Among the offerings is a pristine issue of Flash Comics No. 1 from 1940, which tells the story of how college student Jay Garrick gained super-human speed by inhaling fumes in a lab accident.
"This copy is in incredible high-grade condition and is the second-best copy known to exist," comic book expert Vincent Zurzolo said in an email message.
Zurzulo is co-owner of New York-based ComicConnect.com, the online auction house that is selling Wise's collection.
By Friday evening, the bidding on that book alone had reached US$91,000 (A$98,458).
Bids on the first editions of Superman, Batman and the Flash from Wise's collection totalled US$218,000 on Friday.
Wise first started collecting comics at age 12, and sold his first collection to buy a car as a teenager.
He picked up the hobby again later in life, and started frequenting Comic-Con in San Diego, where he eventually bought a second home.
Wise and Zurzolo said the exploding popularity of super heroes in movies and TV make it an opportune time to capitalise on valuable comics.
Wise is also selling a copy of Action Comics No. 1, which is the debut of Superman and is considered the birth of the comic book super hero.
A well-preserved copy of the 1938 comic sold for a record US$2.1 million in 2011.
Zurzolo said there are fewer than 100 copies of the issue in existence.
Wise said he's hoping the proceeds from the auctions will help him buy a new home in San Diego and fund college tuitions for his seven grandchildren.
"My daughters would rather inherit than collect comic books," he said.