Catwoman First Appearance: Complete Analysis of Batman #1 (1940)

Batman #1, published in the spring of 1940 by DC Comics, is one of the most extraordinary issues in comic book history. Not content with being the first issue of the Dark Knight solo series, it contains in its 68 pages the first appearance of two of the most emblematic villains of world popular culture: the Joker AND Catwoman. This unique concentration of major first appearances in a single issue has no equivalent in comics history.

This guide analyzes in depth the first appearance of Catwoman in Batman #1, her creation context, the immediate evolution of the character in the following issues, and the current valuation of this historic issue on the collectors' market. To understand this first appearance is to grasp the foundations of a character who has dominated popular culture for more than eight decades.

Batman #1 (1940) — The issue that changed everything

Batman #1 was published in the spring of 1940, less than a year after Batman's first appearance in Detective Comics #27 (May 1939). The phenomenal success of the character in Detective Comics pushed DC (then National Comics) to launch a dedicated solo series — a decision that would prove historic in more ways than one.

Content of the issue

Batman #1 contains four distinct stories across 68 pages:

• "The Joker" (story 1)— First appearance of the Joker, presented as a serial killer using poison leaving a smile on the faces of his victims.
• “The Joker Returns” (story 2)— Second Joker story in the same issue, highlighting DC's intention to make him a recurring villain.
• "The Cat" (story 3)— First appearance of Catwoman (as "The Cat"), a stylish jewel thief operating on a yacht.
• "The Giants of Hugo Strange" (story 4)— Return of Professor Hugo Strange with giant monsters.

“The Cat” — Analysis of the first appearance

In her first appearance, Catwoman has no costume, no mask, nor the name "Catwoman". She's simply "The Cat" — a professional jewel thief who operates while cruising on a yacht. The key elements of this first story:

Initial characterization

• Identify: she disguises herself as an old woman to steal a diamond necklace. When Batman unmasks her, he discovers a beautiful young woman.
• Relationship with Batman: from this first meeting, the attraction is established. Batman lets her escape, and Robin asks him why. Batman replies that she's "a pretty woman" and that he can't help but hope to see her again.
• Ambiguous morality: she is not presented as a dangerous villain but as an elegant adventurer, immediately positioning the character in a moral gray area.
• Appearance: no feline costume, just an elegant dress. The connection to cats is only in the name "The Cat".

This first appearance instantly establishes the dynamic that would define the Batman/Catwoman relationship for the next 80 years: mutual attraction, the tension between duty and desire, and an adversary whom Batman refuses to treat as a simple criminal.

Rarity and state of conservation

Batman #1 was printed in an estimated print run of 300,000-400,000 copies in 1940. As with most Golden Age comics, the vast majority were destroyed (paper recycling during World War II, natural wear and tear, comics thrown out by parents). The CGC Census lists the following figures (2024 data):

• Total graded copies CGC (Universal): around 50-60
• CGC 9.0 and above: 2-3 known copies (including the record at 9.4)
• CGC 7.0-8.9: approximately 8-12 copies
• CGC 4.0-6.9: approximately 15-20 copies
• Below CGC 4.0: approximately 20-25 copies (including restored and incomplete)

The absolute rarity of this issue, combined with the double first appearance (Joker + Catwoman), makes it one of the safest investments in the comics market. Copies that change hands are extremely rare — often only 1-2 public sales per year, all qualities combined.

Sales history and records

Major sales documented

• January 2021— CGC 9.4: $2,200,000 (Heritage Auctions) — absolute record
• 2019— CGC 8.0: approximately $800,000 (private sale estimate)
• 2013— CGC 5.0: $274,000 (Heritage Auctions)
• 2012— CGC 4.5: $237,000 (Heritage Auctions)
• 2010— CGC 3.0: approximately $100,000 (market estimate at the time)

Price evolution over 20 years

• CGC 6.0: $60,000 (2004) → $150,000 (2014) → $350,000+ (2024) — multiplication by 6 in 20 years
• CGC 4.0: $30,000 (2004) → $80,000 (2014) → $200,000+ (2024) — multiplication by 7 in 20 years
• CGC 2.0: $12,000 (2004) → $35,000 (2014) → $75,000+ (2024) — multiplication by 6 in 20 years

The average annual return is in the range of 9-12% over 20 years — higher than most traditional investments, with the advantage of being a tangible and culturally significant asset.

The immediate evolution of Catwoman after Batman #1

After her first appearance, the character of "The Cat" evolved rapidly in the following issues:

• Batman #2 (1940)— Second appearance, still as "The Cat". She starts to wear a mask. $5,000 – $25,000 depending on rank.
• Batman #3 (1940)— First time she is called "Catwoman". First real feline mask (green cat cape style). $4,000 – $20,000 depending on rank.
• Batman #10 (1942)— First time the name "Selina Kyle" is used. $2,000 – $10,000 depending on rank.
• Batman #62 (1950)— First complete purple costume with cat ears (the “classic” look). $3,000 – $15,000 depending on rank.

It is fascinating to note that the character took 10 years and more than 60 issues to acquire all the elements that make up the modern Catwoman: the name (Batman #3), the civilian identity Selina Kyle (Batman #10) and the iconic costume (Batman #62). Collecting these five key issues of evolution makes for an exciting thematic mini-collection.

Batman #1 as an investment in 2024-2025

For collectors-investors, Batman #1 presents a remarkable profile:

Arguments in favor of investment

• Double request: Joker collectors AND Catwoman collectors are targeting this issue, doubling the potential demand base.
• Film franchises: the Joker (Joaquin Phoenix, 2019/2024) and Catwoman (Zoë Kravitz in The Batman, 2022) remain at the center of Warner/DC Studios projects.
• Irreversible rarity: no new copy will ever be discovered in high grade. The supply can only decrease over time.
• Liquidity: Heritage Auctions, ComicLink and ComicConnect guarantee an active market for this issue at all grades.

Entry points by budget

• Budget $25,000 – $50,000: CGC 1.0-1.5, possibly with light restoration. “Possible” copy but in weak condition.
• Budget $75,000 – $150,000: CGC 2.0-3.0, readable and presentable copy without major restoration.
• Budget $200,000 – $500,000: CGC 4.0-6.0, museum quality, investment grade.
• Budget $500,000+: CGC 7.0+, the rarest examples, direct competition with the world's major collectors.

For collectors whose budget does not allow for an original Batman #1, quality facsimile editions and Famous First Edition reprints offer an alternative to "experience" the issue at a fraction of the price.