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Headlines and Highlights: Week of September 8th

Headlines and Highlights: Week of September 8th
September 8, 2023
Keenan Flack

Rally and duPont Registry partner on Luxury Automotive Investment Platform

Rally/duPont Registry

The News: duPont REGISTRY, known for its luxury car legacy, has launched a new platform, duPont REGISTRY Invest, allowing enthusiasts to invest in high-end cars through fractional ownership. This initiative is in collaboration with Rally, a leading company in the fractional equity collectibles space, and supported by notable names like Jimmy Kimmel's Wheelhouse and Kevin Durant’s Thirty Five Ventures.

Why: With a long standing dream of many to own a luxury vehicle, duPont REGISTRY Invest aims to bridge the gap between aspiration and reality. By collaborating with Rally, the platform gives potential investors the chance to own a piece of high-end cars without the full commitment of purchasing the vehicle.

What's Next: Starting now, car enthusiasts can view a selection of investment-grade luxury cars on Rally will soon facilitate equity purchase and sales transactions of these vehicles. The platform hopes to expand the world of luxury car ownership, offering users an introduction to car collecting while also being a gateway to Rally's platform. As the luxury car market continues to thrive, with a valuation of $617b in 2022, the collaboration between duPont REGISTRY and Rally promises a new era of luxury car investment. MOTORSPORT

A Fraudulent Hobby Empire Continues to Unravel

The Action Network

The News: A longtime collector unknowingly traded his valuable Michael Jordan cards for a fraudulent 1986 sealed Fleer basketball box, orchestrated by an elusive scam artist named Juan Garcia. The scheme began to unravel when Garcia attempted to authenticate a game-used Michael Jordan jersey (that we wrote about last week) using an allegedly fake foundation in the name of a deceased photographer. The story further connects Garcia to various other fraudulent activities, including dubious dealings with artworks and famous artworks purportedly linked to artist Banksy.

Why: Garcia, also known by different names like Johnathan and John, consistently left a trail of deceptive activities across the sports collectibles and art world. His modus operandi involved creating counterfeit websites and using multiple social media handles. A major blunder occurred when he tried to validate the authenticity of a Michael Jordan jersey using a counterfeit foundation, leading to investigations that unveiled his other scams.

What's Next: The revelation of Garcia's schemes has auction houses and authentication companies retracing their interactions with him. Several businesses, such as MeiGray and Heritage Auctions, are now reevaluating their dealings and contemplating legal action. With his identity exposed, authorities in both the U.S. and Australia are now working together to locate and apprehend Juan Garcia, raising broader questions about the extent of his fraudulent activities. ACTIONNETWORK

Antique Advertisement Grading Service To Launch Next Week

Auction Daily

The News: A new company named Authentication & Grading Services (AGS) has been introduced by a team of esteemed experts in antique advertising. Led by Dan Morris of the Cedartown Museum of Coca-Cola Memorabilia and John Mihovetz, the former Head of Automobilia & Petroliana at Morphy Auctions, AGS provides authentication, grading, and current market valuations for antique advertisements and vintage collectibles.

Why: As the demand for graded and authenticated collectibles like sports cards, coins, and vintage comic books surges, there is an increasing need for expert services in the antique advertising domain. AGS offers a three-tiered service that authenticates, grades, and gives market valuations based on a grading scale of 1 to 100. This is intended to ensure transparency and accuracy in the grading process. Their services will primarily cover categories such as soda pop, automobilia, petroliana, country store, tobacciana, and breweriana.

What's Next: AGS's online platform will launch on September 15, 2023, providing users the ability to understand the grading process for each item. They will debut their services at prominent events including the Indy Ad Show and the Morphy Auctions' Automobilia & Petroliana sale. Additionally, plans for service expansion into other popular collecting categories are in the pipeline. Collectors can reach out to AGS for further inquiries and information. The company aims for complete transparency and values feedback from its clients. AUCTIONDAILY

Collectible Happenings

MeiGray officially rescinds the authentication for MGG No. 160092, the 1995-96 Michael Jordan jersey that recently sold for $1mm post-authentication. TWITTER

SGC launches new app and lowers the price of grading to $15 per card for standard submissions and $9 for TCG submissions. TWITTER

Freddie Mercury’s Piano, that he used to compose such works as Bohemian Rhapsody, sells for £1.7mm at auction. TWITTER

Freddie Mercury Evening sale blows the doors off. 93% of lots sold above estimate. TWITTER

A PSA 10 1998 Pokemon Japanese Promo Silver 2nd-2nd Tournament #2 Trophy Pikachu  sells for $444,000 TWITTER

A WATA 10 graded copy of Ocarina of Time, packaged with a sealed guidebook and a t-shirt,  sells for $156k at Goldin Auctions. GOLDIN

Panini America will pay $25 million to settle a copyright infringement case filed by the bankruptcy creditors of AAA Sports, Inc., the makers of the original Wild Card Football trading cards, over alleged copied designs from the early 1990s. This settlement comes amid a tumultuous year for Panini, which has faced multiple challenges including employee losses, termination of a deal with the NFLPA, and other legal issues. SPORTSCOLLECTORSDAILY

A Joan Mitchell work is coming to auction, predicted to fetch $20mm which would break her current $16.6mm auction record. ARTNEWSPAPER

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