divinity #1 LaRosa 1:40 CBCS 9.9 (1st Divinity; <350 copies printed; highest in census)

Rai #0 is one of the most graded (Harbinger #1 being the “Most Graded”), as well as the most frequently purchased, classic Valiant book. Typically, any Valiant collector will own at-least one copy, and new collectors typically will seek a copy out.

There exist roughly 2 copies of Eternal Warrior #4 for every 3 copies of Rai #0 based on the 1992 print runs. While Eternal Warrior #4 CGC 9.8 sells for an average of 25% than Rai #0 CGC 9.8, it is interesting to note that Rai #0 CGC 9.8 sell TWICE as often as Eternal Warrior #4 CGC 9.8.

Rai #0 is also considered by many fans and collectors to be the most visually iconic cover, as well as the most significant story, of all the early Valiant comics. Consider Rai #0 to be the Book of Death of 1992.

Greg Holland (owner of www.ValiantFans.com) owns the ONLY Rai #0 CGC 10 (which was also the first CGC 10 EVER GRADED by CGC in 2002). In 2015 he was asked if $10,000 would be enough for him to sell his copy, to which he declined. Greg Holland’s Rai #0 CGC 10 is quite possibly the most valuable Valiant book on earth.

Tale of the Tape:

Eternal Warrior #4 IS the first appearance of Bloodshot.

Eternal Warrior #4 CGC 9.8 holds a higher market value than Rai #0 CGC 9.8.

Rai #0 sells more often than Eternal Warrior #4; while Rai #0 has a lower market value, it is more likely to actually sell.

Rai #0 is more visually iconic than Eternal Warrior #4.

Eternal Warrior #4 CGC 9.8 is highest grade; Rai #0 CGC 10 is highest grade (+4 CGC 9.9’s).

Eternal Warrior #4 has been largely overlooked for years, with an explosion of sales in 2015.

Rai #0 has always been sought out by fans and collectors, with an explosion of sales in 2015.

Rai #0 is considered the “Most Significant” single issue of the original Valiant Universe.

Rai #0 has two versions; the “Matte” finish cover, and the “Glossy” finish cover.

That’s right, CGC only recently started to annotate the difference between the two Rai #0 versions. Prior to 2015, both versions were listed together, so the CGC census is NOT reliable in determining actual numbers for either book! Nor does sales data account for the differences between the two versions as all recorded sales list simply “Rai #0″

What we DO know is:

Rai #0 (“Matte”) tend to be more common

Rai #0 (“Glossy”) tend to be more rare (I recently checked a stack of 20 Rai #0’s, and only found two Glossy’s)

Rai #0 (“Matte”) have thin cover stock (more prone to flaws)

Rai #0 (“Glossy”) have a thick cover stock (less prone to flaws)

Rai #0 (“Matte”) can have blurry printing issues due to how the ink set into the cover

Rai #0 (“Glossy”) tend to have sharp and crisp printing due to how the ink set into the cover

Does this information mean that Rai #0 (“Glossy”) are more valuable than Rai #0 (“Matte”)? It certainly is less common, but when it is found, it tends to also have been maintained better with strong CGC/CBCS submission potential. That said, due to the potential for flaws over time, perhaps Rai #0 (“Matte”) should not be overlooked in high-grade, and it is (potentially) more difficult to obtain in CGC/CBCS 9.8. Or perhaps collectors simply need to obtain BOTH to complete a collection.

Recently, the trend seen has shown Rai #0 (“Glossy”) CGC 9.8 often listed for 200% to 300% more than Rai #0 (“Matte”) CGC 9.8; though the actual sale prices are somewhat similar for both versions. This is likely a result of limited market information and/or lack of awareness of buyers (presently). That essentially means that (as of the time this article was written) Rai #0 (“Glossy”) CGC 9.8 is selling for LESS than it likely will in the near future, and is worth investing in while the market is not paying attention.

In a discussion with Greg Holland about this topic, he stated:

“The thing that I find intriguing about Eternal Warrior #4 and Rai #0 when it comes to Bloodshot is that this is the opposite of Hulk #180 and Hulk #181 when it comes to Wolverine. Hulk #180 has a full image of Wolverine on the last page, plus he states his name. Collectors consider Hulk #181 (with Wolverine on the cover and a full story about Wolverine) as the first appearance of Wolverine, and Hulk #181 is significantly more valuable.

Eternal Warrior #4 has a full image of Bloodshot on the last page. Rai #0 has Bloodshot on the cover (but in shadows) and Bloodshot is featured in Rai #0 but the whole book is not about him. Collectors consider Eternal Warrior #4 as the first appearance of Bloodshot, even though it has less Bloodshot than the amount of Wolverine in Hulk #180.”

NOTE: I, the writer of this article, have always suspected that the reason Hulk #181 outshines Hulk #180 was because investors (for over a 40 year time period) had simply invested too much money and energy into Hulk #181 and had no financial and/or social reason to correct (or even attempt to correct) the industry’s focus to Hulk #180. It just wasn’t worth it, and it would have created a financial loss for everyone who invested thousands upon thousands of dollars into Hulk #181 (which nobody would have wanted anyhow). Also Wolverine is on the cover of Hulk #181, which looks much cooler than the cover of Hulk #180.

With Eternal Warrior #4 and Rai #0, we do not yet have the same level of investment that Hulk #180 and Hulk #181 has in place, so I speculate that collectors are able to focus on BOTH issue as the loss potential is minimal in comparison).

Additional Bloodshot books worth a look:

The “KING OF BLOODSHOT BOOKS“! In 2008 Bloodshot #0 (Platinum Error) CGC 9.8 was sold for $5,500. This book features Platinum logo, with no cover price. It is believed to be an error or early prototype / “test run” printing of the Gold variant. While some former Valiant employees estimate that 300 were printed, to-date only about 17 copies are known to have been discovered with an average grade of 9.66 based on 17 graded copies (sources: ValiantFans, CGC Census, Recalled Comics.com).

A second mysterious Bloodshot grail is the Bloodshot #0 (Gold Printing Error) aka Bloodshot “Pink” of which only one copy has ever been found!

Good Luck finding and/or obtaining either copy, as it is highly likely that either you won’t be able to find either book for sale, or likely do not have the cash to buy even if you do find a copy. Still, Bloodshot #0 (Platinum Error)’s DO occasionally pop-up in the wild (Bloodshot “Pink” NEVER does, as again, there is only one known copy). Raw copies (when they did sell) always sold for $1,000+ regardless of condition. Since the Bloodshot movie announcement, NONE have been sold and/or put up for sale, and only one new copy has been found.

(NOTE: As a collector, I once offered $1,600 cash for the “Pink” copy, and didn’t even receive a response lol!)

While BOTH Eternal Warrior #4 AND Rai #0 are key-books with strong speculation and/or investment potential, the 2012 re-launch of Valiant Entertainment has ALSO produced a few books worth considering:

Valiant Entertainment’s Bloodshot #1 (Ribic 1:50 Variant) was released on July 11, 2012 as a retailer incentive for ordering 50 copies of VEI Bloodshot #1 (which had a print run of 29,224 copies). Based on those numbers, it is expected that (at best) less than 600 copies exist in circulation (with perhaps a few extra copies at the Valiant Offices for records, to give away, etc).

Most of the books released by Valiant Entertainment after between 2012 and the beginning of 2015 are difficult to obtain in CGC/CBCS 9.8. (Divinity and Book of Death both released in 2015 had far superior cover stock).

As of this writing, 43 copies have been graded, with 28 copies graded at 9.8. There numbers are likely due to improved pre-screens by CGC customers and also as offered by CGC itself.

Sales (currently) tend to be around $249 for CGC/CBCS 9.8.

Valiant Entertainment’s Bloodshot #1 (Lozzi Gold Variant) was released on September 18, 2013 (more than a year after the release ofBloodshot #1) as a part of the Valiant Gold Program as a reward for fans and/or retailers who either earned a copy through action, or via contests, promotions etc . It is unknown how many exist in circulation, however, Valiant Gold books are always uncommon in comparison to most variants for a given issue.

Most of the books released by Valiant Entertainment after between 2012 and the beginning of 2015 are difficult to obtain in CGC/CBCS 9.8 (Divinity and Book of Death both released in 2015 had far superior cover stock).

As of this writing, 13 copies have been graded, with 8 copies graded at 9.8. There numbers are likely due to improved pre-screens by CGC customers and also as offered by CGC itself; in addition to low availability of this book to begin with.

Sales (currently) tend to be between $250 for CGC/CBCS 9.8 (three known private sales).

Valiant Entertainment’s Bloodshot: Reborn #1 (LaRosa 1:100 B&W Variant) was released on April 15, 2015 as a retailer incentive for ordering 100 copies of VEI Bloodshot: Reborn #1 (which had a print run of 38,788 copies). Based on those numbers, it is expected that (at best) less than 400 copies exist in circulation (with likely a few extra copies at the Valiant Offices for records, to give away, etc).

Most of the books released by Valiant Entertainment after between 2012 and the beginning of 2015 are difficult to obtain in CGC/CBCS 9.8. (Divinity and Book of Death both released in 2015 had far superior cover stock).

As of this writing, 10 copies have been graded, with only 3 copies graded at 9.8. Difficult to obtain in CGC/CBCS 9.8 as the cover stock was thin, and any defects show up easily due to the black edges of the cover. Sales data for CGC/CBCS 9.8 copies does not exist, since there are so few, and no one appears to be willing to sell.

(NOTE: I personally have owned 16 copies of this book, and only 1 of those copies received a grade of 9.8, with most in the 9.6 range).

Valiant Entertainment’s Bloodshot Reborn #1 (Ultimate Comics Edition) was released on April 15, 2015 by Ultimate Comics (Ultimate Comics) and sold between $20 to $30. It is unknown how many copies were printed, and it is NOT an incentive variant. It features a highly iconic cover by fan-favorite artist Cary Nord, and almost everyone who has seen it responds with “man, I really need to get that book…” (NOTE: I own the cover art for this book, which is hanging on the wall in my home).

The cover stock, printing process, and distribution process for this book all appear to have worked well, as most raw copies appear to be solid CGC/CBCS 9.8 candidates for submission.

Yet, as of this writing, 0 copies have been graded, with 0 copies graded at 9.8.

It is likely that a CGC/CBCS 9.8 copy of this book would sell in the $200 to $250 range, which is NOT a bad return on investment for a $20 book.

Valiant Entertainment’s Bloodshot: Reborn #1 (Guice 1:60 Variant) was released on April 15, 2015 as a retailer incentive for ordering 60 copies of VEI Bloodshot: Reborn #1 (which had a print run of 38,788 copies). Based on those numbers, it is expected that (at best) less than 700 copies exist in circulation (with likely a few extra copies at the Valiant Offices for records, to give away, etc).

Most of the books released by Valiant Entertainment after between 2012 and the beginning of 2015 are difficult to obtain in CGC/CBCS 9.8. (Divinity and Book of Death both released in 2015 had far superior cover stock).

As of this writing, 2 copies have been graded, with only 2 copies graded at 9.8; none of which have been sold. The market prices for raw copies is (as of this writing) low, and the average condition appears stable for submission. Expect $200+ sales for a CGC/CBCS 9.8.

Valiant Entertainment’s Bloodshot: Reborn #1 (Gold Edition) was released on April 24, 2015 as a part of the Valiant Gold Program as a reward for fans and/or retailers who either earned a copy through action, or via contests, promotions etc . It is unknown how many exist in circulation, however, Valiant Gold books are always uncommon in comparison to most variants for a given issue.

Most of the books released by Valiant Entertainment after between 2012 and the beginning of 2015 are difficult to obtain in CGC/CBCS 9.8 (Divinity and Book of Death both released in 2015 had far superior cover stock).

As of this writing, 15 copies have been graded, with 7 copies graded at 9.8. There numbers are likely due to improved pre-screens by CGC customers and also as offered by CGC itself; in addition to low availability of this book to begin with.

Sales (currently) tend to be around $300 for CGC/CBCS 9.8 (of the known private sales).

In January of 2016, Valiant Entertainment will release (the highly anticipated) Bloodshot: Reborn #10 by writer Jeff Lemire and featuring artwork by superstar Valiant artist Lewis LaRosa. Speculation aside, it looks to be well worth the cover price just to read, as it appears to be a story which takes place in a dystopian future (e.g. Mad Max, The Hunger Games, Judge Dredd, Maze Runner, The Book of Eli, and the popular Fallout video game series). The story arc will be called “THE ANALOG MAN” and all indications are that it will look and read quite well.

But what IS speculation worthy, is the Bloodshot: Reborn #10 (Lemire 1:100 Line-Variant); which will be provided to retailers for every 100 Valiant Books (any title) ordered for the month of January 2016.

(To my knowledge) Valiant Entertainment has only released a “Line-Variant” on four occasions:

1.) Archer & Armstrong #1 (Adams 1:100 Line Variant)

2.) Harbinger #8 (Lemire 1:125 Line Variant)

3.) Shadowman #5 (Grampa 1:125 Line-Variant)

4.) X-O Manowar #6 (Zircher 1:50 Line-Variant)

All four of these line-variant did, and continue to be in demand by fans and/ or collectors. Shadowman #5 (Grampa 1:125 Line-Variant) is ALWAYS in demand as it 1.) has less than 800 in circulation, and 2.) features the first appearance of Dr. Mirage (Shan Fong). But it has been the Harbinger #8 (Lemire 1:125 Line Variant) that (so far) has dominated the market out of these four, with recent raw sales between $200 and $220.

A poll was conducted on Valiant Fans discussing the “Most Desired Valiant Books” that had been released after the 2012 re-launch. The SUPER RARE Divinity #1 (LaRosa 1:40 Variant) topped the list (as expected; sales have been greater than $500, and the book was only recently released); however, it was the Harbinger #8 (Lemire 1:125 Line Variant) that came-in second, with virtually everyone involved stating that they wanted a copy, but were unable to locate a copy. Make no mistake, there IS a strong market for Harbinger #8 (Lemire 1:125 Line Variant). Collectors hold-on to both raw and/or graded copies tightly, but if you CAN get one, get it! Only one known CGC 9.8 sale has been recorded at nearly $300 back in 2013. This book is worth a LOT more than $300 in 9.8.

In January, when Valiant releases Bloodshot: Reborn #10 (Lemire 1:100 Line-Variant), expect anyone who wants a copy of Harbinger #8 (Lemire 1:125 Line Variant) to ALSO want this book. Word on the street is that many fans and/or collector regret missing out on Harbinger #8 (Lemire 1:125 Line Variant), and DO NOT want to make that same mistake with Bloodshot: Reborn #10 (Lemire 1:100 Line-Variant). It is highly likely that this book will be in demand, for this reason, along with the point that those who already own Harbinger #8 (Lemire 1:125 Line Variant) are ALSO likely to want a copy to match it. There is already a discussion amongst many potential buyers “hoping” they are able to get their hands on a copy. The smart money says you should help them out, and make a return on investment in the process.

Bloodshot: Reborn #10 will be released January of 2016. (Oh yeah, there will also be a 1:60 B&W Variant for Bloodshot: Reborn #10)