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Phillips has undergone significant changes in its executive staff following the sudden departure of its CEO Stephen Brooks. Ed Dolman, who previously served as the executive chairman, has been reinstated to lead Phillips in a new role that merges the responsibilities of the executive chairman and CEO. Amanda Lo Iacono, who has been managing the house’s 20th century and contemporary art departments, has been promoted to the new position of deputy chief executive officer, while Cheyenne Westphal continues as the global chairwoman. Dolman, who previously led Phillips through a period of substantial growth, had stepped down as CEO in 2021 but remained active in the company’s operations. His return is part of Phillips’ strategic response to recent challenges, including a 15% drop in global auction sales and financial pressures.
Phillips' leadership reconfiguration is aimed at steering the auction house through a tough economic climate, having experienced declining sales and revenue losses. This includes a decision by the board in October to withhold dividends to its Russian-owned Mercury Group, following poor UK sales results. The changes at Phillips come amid a broader context of economic difficulties in the auction industry, with the company looking to consolidate its strengths and navigate through these challenges. ARTNEWS
In the ongoing trial involving high-profile art transactions, key witnesses have shed light on the inner workings of the elite art world and the sales of some of the most expensive artworks. The trial, now in its third week, has focused on detailed testimonies about meetings and communications related to the sales. Samuel Valette from Sotheby’s detailed the 2013 sale of Leonardo da Vinci’s "Salvator Mundi" for $83 million, which included negotiations at a dinner in Paris. This artwork was later resold by Yves Bouvier to Russian billionaire Rybolovlev for $127 million, sparking Rybolovlev's fraud claims. The use of code names for major deals, such as “Cottonmouth” for Gustav Klimt’s "Wasserschlangen II," was also discussed, highlighting the secretive nature of these transactions.
Art advisor Sanford “Sandy” Heller, another key witness, recounted a lunch meeting in St. Barts that brought to Rybolovlev’s attention the dealings of Bouvier, leading to further revelations about the art world's dynamics. Heller's conversation with Rybolovlev included discussions about Amedeo Modigliani’s "Reclining Nude On a Blue Cushion," which had been bought by Rybolovlev at a significantly marked-up price. The trial, revealing intricate details of the art market and the roles of various players, is expected to continue until early- to mid-February. Representatives for Bouvier and Sotheby's have made statements defending their positions, while Rybolovlev's attorney has pointed out alleged lack of transparency and mismanagement in the transactions. ARTNET
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Dire Straits guitarist, Mark Knopfler, has consigned more than 120 guitars to be sold at Christie’s London on January 31st. CHRISTIE’S
Bob Beamon, famous for his record-breaking long jump at the 1968 Olympics, is auctioning off his gold medal through Hunt Auctions and Christie’s. It is expected to fetch between $400,000 and $600,000. SCDAILY
The personal collection of NHL legend Mike Bossy, including over 100 items, is set to be auctioned at the Heritage Winter Platinum Night Sports Auction starting February 2. The collection features significant pieces from Bossy’s career, such as his Stanley Cup rings, the first trophy he won at age nine, game-worn jerseys, and his Canadian passport, with some items expected to fetch upwards of $40,000. SCDAILY
2022 Bowman University Superfractor RC Auto DNA 10 1/1 Caitlin Clark sells at PWCC for $78,000. Setting the all time price record for a women’s basketball card. PWCC
Grey Flannel Auctions sells a 1990-91 Charles Barkley 76ers game-used jersey for $30,343. GREYFLANNEL
A long-lost portrait by Gustav Klimt, "Portrait of Fräulein Lieser," resurfaced after nearly a century and is expected to fetch up to $54 million at a Vienna auction house, im Kinsky. The painting, one of Klimt's last works and featuring the daughter of a Viennese industrial magnate, will tour internationally before its sale on April 24, marking a rare and significant event in the art market. ARTNEWS
Rafael Nadal's championship-winning racket from his 2007 French Open victory over Roger Federer is up for auction, with Prestige Memorabilia expecting it to potentially exceed $139,700, the record set by Nadal's 2022 Australian Open racket. This significant piece of tennis history, which marked Nadal's third Grand Slam title, was previously displayed in the Australian Tennis Museum before its closure. SCDAILY
Feel free to reach out to Keenan@Altaninsights.com for any questions/comments.
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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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Left: CHARLES WILSON PEALE, GEORGE WASHINGTON, 1795. OIL ON CANVAS. PROPERTY OF A PRIVATE PENNSYLVANIA COLLECTOR.Right: REMBRANDT PEALE, GEORGE WASHINGTON, 1795. OIL ON CANVAS. NATIONAL PORTRAIT GALLERY, SMITHSONIAN INSTITUTION; TRANSFER FROM THE NATIONAL GALLERY OF ART; GIFT OF THE A.W. MELLON EDUCATIONAL AND CHARITABLE TRUST, 1942
Photos: Sotheby's
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"Your Picture will survive me, and as my mortal remains will perish, my work will live & increase in value — especially in the estimation of those who entertain a just Veneration for the Great original, whose equal among Men has not been found."
Rembrandt Peale's confident declaration to the buyer of one of his George Washington portraits proved quite prescient. While we wouldn't recommend amending it for inclusion in the lot description of your eBay listing for a Victor Wembanyama rookie card ("your PSA 10 will survive me.."), we might still learn something from the prolific portrait painter's conviction.
Peale's work did indeed increase in value, and veneration for George Washington remains prominent, even if we're not in an era of peak patriotism. That reverence is evidenced by three Washington portrait sales in one Americana-charged week, totaling $5 million.
Rembrandt Peale's "porthole" portrait was the least expensive of the three, drawing a healthy $529,200 against an estimate range of $300,000 - $500,000 at Christie's. Peale created at least 79 of the porthole paintings, and this one is the most expensive to sell at auction by a measure of 2X, with the value perhaps improved by Peale's confident letter that accompanied both its original sale and this one. The prior high watermark was $235,500, established at Christie's in 2017.
But if you're not well-acquainted with the market for Washington portraits, it will surprise you to learn that Rembrandt Peale's work wasn't even the most expensive Washington portrait painted by someone with the name "Peale" to sell last week. Over at Sotheby's, Charles Willson Peale's Washington sold for $1,633,000.
Charles was probably better known to Rembrandt as "father."
C.W. Peale, the father, was distinguished in portraiture, painting Washington from life more than any other artist. While most of his works portrayed him as a military hero, the portrait sold at Sotheby's was the only one captured by Peale during Washington's presidency. The work was commissioned in 1795 by the retiring director of the U.S. Mint, Chancellor Henry William DeSaussure. Peale saw it as an opportunity for his son, Rembrandt, to perform his first commissioned work. Overcome with nerves, Rembrandt insisted his father sit alongside him with a canvas of his own. That's how the C.W. Peale painting at Sotheby's - one of three oil-on-canvas replicas from the session - came to be.
The $1,633,000 result was well below the $2,000,000 - $3,000,000 estimate. There's little frame of reference for the result, as such a copy hadn't sold publicly since 1954. C.W. Peale's largest auction result came at Christie's back in 2006, when his painting of Washington at Princeton sold for $21,296,000. His portraits are included in prominent museum collections and key U.S. government buildings, the White House among them.
As for Rembrandt, when you compare his output from that 1795 portrait session to his father's, it looks like a Crayola doodle by comparison. It makes you wonder if that's where Dale Doback got the idea that "it's all about who you know" in Step Brothers. Of course, we're just having fun at Rembrandt's expense.
It was a fine attempt and his first real one, the learnings from which further inspired him to pursue the definitive Washington portrait. His "Equestrian Portrait" and "Washington before Yorktown" works gained acclaim, as did the original painting which he replicated in porthole form. Still, his work did not reach the heights of his father, and his auction record stands at just over $1 million, set back in 2004 for "Washington before Yorktown."
The Peales, however, both came up short of Gilbert Stuart's work last week. Stuart's, a copy of a work commissioned by John Vaughan and thus named a "Vaughan Type," was also based on a 1795 Washington sitting (sidenote: how much time did GW spend getting painted in his lifetime? Days? Weeks?!). There are fourteen such "Vaughan Type" works, and they sit in collections at The National Gallery of Art, The University of Virginia, and Harvard among others.
This particular example was consigned by The Metropolitan Museum of Art, selling for an impressive $2,833,000 at Christie's against a $1,500,000 - $2,500,000 estimate. Another Vaughan Type, from the collection of Peggy and David Rockefeller, sold at the house for $11,562,500 in 2018. It boasted provenance from John D. Rockefeller back to its original owner, Alexander Scott.
These diligent and spirited efforts to capture the essence of, as Rembrandt Peale put it, "the Great original" remain appreciated and coveted today. Their work lives, surviving all of them and likely all of us. While you might have previously thought Bronny and LeBron James were the popular, collectible father-son duo of the moment, you might want to offer some veneration to the Peales and their portraits. We'll take them over the Bowman U cardboard any day.
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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.
This is the latest edition of a multi-part blog series produced in partnership with The Realest on the key events and factors shaping the music memorabilia market. The Realest is the first dedicated authentication standard and marketplace for entertainment memorabilia.
In our Guide to the Music Memorabilia Market, published last month, a recurring theme was the dominance of vintage artists relative to active acts more popular among Millennial and Gen Z audiences. The market composition skews vintage in nature for myriad reasons:
The fourth point, however, is partially rebutted by the extreme spend of Taylor Swift and Beyonce fans on concert tickets. Millions of fans spent four-figure ticket prices to see those women live, and yet you’ll be surprised to learn just how non-existent the markets for their memorabilia are. These acts - Taylor, Beyoncé, Harry Styles, Ed Sheeran, and Drake - fill the world’s largest stadiums for multiple nights, but that popularity hasn’t transferred to collecting realms. It seems, though, to be less an issue of demand and more an issue of supply.
Let's take a closer look at their markets to understand.
Taylor Swift’s fame needs no introduction. Providing one would only fall on already-fatigued ears. Since you already understand the size and scope of her superstardom, you might expect her memorabilia market to be sizable. But total sales volume of Taylor Swift memorabilia at all the auction houses* featured in our Guide to the Music Memorabilia Market was merely $36k in 2023.
That’s it. A pittance. A rounding error for some iconic vintage artists.
Many prominent houses registered zero dollars in T-Swift volume. That’s hard to comprehend, as her tour single-handedly boosts local economies.
The reality is that high-quality material simply isn’t out there. The most expensive Taylor Swift item to sell at those auction houses last year was a signed 1989 album, which sold for $5,500 at Gotta Have Rock and Roll. There were no stage or video-worn or played items to bid on.
It was at one-off charity auctions where there were some fireworks. A Swift-signed guitar sold for $120,000 at Toby Keith’s OK Kids Korral Auction, while another autographed guitar sold for $50,000 at Hometown Foundation’s Dream Ride. Such items have not typically drawn big dollar figures in the past, but the results show that demand may be significant from the Swift-loving crowd that hasn’t previously dabbled in memorabilia.
Another Swift-autographed guitar (which the listing notes was not played by her) comes to Julien’s this winter for its Musicares Charity Relief Auction, with the donation coming from the artist. Could it clear the 2023 sales volume total? It’s not a particularly high bar, though the $1,000 - $1,500 estimate remains tame.
In 2016, Beyoncé embarked on her seventh, and until 2023, most lucrative world tour. The Formation Tour spanned 49 sold-out shows across the United States and Europe, becoming her highest-grossing tour with more than $250 million in total ticket sales. Despite the series of record-breaking shows and an overall surge in popularity, the demand displayed for Beyoncé concert ticket sales did not translate to a notable auction presence. The only piece of stage-worn memorabilia from that famed Formation Tour to sell for more than $10,000 is a signed black felt hat which totaled $27,500 at a 2017 auction hosted by Heritage.
Those days might have been the peak, as the majority of Beyoncé memorabilia sales took place between 2016-2019, and some music-centric houses such as Iconic Auctions haven’t sold a single Beyoncé-related collectible in nearly four years. While the music industry surrounding Beyoncé is valued in the millions and billions, and resale prices for her concert tickets reach the thousands, prices for Beyoncé memorabilia usually settle in the hundreds. In September 2023, RR Auction struck its most expensive Beyoncé sale ever when a 5x3 index card signed by the pop legend sold for.. drumroll… $650. While that might seem low, it’s no knock on RR, as the price plus premium was more than six times their pre-sale estimate.
Unlike many in the music industry - no comment on Taylor Swift - Beyoncé’s career has intertwined with professional sports. Beyoncé belongs to a rare unique collective of performers who have taken the stage at multiple Super Bowls, with her inaugural performance coming in 2013 followed by a second showing in 2016. The sports crossover dates back to the early 2000s when Beyoncé appeared in the 2007 Sports Illustrated “Swimsuit Edition.” Scenes from which would later be used for her first trading card. In 2021, Goldin sold a PSA 10 specimen for $3,900, which stands as their most expensive Beyoncé sale to date. As for an update on the market, in 2023, a different gem-mint version hit the block at Goldin and closed for $377.
Even at Julien’s, it’s not particularly cumbersome to tally the artist’s sales volume, so few are the available lots. The auction house best known for delivering impressive numbers for the biggest names in music has racked up a mere four Beyoncé sales with a total tally that sits below $14,000 all-time. Her 2023 auction house memorabilia total sat at $20k, led by Propstore’s $15,500 sale of her Foxy Cleopatra costume from Austin Powers in Goldmember.
If there’s any current market for Beyoncé, it might rest in royalties. The company Royalty Exchange, which acts as an online auction platform and marketplace for music rights, copyrights, and royalty streams, has offered opportunities in multiple offerings related to Beyoncé. Their most lucrative transaction totaled $66,500 for the public performance rights to a music catalog that was headlined by Beyoncé’s “Flawless” in addition to a remix featuring Nicki Minaj.
There is little doubt that the overall demand for Beyoncé has never been higher, as her 2023 Renaissance World Tour grossed $580 million, which more than doubled the total sales from her previous record, established in 2016. In a year where Swift stole headlines, Beyoncé broke the record for more career Grammy wins while her tour generated an estimated $4.5 billion for the US economy according to an article published by the New York Times. And to think her memorabilia market is as scarce and underappreciated as it is…
Harry Styles’ second concert tour, Love On Tour, grossed more than $600 million with north of 5 million tickets sold. While his popularity is perhaps not quite to the Taylor Swift or Beyonce standard, he boasts a remarkable global following with nearly 50 million Instagram followers. And guess what that rabid following spent on Harry Styles memorabilia and collectibles at auction houses of note in 2023?
$1,341.
We’re not missing any commas, nor are we missing any zeroes. You’d be hard-pressed to find a larger incongruence between a person or entity with a large following and the associated collectibles spend. Make it make sense!
Of course, fans are buying merchandise in venues other than these auction houses, which are perhaps missing the mark altogether when it comes to younger demographics in the music space. But, still…..we’re talking about 3 lots across eleven notable auction houses grossing only $1,341 for one of entertainment’s biggest superstars.
Maybe Ed Sheeran isn’t the first person that comes to mind when you think “megastar,” but the numbers don’t lie. He was, at least at one point in 2022, the most followed artist on Spotify, and his Divide Tour is the third-highest grossing of all-time.
His 2023 auction numbers actually compare very favorably to the peers listed here, though there are caveats. His auction sales totaled $68k. However, $57k of that can be attributed to two Tudor watches sold at Sotheby’s which were made for the Divide Tour crew. Though the Tudor Black Bays would have value on their own (think mid-four-figures), the prices were certainly raised by the rarity of their unique backstory. Those two items account for the lion’s share of Sheeran’s volume.
Otherwise, business isn’t necessarily booming. The Julien’s website basically stopped just short of asking us if we took our pills today when we searched for Ed Sheeran.
Easy Tiger! No such thing as a “ed sheeran” here!
Drake generated a whopping $18k in auction house volume in 2023, though there were signs of broadening collectability across handwritten lyrics (some authenticated and slabbed) and graded CDs and vinyl. Still, put it this way: Drake, the buyer of Tupac’s $1 million crown ring, seems to spend way more on memorabilia at auction than is spent on memorabilia of his.
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These are the results of only five artists from a mere selection of auction houses (albeit the ones that do the most music memorabilia business), but the findings are clear: the collectibles market for the megastars of modern music is woefully underdeveloped. If these are the volumes for the megastars, imagine what that says about the market for artists of lesser popularity.
There is a teeming, but unstructured collecting economy on eBay, where the volume of merchandise transacted is higher. Here’s a sampling of volumes in eBay’s “Entertainment Memorabilia” and “Music” categories in 2023, where the frenzy for the Eras Tour was most prominent.
Taylor Swift: $7.72 million
Beyoncé: $225k
Harry Styles: $207k
Generally, items sold are manufactured collectibles of larger quantity, rather than artist-used or rare memorabilia. There aren’t big-ticket sales among those volumes, but the sales are significant in magnitude, demonstrating the broad appetite for a more concerted and targeted effort from auction houses and artists alike.
Given the size of other collecting categories and the tools available to better engage with fanbases through social media, it seems odd that we would wait for an artist’s estate sale to see more active markets for their desirable memorabilia and collectibles. The channels to bring assets to market have underwhelmed to date, and an opportunity appears sorely missed, even if that opportunity is only for artists to raise money in support of causes dear to them. Supply of desirable assets is limited, and large, global fanbases have been given little reason to take interest. It’s possible that the same means of achieving auction success in other categories won’t work here - those methods haven’t always cultivated engaged, female audiences, and many of these fanbases skew female.
It’s hard, though, to look at the size of following for Harry Styles and his $1,000 sales volume and come to any conclusion other than this: the modern music space is one of the most untapped opportunities in collectibles.
Included auction houses: Bonham's, Christie's, Goldin, Gotta Have Rock and Roll, GWS, Heritage, Iconic, Julien's, Propstore, RR Auction, Sotheby's
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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.
Our sports collectibles report provides in-depth analysis of the sports collectibles market, focusing on key trends, market performance, and auction outcomes. In the fourth quarter of 2023, the sector experienced a significant downturn, with a 40% year-over-year decrease in six-figure auction sales and a 27% decline compared to the previous quarter. This represented the lowest total in three years, with most auction houses reporting decreases in their top 50 sales ranging from 30-70%. Notably, there were only four seven-figure auction sales in Q4, the lowest in two years, though these sales were significant in value and impact.
The report highlights that the top 25 game-worn/used sales in Q4 were up by 48% year-over-year, but this growth was heavily influenced by a $7.2 million Messi sale. Without this outlier, there would have been a decline, reflecting lesser depth in the market. Vintage and Pre-War cards outperformed Modern and Ultra-Modern categories in Q4, reversing the trend observed in Q3. Despite this, the overall sports collectibles market, particularly the card sector, continued to struggle with falling values and subdued demand. The report suggests that the market's downturn could be attributed to a combination of factors, including economic challenges and a correction following the speculative frenzy of previous years.
Be sure to check out the report for analysis of sports, top sales, and more! ALTAN
Stephen Brooks, CEO of Phillips, has resigned after nearly three years in charge. Under his leadership, Phillips achieved record sales and expanded globally, even during market downturns. His departure, due to personal reasons, was confirmed by both Artnews and Phillips. Edward Dolman, the company's executive chairman and former CEO, praised Brooks' contributions to the company's growth and infrastructure, and will oversee management temporarily. Brooks, who previously served as Christie’s CFO, had succeeded Dolman as CEO in April 2021.
During Brooks’ tenure, Phillips reached new heights, selling $1.2 billion in luxury goods in 2021, a 32% increase from 2019 and marking the first time the auction house crossed the billion-dollar threshold. In 2022, sales rose to a record $1.3 billion. Notable achievements under Brooks include the launch of a fiduciary services division, successfully navigating potential boycotts during the Ukraine war by supporting the Ukrainian Red Cross, and expanding Phillips' presence in Asia with new headquarters in Hong Kong and an office in Milan. However, 2023 saw a 15% decline in annual total results, reflecting a broader market slowdown. ARTNET
Samuel Valette, Sotheby’s senior vice president, testified in the high-profile fraud trial involving Dmitry Rybolovlev, who accuses Sotheby’s of aiding in overpricing art sold to him by dealer Yves Bouvier. Valette's testimony focused on his unawareness of Bouvier's clients and his involvement in the private sales, while Rybolovlev’s attorneys aimed to prove Sotheby’s complicity in the alleged fraud. ARTNET
The Van Gogh Museum in Amsterdam plans to re-release the limited-edition 'Pikachu with Grey Felt Hat' Pokémon card next month, following last year's chaos caused by crowds in the museum's gift shop. The card, inspired by Van Gogh's 1887 self-portrait, will be available in select Dutch stores, and its resale value has slightly decreased since the announcement of the relaunch. ARTNET
Upper Deck has renewed its exclusive license with the NHL Alumni Association to continue producing physical trading cards featuring over 1,000 former NHL players. The partnership, which includes legends like Wayne Gretzky and Patrick Roy, will also expand to include digital cards sold through Upper Deck's Evolution platform. SCDAILY
PSA has launched a new Online Submission Center, featuring a redesigned interface, mobile-friendly options, and an image-assisted search function to simplify and speed up the submission process for collectibles. The update also includes the ability to save payment methods and shipping addresses, and upcoming features in 2024 will include prepaid printable labels and scan-to-submit technology. PSA
A 1/1 SuperFractor autograph card of Iowa basketball phenom Caitlin Clark is currently up for auction and has already surpassed the previous record for a women's basketball card with a current bid of $18,400. SCDAILY
eBay has initiated its 2024 'Marquee Auction' series, a monthly collection of 10-day auctions featuring rare and valuable sports cards from its sellers, with the first auction currently underway. This series, backed by eBay's Authenticity Guarantee, includes notable items like a Michael Jordan patch autograph card with a unique printer's error and other rare collectibles from athletes like Kobe Bryant, LeBron James, and Hank Aaron. SCDAILY
Belgian police have recovered two paintings by Pablo Picasso and Marc Chagall, valued at $900,000, which were stolen from an Israeli family's home in Tel Aviv in 2010. The suspect, a 68-year-old Israeli luxury watch dealer, was arrested for handling stolen goods after the paintings were found in a basement in Antwerp, properly packaged to prevent deterioration. ARTNET
Signed mugshot of Donald Trump sold at Goldin for $12,200. GOLDIN
A fire in Seattle's Davidson Galleries, likely started by someone in an alley to ward off cold, has potentially destroyed several works on paper by artists like Picasso, Goya, and Rembrandt. While no injuries were reported, the gallery is in the process of assessing the damage, with some artworks affected by smoke but possibly preserved thanks to protective measures and the firefighters' efforts. ARTNEWS
Business Insider highlights trends in luxury collectibles markets like whisky, watches, and wine. They cite Altan Insights analysis throughout! BUSINESSINSIDER
Feel free to reach out to Keenan@Altaninsights.com for any questions/comments.
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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.
Photo: Heritage
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2023 was a relatively quiet year in comic books. But 2024 just began with a BANG! befitting of the category.
In 2023, Heritage and ComicConnect delivered only three seven-figure sales between the two auction platforms. In one event - the January Comics & Comic Art Signature Auction - Heritage just matched that total. Three million-dollar sales, with three others punching into the high six-figure range. As starts to the year go, that's a pretty good one.
But it doesn't necessarily portend a red-hot comic book market, nor one in freefall. What do we mean? Let's take a closer look at the results.
The top sale of the event was the $2.34 million result for Superman #1 in CGC 7.0 condition. No doubt a massive price, but it's slightly lower than the $2.60 million realized for the very same book in December of 2021. Then there was All-Star Comics #8, graded CGC 9.4, which sold for $1.50 million. Again, a substantial result, but slightly behind the $1.62 million realized for the same book in June of 2022.
Yes, the results came up short of levels achieved near the height of collectible markets, but the margins were slim, and the sales still crossed $1.5 million. Those outcomes provide little reason to be discouraged. Rounding out the million-dollar club was one of only two copies of Amazing Spider-Man #1 graded CGC 9.8. Given the rarity, there had not been a prior recorded auction sale, but this one sold for $1.38 million, obviously establishing a record for the book.
The "strong result but a bit lower than prior sales" theme recurred sporadically at the high end of the sale, at least where the consigned book wasn't so rare that recent results don't exist. To that point, this event offered myriad desirable consignments near the top of the grading scale for each respective book, and big-ticket sales stacked up despite any potential cannibalization from their simultaneous availability. Those rarities aside, here are some examples that were on theme:
Other books went punch-for-punch with previous highs. Captain America #100, graded an impressive CGC 9.9, sold for $78,000, exactly what the same book sold for in April of 2021. Amazing Spider-Man #1 in CGC 8.5 condition notched its highest result to date at $66,000.Other sales highlight more speculative pockets of the market where hasty buying in 2021 and 2022 has given way to falling values in 2023 and the beginning of 2024. For example:
There were a few bounces off of bottoms there, but you still begin to see similarities to other collectible categories and subcategories where speculation was more rampant. At least at the high end of the market, it seems that type of activity is more limited in comic books than elsewhere, even more limited when you consider the rise of comic art, which continues to command a large proportion of an auction event's first few pages.
There are nuances throughout the market, and you can't judge the market by the gorgeous cover drawn by three million-dollar sales in one event. However, beneath the surface - or once you start flipping pages - the comic book market remains quite capable of generating significant interest, even if it's not still the most golden of ages.
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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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Photo: StockX
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Hype attracts resellers to limited goods like Bills fans to folding tables. And while Bills mafia didn't need any help keeping their drinks cold this weekend, the latest hyped goods to take the internet by storm are a sharp pivot from the usual fodder like sneakers, apparel, and trading cards; the money-making vessel of the moment is - believe it or not - a drinking vessel.
Specifically, the Stanley Quencher.
A sensation of social media's creation among young women, the Quencher is the emphatic answer to the question: "how can we make a cup so obnoxiously large that it becomes a burden to all who come into contact with it?" Its gargantuan stature is the subject of parody on TikTok, executed by taking a water cooler jug and sticking a PVC pipe into it. But the tumbler is a phenomenon nonetheless, and perhaps rightfully so: a Stanley survived a blazing inferno that engulfed an entire car, dutifully preserving the ice inside.
Where popularity goes, collaborations and limited drops follow. Where collaborations and limited drops go, resellers and flipping follow.
That's how a Stanley collaboration with Starbucks, sold exclusively in Target, became one of the surprise stars of StockX. There's nothing inherently special about the glossy pink tumbler, but that's never stopped a hyped product from selling for multiples of retail price in the past. The "special" Quencher sold at Target for $50, launching to a frenzy on January 3rd. Instantly, aftermarket prices crossed $150, much to the incredulity of both those familiar and unfamiliar with the wild world of resale. And as the legend of the Starbucks Stanley has grown, so too have the asking prices. Since the 3rd, prices have steadily climbed past $250, more than five times the retail price.
That's right. Even if you struck out at retail, you could have bought a Quencher on the secondary market on release day, sold today, and still made a handsome $30-50 profit. On a mug.
The rising price chart is not the work of Stanley enthusiasts alone. Because once they smell hype, the hypebeasts start hypebeasting, stocking coveted products in hopes of a future flip. The first Stanley x Starbucks collaboration, a Holiday 2023 tumbler, launched in early November, quickly ascending to over $200 and sustaining demand there over the two and a half months since. But it's not just the collaborations. The launch of those special releases and their associated clamor, along with the holiday shopping season, has caused a rapid spread of the Stanley fever. A friendly guideline: you will need to social distance if you own a Stanley, mostly because of its sheer size and the danger of poking a friend's eye out with the prominent straw.
But the point is, a few months ago, you could walk into Whole Foods and find Stanleys on shelves. You could head to Amazon and order one via Prime at retail price to arrive at your doorstep a day later. For the moment, those days are over.
There are 46 Stanley Quenchers currently available for sale on StockX - most of them general release colorways. Can't believe we just used the terms "general release" and "colorway" in association with a cup.
You know how many are selling for more than their retail price? All of them.
The profits are slim for most of the run-of-the-mill colors. But still, "Sour Cream" and "Navy Voyage" tumblers parachuted onto StockX right after the Starbucks collab established a beachhead, and they immediately started selling for $70-100. Surely, Stanley - a for-profit organization - will adjust production to better cater to rabid demand. Those general release colors will not continue to sell at elevated prices, particularly given the incremental costs from fees and shipping. But just as surely, we have not seen the end of hyped and limited tumbler releases.
"Oh, you bought those Jordans?"
takes long sip from Travis Scott Stanley Quencher, glancing in disgusted judgment at the sneakers
"That's kind of 2021, don't you think?"
Welcome to 2024, where the drinks stay cold, the hype stays hot, and the prices stay high.
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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.
In a significant move for the American art market, Chicago's Hindman auction house is merging with Philadelphia-based Freeman’s, America's oldest auction house. This strategic merger will create the largest mid-tier auction house primarily focused on American art, surpassing the domestic reach of global giants like Christie’s, Sotheby’s, and Phillips. The merged entity, operating under the name Freeman’s | Hindman, will consolidate their digital operations into a single website and plans to open a new salesroom in New York. This comes alongside the continuation of their existing sales spaces in Chicago, Philadelphia, Cincinnati, Denver, and Palm Beach.
The merger follows a strong performance in 2023, with Hindman generating $99.7 million in sales and growing its appraisal business by 25%, while Freeman’s, which has been operational since 1805, reported about $32 million in sales. Together, the two companies conducted 176 sales last year, featuring top American artists like N.C. Wyeth and Wayne Thiebaud, with pieces priced up to $2 million. Freeman’s, which had been family-owned since its establishment in the early 19th century, changed hands in 2016 to its senior management team. The leadership views this merger as a strategic response to the increasing competition in the auction world, with Freeman’s | Hindman's president Fraser Niven highlighting the potential for greater international client access. ARTNEWS
Phillips auction house experienced a 15% decrease in auction sales in 2023, making $840.7 million, down from the previous year's $1 billion. This decline is notable for the house, which is the smallest of the three major auction houses, with headquarters in New York, London, and Hong Kong. Phillips focused on restructuring its operations, including the addition of specialists in Asia and consolidation of its Los Angeles operations, while phasing out two regional West Coast positions.
The top five works sold in 2023 made up more than 10% of all total sales, this includes pieces by Gerhard Richter and Fernand Léger which earned a total of $87.6 million, a significant drop compared to the $173 million from the top five works in 2022, dominated by Jean-Michel Basquiat and Yves Klein. The company did not disclose its private sales figures for 2023, which in 2022 had reached around $250 million, a 20% increase from 2021.
The downturn in Phillips' sales mirrors broader trends in the auction market. Christie's, another major competitor, reported a 30% decrease in auction sales in 2023, dropping from $7.2 billion in 2022 to just over $5 billion. Sotheby's, also a key player in the industry, has not yet released its sales data for 2023. According to ArtTactic, a London-based data company, the overall auction sales in 2023 were down by $2.3 billion from the previous year, indicating a general contraction in the global auction market. ARTNEWS
The high-profile trial between billionaire collector Dmitry Rybolovlev and auction house Sotheby's has begun in a Manhattan courtroom, focusing on allegations that Sotheby's aided Swiss dealer Yves Bouvier in inflating art prices, causing Rybolovlev to overpay by over $1 billion for a total of 38 works. Sotheby's defense claims ignorance of Bouvier's actions, while Rybolovlev's counsel argues for transparency in the art market, with the outcome potentially having significant implications for the industry. THEARTNEWSPAPER
LeBron James has partnered with Fanatics Collectibles following a career of working with Upper Deck. A new set will feature a unique 1-of-1 trading card alongside his son Bronny, to be released in the 2023-24 Bowman University Chrome Basketball set. The card showcases LeBron in his high school uniform and Bronny in his USC Trojans jersey. ESPN
The Realest, a new merchandise authenticator and marketplace focusing on sports and music memorabilia, recently raised $4.6 million in seed funding in a round led by KB Partners. Founded by Scott Keeney (DJ Skee), The Realest employs a two-tiered authentication process involving witness-based certification and unique hologram stickers for item verification. The company just completed its first sale with Megadeth wherein a guitar from frontman David Mustaine sold for $14,600. SPORTSBUSINESSJOURNAL
CHUBB released their 2023 wealth report. Dive into the report to see how HNW individuals see collectibles fitting into their portfolio. CHUBB
The Trade Show Inventory Discovery Tool, Mascot, will be featured at the upcoming Dallas and Burbank Card Shows. This web-based tool enables attendees to digitally locate specific cards for sale at the events with over 70% dealer participation noted at its debut in Philadelphia last year. SCDAILY
Rally investors received a buyout offer on the 1984 Michael Jordan signing day jersey for $513,985. RALLY
Beckett Collectibles has launched a Manga grading service. BECKETT
Feel free to reach out to Keenan@Altaninsights.com for any questions/comments.
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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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Though none of the major auction houses remain publicly traded, the turn of the year attracts auction house press releases to the wire, lauding the sales volume achievements of the last 12 months...whether it was a year for the ages or not.
The lack of filing requirements means they share what they wish, perhaps telling the story as best suits them, but even so, the habitual sharing is somewhat of an oddity given it's not a necessity. Alas, the chest-thumping in good years necessitates the tamer whispers in more modest ones, and the transparency is appreciated regardless. 2023 was indeed one of those "more modest ones" at most houses, but the press releases arrive all the same. Now, to make sense of them.
In mid-December, Sotheby's projected that it would tally $8 billion in total sales in 2023, in line with 2022's result and above 2021's $7.3 billion total. However, the announcement was more vague than in years' past, with no distinction between public and private sales and little additional detail provided. In volume terms, the house saw a 30% year-over-year decline in the pivotal spring New York art auction season, but it made amends in the fall, delivering 28% year-over-year growth. Those two weeks alone account for nearly $2 billion of the annual volume, though they trailed last year's total from the same weeks by roughly 5%.
Christie's was more forthcoming despite a Paul Allen Collection-sized hole in its results in 2023. The house projected a sales total of $6.2 billion, which was down 25% from 2022. If you exclude the impact of Allen - which you probably wouldn't be inclined to do, as the absence of Allen would have surely necessitated the pursuit of other consignments - the year-over-year delta was -7%. The additional reference point is helpful, and the organic impact is somewhere in the middle.
Private sales accounted for 20% of the Christie's total, increasing by 5% from 2022 to reach $1.1 billion. In 2022, private sales accounted for just 14% of total sales, and the growth in 2023 represents a significant mix shift in the face of declining auction volumes. The top lot of 2023 at the house came via private sale.
Rounding out the three art-dominated auction houses, Phillips told ArtNews that it achieved $840.7 million in auction sales in 2023, down 15% from 2022. The house declined to provide additional information or details on private sales. Private sales had increased 20% in 2022 to approximately $250 million from $208 million the prior year - the omission of further information in 2023 perhaps nods to the absence of growth. Despite market share gains in luxury, particularly watches, the overall decline in auction sales comes as little surprise; the house's spring art auction sales in New York were down a mammoth 58% from 2022.
While results from the major art houses didn't re-write the record books at the topline, 2023 was a prosperous year elsewhere. Bonham's notched $1.14 billion in sales, the highest in the house's 230-year history, surpassing a 2022 total that narrowly eclipsed $1 billion. The increase in sales volume came at the high-end. 62 lots sold for over $1 million in 2023, nearly doubling the 33 lots from 2022.
The very most expensive lots were unprecedented in their magnitude. Bonham's sold a 1967 Ferrari 412P Berlinetta for $30.3 million - only slightly less than the prior year's top ten lots combined. There was depth as well: the 10th most expensive lot of 2023 was still 84% more expensive than the 10th most expensive lot of 2022.
Heritage Auctions also reported a record high at $1.76 billion in total sales, marking the third consecutive year in which the house has elevated its record tally. Many readers may know Heritage for sports or comic books, but coins remain the house behemoth. U.S. and World & Ancient Coins accounted for $368.6 million, while private sales in the category were said to increase. A look at the past auction archive on the Heritage site suggests Signature & Showcase auction sales were down 9% year-over-year in the category.
A similar look at the Sports category nods to a mid-teens percentage decline in public Signature & Showcase auction sales. Our soon-to-be-released Q4 & 2023 Sports Collectibles Market Report suggests that might actually be among the more resilient results in the category. Elsewhere at Heritage, Entertainment provided a boost with a record $39 million year.
Finally, there are demographic matters to consider. Baby Boomers are surely tired of the callous fixation on their age as it pertains to a looming wealth transfer. That must get old - thanks for taking it all in stride, Boomers! The reality remains: auction houses must reach new and younger bidders, but only two houses revealed details about their 2023 successes.
Christie's noted that 35% of total clients were new buyers, with a "growing participation of Millennials and Gen Z." That 35% figure is on par with last year (stated as "35% of all buyers" in 2022), though Christie's also reported in 2022 that 34% of those new buyers were millennials. Perhaps the absence of such a figure this year is significant, perhaps not.
Bonham's reported that buyer registrations increased 31% in 2023, a deceleration from 57% in 2022 but robust nonetheless. However, it also reported "unprecedented growth" in Gen-Z and Millennial buying activity, with their acquisitions up 147%. Last year, Sotheby's had noted 40% of buyers were new to the house, and a record number of those new bidders were under 40 years old. No such commentary this year.
Whether a focus of corporate communications or not, demographic shifts towards younger generations will remain a priority in 2024 and beyond as auction houses build a foundation for future prosperity.
While select houses appear to have beaten the odds to deliver growing volumes in 2023, there was mounting evidence of collecting markets on softer footing, and that's just in terms of sales volumes. Even in a softer year, though, just five auction houses saw collectors spend nearly $18 billion. But volumes and values, though related, are not one and the same, often fluctuating independently. Let's turn down the volume and shift our attention to that independent fluctuation in values.
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In 2022, collectors and investors endured a complex landscape in the world of both traditional and alternative assets. The year was marked by a significant downturn across major stock indices, which, in turn, provided the collector class with a rationale for the diminishing values of their alternative assets.
The S&P 500, a bellwether of U.S. equities, had slipped 18% and the tech-centric Nasdaq Composite tumbled 33%. Even Bitcoin suffered, as 2022 closed as the cryptocurrency's second-worst year on record with a 65% decline in price. Meanwhile, the art market, buoyed by a billion-dollar collection, delivered a record-breaking year, and fine wine and rare whisky outperformed volatile equities.
Despite a year that was filled with record sales, there were signs of weakness, as newly hot markets for sports cards and NFTs retraced below 2021 prices, and a valuation and volume decline started within the wine and whisky industry in the final quarter, setting the table for a challenging year ahead.
In 2023, traditional markets experienced a resounding recovery, while collectible markets suffered a continued decline that spread across nearly every sector. The S&P 500 gained 24% and a resurgence within tech rallied the Nasdaq to a 55% gain, good for its best annual performance in the 21st century. Those returns were paltry compared to Bitcoin's 154% bounce and Ethereum's 91% increase.
Even gold - yes, still relevant in this modern age - produced a breakout year and closed 2023 in record territory.
Meanwhile, the CL50, an index from CardLadder that tracks sports and trading cards, fell 8.6% in 2023 after dropping 22.5% in 2022. Between 2019-2021, the index had soared 337%, peaking in March 2021. The index, which contains a range of cardboard including a 1952 Topps Mickey Mantle rookie, a 1933 Goudey Babe Ruth, and a First Edition Charizard, is now down more than 60% from its 1Q21 highs.
The top of the whisky market came during the Summer of 2022. At its highest point, the Icon 100, the primary index tracked by Rare Whisky 101, had gained more than 400% from its 2013 inception. Between May 2022 and November 2023, the Icon 100 has dropped 22%. It’s not all bad news for whisky collectors and investors though. The market is surging in new regions, with six of the top 10 export locations for Scotch whisky found in Asia, as the continent now represents a $7.5 billion slice of the overall whisky market. While the value of Scotch whisky exports into the United States fell in 2023, they increased by more than 50% in Singapore, 20% in Taiwan, and nearly 40% in China.
In the world of fine wine, valuations have also soured. After a record-breaking run for bubbly which led to the Liv-Ex Champagne 50 Index doubling in value between 2020-2022, the market has seemingly gone flat, with the index falling more than 18% in one year. Burgundy, the hottest red wine region of the 2020s, also experienced a dip with the Burgundy 150 stumbling -16% year-over-year. In their 2023 market report, Liv-Ex emphasized data that indicates a continued flight from quantity towards quality, as the number of individual wines traded through the site has declined but activity involving leading vintages found within their Power 100 remains steady.
For those who track Rolex prices, you’re well aware of how that market is faring. The Rolex market is nearing 20 months of decline with prices down by around 30% across actively traded models. Much like sports cards and whisky, the speculation within the luxury watch market was unsustainable. Waiting lists were measured in years, while new Daytona releases were retailing for less than $15,000 but selling on secondary markets for nearly $30,000.
The recent decline in valuations has also correlated with an increase in inventory age. In an article by WatchCharts, the median time it now takes for a Rolex to sell is at a three-year high, and total supply on secondary markets is now more than double what it was prior to 2021. The downward trend has been consistent across brands like Patek Philippe and Audemars Piguet, although Omega and Cartier prices actually stabilized in the second half of 2023.
You're likely catching onto a theme: yes, the bubbles have popped. The frothy markets of 2020-2022 are no more, and it's now quality, once an afterthought, that has become the focal point of nearly all collectible markets. It’s clear that the shifting dynamics of the collectibles market have brought a change in market sentiment which underscores the need for informed decision-making.
If only there was a company conceived to help anyone navigate these evolving markets...
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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.
In 2022, Heritage Auctions achieved a record-breaking $1.45 billion in sales, surpassing its previous year's performance. This includes the sale of Dmitry Muratov's Nobel Peace Prize medal for $103.5 million, with all proceeds donated to UNICEF for Ukraine war relief. The auction house set numerous records across its diverse categories, notably selling a 1952 Mickey Mantle baseball card for $12.6 million, the highest ever for a sports collectible. CEO Steve Ivy highlighted the company's growth and its commitment to connecting collectors with their passions, emphasizing the significant achievements and charitable contributions of the year.
Heritage Auctions' success in 2022 spanned over 40 categories, with notable sales in U.S. Coins, Comics and Comic Art, Sports, and Historical items. The Comics and Comic Art category saw over $195 million in sales, including a record $3.36 million for a page from "Secret Wars No. 8." In sports, a Mickey Mantle jersey sold for $2.19 million, a record for Mantle memorabilia. Additionally, Heritage introduced new categories like VHS and Home Entertainment, and set auction records in Illustration and American Art, including a Maurice Sendak piece selling for $212,500. The year concluded with significant growth in various categories, showcasing Heritage Auctions' expansive reach and influence in the collectibles world. HERITAGE
Card grading analytics company, GemRate, has released their 2023 year-end numbers on the four major graders (PSA, CGC, SGC, Beckett). More than 17 million items were graded across these graders in 2023, rising 19% from 2022. TCG had a standout year, growing 71% y/y, with 8 million cards graded, just below the 9 million sports cards graded.
In terms of market share, PSA continues to be far and away the top dog with 13.5 million cards graded on the year. CGC, SGC, and Beckett made up just 1.75M, 1.28M, and 772K respectively. Even in spite of their massive share, PSA graded 21% more cards than last year.
On a categorical basis, TCG was by far the growth story of 2023. Seeing growth of +74% compared to last year; baseball, basketball, and football saw mixed results of +20%, -14%, and -42% respectively. We will have to see if TCG’s trajectory continues up and to the right into 2024. TWITTER
In other GemRate news, they have just launched universal search. Allowing users to search across all fields in a single search box. Try it out!
Sotheby’s will sell a set of 6 Michael Jordan sneakers, each worn during all 6 of his championship clinching games. The shoes are estimated to fetch between $7 and $10 million, and come with an irrevocable bid. SOTHEBYS
The Certified Collectibles Group (CCG) acknowledged an incident where an individual tampered with CGC Comics holders, affecting approximately 350 comic books. CCG is offering to review and re-slab or compensate for these impacted comics. The company has updated its processes to prevent similar incidents and is working with investigative services and legal counsel to address the situation. CGC
This week’s Alts & Ends broke down the biggest events of each month of last year including the most expensive dress sold at auction, $760K of Star Wars action figures, a $9.4 million violin, Panini and Fanatics fighting it out in court, and quite a lot more. Be sure to subscribe to not miss out on any of the most important stories in collectibles! ALTANINSIGHTS
Dmitry Rybolovlev, a Russian oligarch, is suing Sotheby's in a Manhattan court, accusing the auction house of aiding art dealer Yves Bouvier in defrauding him during the purchase of several high-value artworks. Rybolovlev claims Bouvier, posing as an adviser, secretly acted as a dealer and inflated prices, including an $83 million Modigliani sculpture and the $127.5 million "Salvator Mundi" by Leonardo da Vinci. The trial is expected to shed light on the secretive art trade and its practices, with Sotheby's denying any wrongdoing and asserting adherence to industry standards. NYTIMES
Sports Collectors Daily uses GemRate data to break down cards with the highest graded populations from 1950 to the 1980s within each sport. SPORTSCOLLECTORSDAILY
Top Tier Authentics (TTA) has launched a new NIL deal, offering memorabilia signed by players from the University of Michigan, University of Georgia, and University of Tennessee on Amazon Fanshop, with each autographed item authenticated by a unique QR code. The collaboration focuses on team-centric items and offers perks like game tickets and VIP experiences, aiming to enhance fan engagement and authenticity in sports memorabilia. SPORTSCOLLECTORSDAILY
Feel free to reach out to Keenan@Altaninsights.com for any questions/comments.
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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.
