Watchmen (DC, 1986-1987) has no traditional annuals. The true collectibles market revolves around the 12 original issues in high-grade CGC — Watchmen #1 CGC 9.8 reached a documented sale of $825 (GoCollect). Since 2012, three spin-offs have become the key issues of the extended Watchmen universe: Before Watchmen (2012), Doomsday Clock #1 (2017) and Rorschach #1 (2020), each with its own collecting profile.
Watchmen is a 12-issue maxiseries published by DC Comics from September 1986 to October 1987, written by Alan Moore, drawn by Dave Gibbons, and colored by John Higgins. No standalone monthly ever carried an "Annual" label under this title; out-of-series stories came as separate miniseries, decades later. The series won the 1988 Hugo Award in the "Other Forms" category — the only time in Hugo history that such a category was created.
This guide sticks to the verifiable: records documented by GoCollect and Heritage Auctions, confirmed editorial facts. The spin-offs (2012-2020) are not indexed in our eBay estimator; their values are presented qualitatively from reliable web sources. When data is insufficient to cite a precise price, we say so — rather than inventing one.
Why there are no Watchmen annuals
Annuals are a traditional American comics format — an oversized out-of-series issue published once a year alongside an ongoing monthly title. Since Watchmen is a closed maxiseries (12 issues, one complete story, full stop), DC never published an Annual under this title. The entire "special issues" space is occupied by separate miniseries, each carrying its own label.
This completely changes the collecting profile: rather than hunting for an Annual #1 from an ongoing run, collectors focus on the first issues of each miniseries — the genuine keys of the broader Watchmen universe.
The three key spin-offs (and their collecting profile)
| Title | Publisher / Imprint | Date | Creative Team | Collecting Profile |
|---|---|---|---|---|
| Before Watchmen: Minutemen #1 | DC (2012) | June 2012 | Darwyn Cooke (writer + artist) | Most critically acclaimed entry in the line; first print sought-after |
| Doomsday Clock #1 | DC (2017) | Nov. 22, 2017 | Geoff Johns (writer), Gary Frank (artist) | First print sold out; lenticular variant; CGC 9.8 FMV moderate but steady demand |
| Rorschach #1 | DC Black Label (2020) | October 2020 | Tom King (writer), Jorge Fornés (artist) | Acclaimed series, modest print run; first print scarce on the secondary market |
Sources: Wikipedia, DC Comics, GoCollect.
Before Watchmen (2012): seven core miniseries (plus Moloch) and one one-shot
Announced in February 2012, the Before Watchmen line comprises seven core prequel miniseries (plus Moloch) and one one-shot (Dollar Bill), totaling 37 issues. The line covers every major character in the saga: Minutemen, Comedian, Rorschach, Silk Spectre, Nite Owl, Ozymandias, Dr. Manhattan, and Moloch. The project proved controversial — Alan Moore publicly opposed it — but achieved genuine commercial and critical success, particularly:
- Minutemen #1-6 (Darwyn Cooke): the unanimously praised entry, narrated from the perspective of Hollis Mason (the original Nite Owl). Cooke handles both writing and art in a style that pays homage to Gibbons while maintaining its own identity. Its first issue is by far the most sought-after piece in the line.
- Rorschach #1-4 (Brian Azzarello / Lee Bermejo): the other standout, carried by Bermejo's hyper-realistic artwork.
- Comedian #1-6 and Ozymandias #1-6 received more mixed receptions.
On the secondary market, first prints remain accessible raw; their value in high-grade CGC (9.8) depends on how many certified copies exist. Our eBay estimator does not yet cover these titles; raw values are qualitatively modest (a few to a few dozen euros depending on condition), but CGC 9.8 copies of Minutemen #1 and Rorschach #1 attract growing interest among collectors of the line.
Doomsday Clock #1 (2017): Watchmen enters the DC Universe
Published November 22, 2017, Doomsday Clock #1 marks a major editorial milestone: the first official crossover between the Watchmen universe and the DC Universe. Written by Geoff Johns and drawn by Gary Frank, the title continues directly from Watchmen and integrates Ozymandias, Rorschach, and eventually Doctor Manhattan into mainstream DC continuity. The 12-issue series (November 2017 to December 2019) maintained a 8.5 out of 10 average from Comic Book Roundup across 438 professional reviews.
The first issue sold out on release day. It was available in two primary variants: the standard cover and the lenticular cover (cover price $5.99). In the CGC market, 9.8 copies circulate at modest prices relative to original Watchmen issues — high-grade supply is relatively plentiful for a modern title. The piece to watch remains the lenticular variant in CGC 9.8, where availability is more constrained.
Rorschach #1 (2020): DC Black Label, 35 years later
Published in October 2020 under the DC Black Label adults imprint, Rorschach #1 launches a new 12-issue series by Tom King (writer) and Jorge Fornés (artist). The story unfolds 35 years after the events of the original maxiseries, in an alternate timeline where President Robert Redford is in office. A detective investigates an assassin who has taken up the Rorschach mask. The title was praised for its thematic fidelity to Moore's work without mimicking its style.
On the secondary market, Rorschach #1 sees limited volume: a Black Label print run, a niche audience, and few active eBay listings. It is an issue to own for its narrative importance in the extended universe; its short-term speculative value is limited, but CGC 9.8 first-print copies do attract Tom King completists.
The original series: the real hunting ground for grails
The 12 original issues (1986-1987) remain the first priority for any serious Watchmen collector. Because the series was massively reprinted as a trade paperback — one of the best-selling graphic novels in the world — raw single issues are scarce on eBay (our estimator finds only 9 listings for #1 in June 2026: too thin for a reliable median). In high-grade CGC, the picture changes entirely:
- Watchmen #1: 631 copies on the CGC census at 9.8, none higher. A documented sale of $825 in 9.8 (GoCollect) — a multi-year high at the time. Collector interest was renewed by the HBO series (2019) and by Doomsday Clock.
- Watchmen #4 (Doctor Manhattan's origin) and Watchmen #12 (the conclusion) are the next issues to watch in high grade, with even thinner eBay volume (4 listings each in June 2026).
- A complete set of all 12 issues in CGC 9.6 represents a reference collection; raw sets in good condition remain the most accessible entry point.
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