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Headlines and Highlights: Week of June 23rd

Headlines and Highlights: Week of June 23rd
June 9, 2023
Keenan Flack

eBay Launches Collectors Camp To Help Hone Skills In Buying, Selling And Trading

Photo: eBay

The News: In a move designed to enhance the trading card collecting hobby, eBay has launched "Collectors Camp", a series of instructional events that aim to help enthusiasts refine their skills in the buying, selling, and trading of collectible items.

Initiative: Starting on June 21 and 22, Collectors Camp will host its inaugural event at The Post Bushwick in Brooklyn, offering guidance from industry professionals. eBay's endeavor is not just a one-off event; it will continue with a subsequent session in Seattle during the MLB All-Star Game week in July.

Process: Participants at Collectors Camp, chosen on a first-come, first-serve basis, will be trained by the Brooklyn Nets' Mikal Bridges and eBay seller David Prince from Piece of the Game. Attendees can expect to benefit from practical "drills" designed to fine-tune their collecting acumen and guide them towards their hobby goals.

Tech: The camp will demonstrate eBay's innovations like the eBay vault, Authenticity Guarantee, Price Guide, and Collection, which collectively empower collectors to make intelligent decisions when buying, selling, or trading cards.

Impact: Mikal Bridges, who began his collecting journey with a Tracy McGrady card, sees his participation in the camp as a chance to inspire and aid others in elevating their collecting game. Meanwhile, eBay's Vice President for Collectibles, Gene Cook, expresses confidence that an engaged community of enthusiasts will benefit immensely from the tools and services offered at Collectors Camp. SPORTS COLLECTORS DAILY

CSG, CGC to Combine Into One Grading Entity in July

The News: Certified Collectibles Group® (CCG®) announced on Tuesday that its sports card brand, Certified Sports Guaranty™ (CSG™), will merge with its non-sports/gaming brand, CGC®. The resulting consolidation will result in the sports cards graded by the company carrying the CGC brand on its labels from mid-July onwards.

Rebranding: This merger signifies the third label change for CCG's sports card division since its inception in February 2021. It also catapults CGC Cards into the position of the second largest trading card company by volume.

Transition: Under the combined entity of CGC, no paid memberships will be required, although existing members will continue to receive grading discounts. The company is also set to streamline its submission process with a single online form for all gaming, sports, and non-sports cards. Pricing details will be disclosed in the coming days.

Options: For those who have already submitted cards for grading and wish to wait for the new labels, the company's customer service office can be contacted to hold them until the new labels are implemented, though this cannot be guaranteed. Additionally, the company will reduce its reholdering service fee to $5 until the end of September for collectors who want to reholder cards that are already graded. SPORTS COLLECTORS DAILY

Collectible Happenings:

A Banksy painting, Congestion Charge (2004), owned by fashion icon Paul Smith is expected to fetch up to $2.3 million at Bonhams London auction on June 29. The artwork, which satirizes London's congestion charge policy and is part of Banksy's coveted "Vandalized Oils" series, was originally acquired by Smith at Banksy's 2004 pop-up exhibition, “Santa’s Ghetto.” ARTNET

Following last night’s draft, Victor Wembanyama Topps Now draft autograph cards have sold out at $1,500. According to Eric Whiteback’s math, that is over $600,000 in sales from all units sold. TWITTER

In his new show at Gagosian, artist Takashi Murakami merges art and technology, drawing inspiration from Mike Kelley's work while incorporating economic figures and pixelated computer graphics. Showcasing physical versions of works he originally created as NFTs, and launching an NFT of his own, Murakami believes the worlds of crypto, NFTs, and art are merging, challenging the concept of value and expanding the cognitive dimensions of it. ARTNET

Topps releases new terms for card shops to abide by if they want to have a direct buying account with the company. The new rules for card shops include: No B2B selling of product, no selling break spots online (only in-store), must adhere to a requirement regarding hours of operation, must sell product in a Topps-only section, and shops must submit highly detailed sales reports to send back to the manufacturer. SPORTSCOLLECTORSDAILY

Cryptocurrency investor Vignesh Sundaresan and his company Portkey Technologies are suing former contractor Anand Venkateswaran for trademark infringement and false claims regarding involvement in the $69 million Beeple artwork purchase. Sundaresan claims that Venkateswaran falsely associated himself with the MetaPurse brand, the fund through which the NFT was acquired, and is seeking injunctive relief, damages, and attorney’s fees. ARTNET

Heritage had a great result in their June Comic Auction with a copy of “Richie Rich #1” selling for $108,000. A rare six figure result for a non Marvel or DC comic. The book is graded a CGC NM+ 9.6, zero copies graded higher. It is one of four 9.6 copies in the CGC pop report. Stellar result for a rare object. HERITAGE

Altan Content:

Great Expectations, Good Results: Rising Stakes Mean Disappointment in Huge Sports Memorabilia Auction Results

The sports memorabilia market is under scrutiny after two iconic items, Michael Jordan's "Flu Game" sneakers and Wilt Chamberlain's Rookie uniform, sold for less than some collectors anticipated at $1,380,000 and $1,792,289 respectively. While these are still sizable figures, the fact that they fall short of expectations and recent records underscores the dramatic advancement of the market, with rising stakes and inflated expectations, and prompts questions about the depth and engagement of the pool of high-end buyers. ALTAN

What's Good for The Goose: $6.2 Million Sale of Generative Art Leads Impressive NFT Auction

In a surprising turn of events, the auction of NFTs from the bankrupt crypto hedge fund Three Arrows Capital at Sotheby's fetched impressive prices, with the sales for 37 works totaling $10.9 million, 3.6 times higher than the lowest estimate. The most significant sale was Dmitri Cherniak's "The Goose" which sold for $6.2 million, demonstrating that despite the fund's collapse and doubts in the NFT market, the art and its value persist. ALTAN

Auction Action: Golden Age Summer 2023

This article previews some of the top items up for auction in the Golden Age Summer 2023 Auction, including Rocco Mediate's 2008 US Open runner-up medal, a limited-edition replica set of Tiger Woods' Titleist Forged Irons from his 26 victories between 1998-2001, a pair of golf shoes personally worn and signed by Michael Jordan, and a rare photo of golfing legend Bobby Jones taken by influential sports photographer Julian Graham. These items, significant in golf history, are expected to attract strong bids due to their rarity, historical value, and the celebrities associated with them. ALTAN

Auction Action: Heritage June Sports Auction

This article highlights key lots in the June Sports Auction hosted by Heritage Auctions, which include a 1985 Star Co. Basketball High Grade Complete Set expected to fetch more than $21,000, a 1985 O-Pee-Chee Hockey Wax Box featuring 48 unopened packs with a current bid over $12,600, and a unique 1997 Skybox Metal Universe Football Precious Metal Gems (Green) Uncut Sheet that is already seeing bids above $6,000. Each of these lots contains highly valuable sports memorabilia featuring some of the biggest stars in basketball, hockey, and football, driving interest and competitive bidding. ALTAN

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Disclaimer: You understand that by reading Altan Insights, you are not receiving financial advice. No content published here constitutes a recommendation that any particular security, transaction, or investment strategy is suitable for any specific person. You further understand that the author(s) are not advising you personally concerning the nature, potential, value or suitability of any particular security, transaction, or investment strategy. You alone are solely responsible for determining whether an investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal financial situation. Please speak with a financial advisor to understand if the risks inherent in trading are appropriate for you. Trade at your own risk.

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