In this image released by Comic Connect Corp., a the June 1938 cover of "Action Comics" that first featured Superman, is shown

A rare copy of the first comic book featuring Superman sold Monday for $1 million, smashing the previous record price for a comic book.

A 1938 edition of Action Comics No. 1, widely considered the Holy Grail of comic books, was sold from a private seller to a private buyer, neither of whom released their names. The issue features Superman lifting a car on its cover and originally cost 10 cents.  

The transaction was conducted by the auction site ComicConnect.com. Stephen Fishler, co-owner of the site and its sister dealership, Metropolis Collectibles, orchestrated the sale.

Fishler said it transpired minutes after the issue was put on sale at around 10:30 a.m. Eastern time. He said that the seller was a "well known individual" in New York with a pedigree collection, and that the buyer was a known customer who previously bought an Action Comics No. 1 of lesser grade.

"It's considered by most people as the most important book," said John Dolmayan, a comic book enthusiast and dealer best known as the drummer for System of a Down. "It kind of ushered in the age of the superheroes."

Dolmayan, who owns Torpedo Comics, last year paid $317,000 for an Action Comics No. 1 issue for a client. Others have sold for more than $400,000, he said, but this copy fetched a much higher price because it's in better condition. It's rated an "8.0 grade," or "very fine."

Dolmayan said he didn't buy this copy but he wishes he could have.

"The fact that this book is completely un-restored and still has an 8.0 grade, it's kind of like a diamond or a precious stone. It's very rare," he said.

There are only about 100 copies of Action Comics No. 1 believed to be in existence, and only a handful have been rated so highly. It's rarer still for those copies to be made available for sale.

"The opportunity to buy an un-restored, high-grade Action One comes along once every two decades," Fishler said. "It's certainly a milestone."

The sticker shock was astounding to Fishler, nevertheless.

"It is still a little stunning to see 'a comic book' and '$1 million' in the same sentence," Fishler said. "There's only one time a collectible hits the $1 million threshold."

Marvel Entertainment, home of superheroes such as Spider-Man, the Fantastic Four and the X-Men, sued the heirs of one of its most successful artists Friday to keep the rights to the lucrative characters.

The federal lawsuit filed Friday in Manhattan by Marvel, now a subsidiary of The Walt Disney Co. (DIS), asks a judge to invalidate 45 notices sent by the heirs of artist Jack Kirby to try to terminate Marvel's copyrights, effective on dates ranging from 2014 through 2019.

The heirs notified several companies last year that rights to the characters would revert from Marvel to Kirby's estate.

The lawsuit says Kirby's work on the comics published between 1958 and 1963 were "for hire" and render the heirs' claims invalid. The famed artist died in 1994.

Kirby's attorney Marc Toberoff says the heirs were merely trying to take advantage of change to copyright law that lets artists recapture rights to their work.

Of Marvel's lawsuit, he said: "It is a standard claim predictably made by comic book companies to deprive artists, writers, and other talent of all rights in their work ... The Kirby children intend to vigorously defend against Marvel's claims in the hope of finally vindicating their father's work."

The statement claims Kirby was never properly compensated for his contributions to Marvel's universe of superheroes.

"Sadly, Jack died without proper compensation, credit or recognition for his lasting creative contributions," the statement said.

Comic book characters such as Spider-Man and the X-Men have become some of Hollywood's most bankable properties.

The lawsuit says the comic book titles in the notices to which Kirby claims to have contributed include "Amazing Adventures," "Amazing Fantasy," "Amazing Spider-Man," "The Avengers," the "Fantastic Four," "Fantastic Four Annual," "The Incredible Hulk," "Journey into Mystery," "Rawhide Kid," "Sgt. Fury and His Howling Commandos," "Strange Tales," "Tales to Astonish," "Tales of Suspense" and "The X-Men."

John Turitzin, a Marvel lawyer, said in a statement that the heirs are trying "to rewrite the history of Kirby's relationship with Marvel."

"Everything about Kirby's relationship with Marvel shows that his contributions were works made for hire and that all the copyright interests in them belong to Marvel," he said.