For these variants print runs matter because they create the bulk of the demand. For Hulk #181 the demand is over what is on the inside. It's a big difference. When only the cover matters demand hangs by a very thin thread.
By that logic, Hulk #180 would be the more valuable and sought-after book. This is not the case. Collectors prefer #181 because of... the cover. (Just throwing this out there, although I do see the point you're trying to make.)
Also, many of these debates miss the fact that the hobby has grown into collectors purchasing many, many books purely for the cover artwork. It's art; not so different from buying a rare painting at this point. And the better the story behind it, the more it's worth.
Im a cover collector
Same here.
I'm a cover collector too. I also prefer a hulk 181 over 180.
Same here, better cover. Print run be damned, if I like the spidey 678, I would own it. When it was 15.00 I thought it was ugly, and still do. To invest in a comic that you don't really like due to scarcity just seems odd to me.
If you think that my point was that 181 has a better cover than 180 you missed it. It does, of course, but that isn't what I was arguing. There are thousands of graded 181s and many thousands more that are raw. This doesn't stop the price from rising, because demand is strong. Demand for this book is strong because it has more going for it than a great cover image, and it is that significance that drives demand. On the other hand, a variant with a great cover image is only worth money if n-1 people think it is worth their money, because the content is no different than thousands of other copies. Perceived scarcity is a huge driver in variant demand. That demand is more fickle than content demand, because to an extent variant demand is often (not always, but often) driven by what other people like and want to buy so this collector has to have one too because it is hot.
People pick 181 because they want to own 181, not because the red cover variant with Wolverine is much better than the Hulk covered in the symbiote variant or the Deadpool variant from that same month.