The absolute key issue for Moon Knight is Werewolf by Night #32 (August 1975), the first appearance of the character created by Doug Moench and Don Perlin: a CGC 9.8 copy reached $31,200 at the March 2020 peak (sellmycomicbooks.com). Moon Knight is a Bronze Age creation — there are no Silver Age keys for this character. The other pillars of a complete collection are WBN #33 (2nd appearance), Marvel Spotlight #28 (first solo story, 1976), and Moon Knight #1 (1980), the founding series drawn by Bill Sienkiewicz.

Moon Knight — Marc Spector, a mercenary resurrected by the Egyptian moon god Khonshu and gifted with multiple identities (Marc Spector, Steven Grant, Jake Lockley) — was born in August 1975 in the pages of Werewolf by Night. His creator, writer Doug Moench, initially conceived him as a single-appearance antagonist before reader response propelled him toward a solo career. He is not a Silver Age character: his roots are entirely in the Bronze Age, the Marvel decade running from 1970 through the early 1980s, and no issue predating 1975 features him.

This guide sticks to the verifiable: records documented by Heritage Auctions, sellmycomicbooks.com, GoCollect, and ComicConnect. One methodological note: our eBay estimator does not cover the Werewolf by Night, Moon Knight, or Marvel Spotlight series — it returns "invalid parameters" for these titles. Every figure in this guide comes exclusively from documented web sources. Where no public figure exists, we stay qualitative.

Moon Knight key issues (documented values)

All records below come from public sources (sellmycomicbooks.com, Heritage Auctions, GoCollect, ComicConnect). Our eBay estimator does not cover these series.

IssueSignificanceDocumented record
Werewolf by Night #32 (Aug. 1975)1st appearance of Moon Knight$31,200 (CGC 9.8, March 2020, sellmycomicbooks.com); 9.6 at $25,200 in 2022
Werewolf by Night #33 (Sept. 1975)2nd appearance of Moon Knight$13,200 (CGC 9.8 unrestored, Sept. 2021)
Marvel Spotlight #28 (Jun. 1976)1st solo story; 1st Marlene Alraune and Bertrand Crawley; reveals multiple identitiesNot publicly documented in high grade
Moon Knight #1 (Nov. 1980)First solo series issue, Moench & SienkiewiczCGC 9.8: $755 (ComicConnect, Mar. 2022); ~$925 in recent data (sellmycomicbooks.com 2024)
Moon Knight #1 (2014, Ellis & Shalvey)Critically acclaimed modern relaunchModest secondary market — qualitative value

Sources: sellmycomicbooks.com, Heritage Auctions, GoCollect, ComicConnect. Our eBay estimator does not cover these series.

Werewolf by Night #32 (1975): the Bronze Age grail

Werewolf by Night #32 (August 1975) is the number-one key for any Moon Knight collection. Doug Moench scripts, Don Perlin draws. Moon Knight is introduced as a hired tracker sent after Jack Russell / Werewolf by Night — positioned as an antagonist, yet immediately compelling enough to earn a return. A CGC 9.8 copy reached $31,200 at the speculative peak of March 2020, driven by the Disney+ series announcement (sellmycomicbooks.com). The market has since cooled: sellmycomicbooks.com notes a more recent sale in the $8,000 range for the same grade, reflecting the broader correction in 1970s Marvel horror comics. The 2022 grade ladder remains instructive: CGC 9.6 at $25,200, 9.4 at $10,800, 9.2 at $8,300, 7.5 at $3,000, 4.0 at $1,500. Even in mid-grade, this book commands meaningful sums — the sustained demand from a first appearance with an active MCU presence does not disappear with a market correction.

Werewolf by Night #33 and Marvel Spotlight #28 (1975–1976): completing the origins

Werewolf by Night #33 (September 1975) is Moon Knight's second appearance — typically paired with #32 by collectors who want the full arc. An unrestored CGC 9.8 copy reached $13,200 in September 2021, per available data. The book remains considerably more accessible than #32 in mid-grade, making it a natural complement for mid-range budgets.

Marvel Spotlight #28 (June 1976) marks the first story entirely dedicated to Moon Knight. Doug Moench develops the character's three identities for the first time — Marc Spector (the mercenary), Steven Grant (the millionaire), and Jake Lockley (the cab driver) — and introduces two recurring figures central to Moon Knight's mythology: love interest Marlene Alraune and informant Bertrand Crawley. No high-grade auction record is publicly documented for this issue; its market is quieter, but it remains a logical piece for any serious thematic collection.

Moon Knight #1 (1980): Moench and Sienkiewicz define the character

Moon Knight's first solo series launched in November 1980. Doug Moench remained as writer and Bill Sienkiewicz took over the art — a collaboration that ran 30 issues and defined the character visually for an entire generation. Sienkiewicz's early pages still show a Neal Adams influence; by the mid-run he had developed the expressionist style that would make him one of the most influential artists of the 1980s. Moon Knight #1 (1980) is a common book — 1980 print runs were large. Sellmycomicbooks.com is direct: only CGC 9.8 is worth targeting. A CGC 9.8 sold for $755 at ComicConnect in March 2022, with recent estimates around $925. Lower grades suffer severe price compression given supply abundance. Qualitatively, issues #1 through #10 of this series — Sienkiewicz at his most inventive — form the core of an ambitious collection.

The modern runs: Ellis (2014) and Lemire (2016)

The 2014 relaunch by Warren Ellis (writer) and Declan Shalvey (artist) is widely regarded as one of the best Marvel series of the decade: six issues, a fractured narrative structure, and a radical visual approach. The 2016 series by Jeff Lemire (writer) and Greg Smallwood (artist) extended that formal ambition by diving into Marc Spector's fractured mental state through experimental page layouts. Neither run produced spectacular auction records — their appeal is editorial and artistic. The #1 issues of both series circulate at accessible prices on the secondary market. For the collector who wants a complete library, both runs in collected edition are essential reading.

The Disney+ series and the MCU effect

In March 2022, Disney+ aired the Moon Knight miniseries in six episodes (from March 30, 2022), produced by Marvel Studios with a budget of $147.9 million. Oscar Isaac plays Marc Spector / Steven Grant / Moon Knight; Ethan Hawke plays cult leader Arthur Harrow. The series was created by Jeremy Slater and directed by Mohamed Diab (four episodes) and the duo Justin Benson & Aaron Moorhead (two episodes). The 2019 series announcement had triggered the first speculative wave on Werewolf by Night #32; the 2022 premiere consolidated broader interest. The market has since normalized, but the character's raised profile with a wider audience remains a structural support for demand on his key issues.

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