Miles Morales First Appearance: Complete Analysis of Ultimate Fallout #4

Ultimate Fallout #4is one of the most important and valuable modern comics on the market. Published on August 24, 2011, in the wake of the "death" of Peter Parker in the Ultimate universe (Ultimate Spider-Man #160), this issue presents Miles Morales in a Spider-Man costume for the first time. In just a few pages, Bendis and Pichelli introduced a character who would become a pillar of global popular culture.

This guide is an exhaustive analysis of Ultimate Fallout #4: its publication context, its different editions and variants, the evolution of its rating since 2011, the evaluation criteria specific to this issue, and the acquisition strategies according to your budget. This is the definitive guide to understanding and investing in this modern showpiece.

Publication context

In 2011, the Ultimate Marvel universe — an alternative editorial line launched in 2000 — was in commercial decline. Brian Michael Bendis, who had been writing Ultimate Spider-Man since the first issue, proposed a bold move: kill Peter Parker and replace him with a new Spider-Man, an African-American and Puerto Rican teenager named Miles Morales.

The “Ultimate Fallout” series (6 issues) served as an epilogue to Peter's death and a transition to the new era. Issue #4, published with a cover by Mark Bagley showing a funeral scene (without Miles on the cover), gave no indication of the importance of its contents. Miles appears in a 6-page segment in the middle of the issue, in full costume, saving a civilian from a fire.

Circulation and distribution

The first print run of Ultimate Fallout #4 is estimated at80,000-100,000 copies. This figure, modest for a 2011 Marvel title, partly explains the relative rarity in high condition. The immediate demand was such that Marvel launched a second printing in the following weeks, with a cover by Sara Pichelli showing Miles in full page — a visual that has become iconic.

Guide to prints and variants

First Printing — Cover Mark Bagley

The regular cover of the first printing depicts Marvel characters (Captain America, Thor, Iron Man) in a mourning scene. Miles Morales does not appear on the cover, which makes this print "sleeper" visually - you have to know the issue to know what it contains.

CGC odds (2026):

CGC 9.8: $2,000-3,500

CGC 9.6: $800-1,200

CGC 9.4: $500-700

CGC 9.2: $350-500

CGC 9.0: $250-400

Raw NM (estimated 9.0-9.4): $300-600

Second printing — Sara Pichelli cover

The cover of the second edition is paradoxically more recognizable than the first: Miles in a black and red Spider-Man costume, in full action. This visual became the reference image of the character. The circulation is estimated at 30,000-50,000 copies.

CGC odds (2026):

CGC 9.8: $600-1,000

CGC 9.6: $300-500

CGC 9.4: $200-300

Raw NM: $150-250

Third draw

Limited edition with a different cover. CGC 9.8: $300-500. Less than 200 copies in the CGC census, which maintains a high price despite its “later printing” status.

Djurdjevic variant (1:25)

The 1:25 ratio incentive variant by Marko Djurdjevic is the rarest and most expensive coin in the entire Ultimate Fallout series. Estimated circulation of 3,000-4,000 copies. CGC 9.8: $3,500-5,500. Less than 50 copies are graded 9.8 in the census, creating an extreme rarity for a 2011 comic.

Specific evaluation criteria

Ultimate Fallout #4 has some features that affect grading:

Black cover:The first print has a predominantly dark cover which easily shows spine ticks and signs of handling. Perfect-looking examples may only grade 9.4-9.6 due to these micro-flaws.

Modern paper:The 2011 comics use a glossy coated paper that scratches easily. “Newton rings” (optical effects on glossy pages) are frequent and demeaning.

Centering:Print shifts (cover miscentered) are common on this issue. Poor centering can cost you half a rank point.

Practical advice:To maximize your chances of getting a 9.8 in grading, look for copies with a well-centered cover, no visible spine ticks, and stored in backboard bags since purchase. Professional pressing ($15-25) is recommended before CGC submission to eliminate surface creases.

Historical evolution of the rating

Ultimate Fallout #4 price history illustrates modern market cycles:

2011-2014:CGC 9.8 between $50 and $100. The comic is considered a regular modern issue.

2015-2017:CGC 9.8 between $200 and $500. The integration into Marvel 616 and the first signs of adaptation are increasing interest.

2018-2019:CGC 9.8 between $800 and $2,000. Into the Spider-Verse triggers the explosive rise.

2020-2021:Peak at $3,000-3,800 in CGC 9.8. Speculative bubble combined with the general bull market in comics during the pandemic.

2022-2024:Correction to $1,800-2,500. Back to normal after the speculative excess, but at a floor much higher than the pre-film level.

2025-2026:Stabilization at $2,000-3,500. Mature market supported by Across the Spider-Verse and the announcement of Beyond the Spider-Verse.

Acquisition strategies

For investors (budget $2,000 +):Aim for a CGC 9.8 first printing via Heritage Auctions or ComicLink. Liquidity is excellent — you will find a buyer quickly if you need to resell. Wait for low moments (between two cinematographic announcements) to negotiate.

For collectors (budget $500-1,500):A CGC 9.6 first print or a CGC 9.8 second print offer the best quality/price ratio. The second print with its Pichelli cover is visually more satisfying to display.

For tight budgets (under $300):A first raw print in VF/NM ($100-200) or a second raw print ($80-150) allows you to own this historic key issue. Store it carefully — even ungraded, its value will continue to increase.