Inside This Article:
- A Superman #1 comic book discovered in an attic recently sold for more than $9 million.
- Fine art sales have also broken new records in recent weeks, including a Gustav Klimt painting and a Frida Kahlo self-portrait.
- High-value collectibles require special insurance coverage under a Personal Articles Floater, as Homeowners Insurance policies would not typically have sufficient limits for these items.
- Regular appraisals and scheduled coverage can help ensure protection aligns with shifting market values and trends.
A Superman comic originally purchased for 10 cents and found last year in an attic recently sold for a record-breaking $9.12 million, according to reports. Three brothers in California were cleaning out their mother’s attic after her death when they discovered the 1939 issue of Superman #1 in a collection of old comics in a cardboard box, CNN reported.
According to Heritage Auctions, their mother had informed the sons about the collection but never showed it to them. The sale marked the most expensive comic ever sold.
“This is one of those stories that everybody hopes for — cleaning out family belongings and finding something treasured and valuable,” said Heather Posner, Vice President, National Product Leader, Private Client, Burns & Wilcox, Cleveland, Ohio. “Of course, from an insurance perspective, it’s essentially our worst-case scenario — a highly valuable collectible stored in an attic, without proper care or protection from potential damage.”
This is one of those stories that everybody hopes for — cleaning out family belongings and finding something treasured and valuable. Of course, coming from the insurance perspective, it is like our worst nightmare — here is this very valuable collectible item that is in an attic, not being well-maintained or sheltered from possible perils or damage.
The collection was almost certainly not insured, Posner said, and would typically need to be covered under a Personal Articles Floater since the values would exceed standard Homeowners Insurance limits. This is particularly relevant as values rise on nostalgic collectibles as well as certain fine art categories. In November, a Gustav Klimt painting sold for more than $236 million and broke a record for modern art, and a Frida Kahlo self-portrait sold for $54.7 million, becoming the most valuable work by a female artist.
“Record-setting auctions are going to continue to occur,” said Quinn Glasnapp, Senior Underwriter, Personal Insurance, Burns & Wilcox, New York, New York. “Total art sales are projected to more than double last year’s total.”
Positive signs for collectors as values rise
According to a November 2025 report by Benzinga about “nostalgia investing,” the collectibles market was expected to grow from $394.51 billion to $599.79 billion by 2032, due in part to millennials and other younger collectors — many of whom are driven by “an investment savviness wrapped in nostalgia,” the publication noted.
The Superman #1 sale is likely to excite comic collectors and may also serve as a reminder to have collections appraised. “Anytime something like the Superman #1 comic sells, it brings attention back to the type of collection,” Posner said. “Comic book collectors are probably more excited than ever to be looking for valuable comics and maybe reevaluate their values. It is also important to get individuals thinking about what they want to do with their own collections.”
Big art sales, like the two recent record-breaking sales, “signal that the market is strong, and it is going to encourage other collectors to potentially sell,” she said.
As market enthusiasm grows for many types of collectibles, ensuring items are properly protected by a Personal Articles Floater is even more pressing. According to Glasnapp, more individuals — including everyday homeowners — may be holding on to items that have appreciated significantly without their knowledge.
“A rising tide lifts all boats,” Glasnapp said. “It is important for folks who have valuables — whether fine art, collectibles, or jewelry — to keep their valuations and appraisals up-to-date and ensure they have the proper coverage in case disaster strikes.”
It is important for folks who have valuables — whether fine art, collectibles, or jewelry — to keep their valuations and appraisals up-to-date and ensure they have the proper coverage in case disaster strikes.
The risks of ‘blanket’ insurance coverage
When markets surge, assuming an item’s purchase price reflects its current value can lead to major coverage gaps. “Just because an item was purchased for a certain amount does not mean the current value is that,” Glasnapp said, pointing to the Superman comic as an extreme example of that risk: “It would be a disaster if an attic fire destroyed that and all the owner got back was the 10 cents they spent on it.”
A Personal Articles Floater provides insurance coverage for high-value belongings against risks like loss, theft, or accidental damage. These policies can offer higher limits and broader protection than standard Homeowners Insurance policies and often have no deductible. However, some policies provide a blanket amount of coverage with a maximum limit per item, which may leave higher-value pieces underinsured if they are not individually scheduled.
“Oftentimes the simplest or easiest method to insure these items can leave one exposed,” Glasnapp said. “If you have a Personal Articles Floater but it is blanketed, there could be caps per-item within that blanket. For example, maybe you have a $100,000 limit, but a $25,000 per-item cap sublimit within that. If your $100,000 in jewelry is mainly a $75,000 engagement ring, that blanket might not be enough.”
Rates are often lower for scheduled items, he added. “There is some incentive financially to schedule things out in detail,” as well as the “confidence and comfort knowing” your items are protected to their full value, he said.
Collections ‘not exclusive to the super wealthy’
Collecting has expanded far beyond traditional fine art circles, with items such as sports memorabilia, family heirlooms, or even sneakers increasingly considered investment assets.
“Especially post-pandemic, collecting is not just exclusive to the super wealthy,” Glasnapp said. “Individuals of all backgrounds are finding that they do have more and more things of value. Just because you do not have a multi-million-dollar home does not mean you do not have valuable items that need protecting.”
Collecting is not just exclusive to the super wealthy. … Just because you do not have a multi-million-dollar home does not mean you do not have valuable items that need protecting.
Appraisals should be completed at least every three to five years for most items, or more frequently in some cases. The value of gold, for example, has climbed sharply over the past several years, according to Posner. “If you have a lot of gold but have not had it appraised recently, you will probably want to have it reappraised,” she said.
The percentage of individuals who purchase Personal Articles Floater coverage for their valuables remains low, Posner said. “What we find is that even in the high-net-worth space, surveys indicate only a third of collectors have their collections insured,” she said. “There are multiple reasons for that, but individuals often think the process will take a long time. In reality, it only takes a few minutes of research and contacting someone.”
What we find is that even in the high-net-worth space, surveys indicate only a third of collectors have their collections insured.
While many items cannot be replaced because of their sentimental value, “it does not hurt as much when you can at least get some money back from it versus just suffering the loss completely,” Posner said.
Whether it is one or 1,000 valuable items that need to be insured, Glasnapp added, “there is value in exploring the options and having that conversation with an insurance professional,” he said. “This coverage is for everyone.”
