Amazing Spider-Man #361(April 1992) contains the first full appearance of Carnage (Cletus Kasady). CGC 9.8 values: $350–500 (direct edition), $600–900 (newsstand). The 2nd print with green cover is worth $40–80 in 9.8. Mark Bagley pencils, David Michelinie script.
Published in April 1992,Amazing Spider-Man #361is the issue that introduced Carnage to the Marvel Universe. This symbiote descended from Venom, linked to serial killer Cletus Kasady, quickly became one of Spider-Man's most popular adversaries. In 2026, ASM #361 remains the most sought-after modern key issue after ASM #300 in symbiote mythology.
The commercial success of Carnage in cinema (Venom: Let There Be Carnage in 2021) and persistent rumors of an appearance in the MCU keep demand high. This guide details the different editions, pitfalls to avoid and current odds for each variant.
Odds by CGC grade: Direct Edition vs Newsstand
The distinction between the direct edition (sold in comic shops) and the newsstand edition (sold on newsstands) is crucial in determining the value of ASM #361. The newsstand edition, identifiable by its UPC barcode, is significantly rarer because the majority of newsstand copies were handled on newsstands and rarely remained in mint condition.
| CGC grade | Direct Edition (USD) | Newsstand Edition (USD) |
|---|---|---|
| 9.8 (NM/MT) | $350 – $500 | $600 – $900 |
| 9.6 (NM+) | $120 – $180 | $200 – $350 |
| 9.4 (NM) | $70 – $100 | $120 – $180 |
| 9.2 (NM-) | $50 – $70 | $80 – $130 |
| 8.0 (VF) | $25 – $40 | $40 – $65 |
| 6.0 (Fine) | $15 – $25 | $25 – $40 |
Below 8.0, the newsstand premium decreases as a percentage because collectors who pay the premium generally look for high quality copies. The newsstand/live ratio is approximately 1:10 to 1:15 for this issue, which explains the price difference.
The 2nd print with green cover: an underestimated variant
Marvel reprinted ASM #361 with a mostly green cover (instead of the original red). This second printing was released in May 1992 to meet massive demand. For a long time ignored by collectors, it is experiencing renewed interest:
- CGC 9.8:$40 – $80 (constantly increasing since 2023)
- GCC 9.6:$25 – $40
- GCC 9.4:$15 – $25
The second print is immediately identifiable by its green cover and the words "2nd Printing" on the cover. Although significantly cheaper than the first printing, it contains the same story and is an affordable entry point for collectors who want to own the first appearance of Carnage.
Factors that influence value: what buyers look for
Beyond the numerical grade, several elements specific to ASM #361 influence the final price:
Print quality:ASM #361 frequently suffers from inking problems. Copies with a deep, even black on the cover (Carnage's costume) get higher ratings and sell better. Copies with grayish inking or printing bands are penalized.
Cover centering:Mark Bagley's cover features Carnage on full page. Significant off-centering (more than 60/40) makes the specimen less visually attractive, even if CGC only penalizes centering if there is a flagrant imbalance.
Condition of staples:The 1992 copies use staples which tend to migrate (leave traces of rust). Even a 9.8 can show micro-marks around the staples over time — check detailed photos.
The complete ASM triptych #361-362-363:Many collectors seek out all three issues together (first full Carnage arc). A CGC 9.8 lot of the three issues trades at a premium of 10 to 15% over the individual sales added together.
Purchasing strategy and investment potential
ASM #361 is considered a "blue chip" key issue in the modern market (post-1985). Here is the investment outlook by segment:
CGC 9.8 Direct Edition:Sales volume is high (around 20-30 transactions per month on eBay). Liquidity is excellent. The price has fluctuated between $300 and $700 since 2020, with spikes during cinema announcements. Recommended position for a stable investment.
CGC 9.8 Newsstand:Fewer transactions (3 to 5 per month) but prices rise regularly. Relative rarity supports the rating. If you find a copy under $600, it's usually a good deal.
Raw (ungraded) in apparent NM condition:Available between $80 and $150 depending on the seller. Having CGC graded is profitable if the copy obtains a 9.6 or higher. Below 9.4, the margin is too low to cover the grading fees ($50-80).
Pay particular attention to Sony/Marvel announcements regarding Carnage. Each cinematic appearance generates a peak of 30-50% which then stabilizes at a new low higher than before the announcement.
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