News & Trends

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2023 was not the brightest year in collectible markets, but that doesn't mean it was without action. On the contrary, when you think back, you'll be startled to learn just how much happened last year. Be honest: if we asked when Fanatics bought PWCC, you might say 2022. And if we asked when The King of Collectibles debuted, we know you'd break out in a cold sweat and question the existence of a world in which The King of Collectibles didn't exist.

But it's the first week of the year, and you probably don't have the time or the energy to summon those memories, so we put together a rundown of the key sales, events, and headlines that shaped 2023 in collectibles. Without further ado...

January

• After an appearance by John Reeves, an Alaskan gold miner, on The Joe Rogan Experience, divers took to New York City's East River in search of woolly mammoth bones and tusks that were said to have been dumped there in the 1940s. You're not going to believe this, but they found....nothing.
• The year of jaw-dropping Princess Diana auction sales begins. Sotheby's sells Princess Diana's Ball Dress, designed by Victor Edelstein, for $604,800 against an estimate of $80,000 - $120,000, establishing a record for the most expensive dress ever sold at auction.
• In that very same event - perhaps the most eclectic assembly of items ever sold in the same auction - Sotheby's sells LeBron's jersey from Game 7 of the 2013 NBA Finals for $3,680,000. signaling a continuation of high-end game-worn activity that began in 2022.
• Audemars Piguet announces it will launch a certified pre-owned program by the end of 2023, following a similar announcement made by Rolex at the end of 2022. By the end of 2023, details on the program will remain murky.

February

• Totaling over 250 auction lots of more than 420 Star Wars action figures, "The Morphy Find" sells for more than $760k at Morphy Auctions. A rough estimate suggests that the toy collection, bought at retail, appreciated at a rate of 16% annually, net of buyer's premium.
• Hermes prevails in a lawsuit filed against the creator of "Metabirkins," with the court ruling that the project had infringed on the company's trademark. The NFTs were not considered to be protected by free speech, as many famous works of art have been.
• Speaking of Birkins, Hong Kong billionaire Joseph Lau sells 76 Hermes handbags through Sotheby's, totaling sales of $3.2 million to become the largest single-owner collection ever sold in Asia.
• VHS copies of the first three Rocky movies sell for $53,750 at Heritage, led by the $27,000 sale of the original film. The VHS tapes were placed in a time capsule by a dad of the 1980s who purchased them for $60 apiece. They appreciated at a rate of 15% annually in that capsule, emerging in a very different and strange world.
• LCG Auctions sells a sealed first-generation iPhone for a then-record of $63,356. The AT&T-exclusive phone was gifted to a Verizon customer named Karen Green way back in 2007. Not up for switching plans, she kept it safely in a drawer. The iPhone madness was only just beginning.
• Steve Aoki, in partnership with CAS, launches Audio Media Grading to grade and authenticate vinyl, cassettes, and CDs. Tuned In Grading, offering similar services, opens to the public for business mid-month.

March

• Joe Montana's jersey worn in both Super Bowl XIX and XXII sells for $1.2 million at Goldin, establishing the record for any NFL jersey and becoming the first football jersey to reach seven-figure territory.
• The Dynasty Collection, featuring one sneaker from each of Michael Jordan's six NBA Championship-clinching victories, embarks on a selling exhibition with Sotheby's. The collection is available for private sale, but by 2024, it will be up for public auction at the house.
• Silicon Valley Bank, a key lender and deposit destination for premium wineries and vineyards, fails, leaving those businesses in limbo. As of the end of 2022, the bank had $1.2 billion in loans outstanding to wine industry customers. Depositors are ultimately backstopped by the government, and SVB is later sold by the FDIC to First Citizens Bank, which retained SVB's Wine Division.
• Tarisio sells a violin constructed by Giuseppe Guarneri for $9.44 million, becoming the third most expensive violin ever sold at auction.
• Notorious short-seller Bill Ackman tweets "trading cards can be good investments" in reaction to news that Fanatics and the Professional Tennis Players Association had reached agreement on a twenty-year exclusive trading card partnership.
• Fanatics Collectibles, MLB, and MLB Players unveil the "MLB Debut" patch, which will be worn by rookies on their debut and later included in trading cards, which released later in 2023.
• Beckett unveils plans for a new grading scale. Within 48 hours, those plans are booed right out of existence by the Hobby's loud and change-resistant social media presence.

April

• Michael Jordan's Air Jordan XIIIs, worn in Game 2 of the 1998 NBA Finals, sell for $2,238,000 at Sotheby's, establishing a new record for any sneakers. The sale is consummated by a lone irrevocable bid at $1,800,000.
• Hunt Auctions announces that it privately sold a baseball bat used by Babe Ruth circa 1920-21 for $1.85 million, a new record price for a baseball bat. The bat was purchased at auction in 2018 for $400,800 and was photomatched by PSA/DNA before its record sale.
• Panini files a lawsuit against Fanatics seeking injunctive relief from alleged poaching of employees. The skirmish is just the tip of the iceberg in what will become a much larger and wider-reaching legal battle.
• Adding some kindling to that fire, Fanatics and WWE announce a long-term, multi-platform merchandise partnership that features digital and physical cards and collectibles. Anybody want to guess who was making WWE cards previously? Hint: it's a type of sandwich.
• Sotheby's sells Eddie Van Halen's guitar, used in the "Hot for Teacher" music video, for $3,932,000, making it the third most expensive guitar ever sold at auction. Got it bad, so bad....
• The King of Collectibles, a reality TV show focusing on the goings-on at Goldin, premieres on Netflix. It performs well enough to earn a second season.  

‍May

• Sotheby's Metaverse launches its own curated marketplace for digital works, offering editorial context and storytelling to a space short on both.
• 16 watches sell for more than 1,000,000 CHF each at auction events across houses in Geneva, led by the 3,690,000 CHF sale of a Rolex Cosmograph Daytona bejweled with diamonds and sapphires.
• Despite significant controversy relating to the Horten family's Nazi ties, the Heidi Horten Collection's first round of sales at Christie's grosses $196 million. By August, the house cancels further sales of the collection.
• Fanatics makes a shock acquisition of PWCC. Rumors swirl that the acquisition was motivated by PWCC closing in on insolvency, with some pointing to suspicions that the company's trading card loan book was significantly underwater.
• The Supreme Court rules that Andy Warhol's Orange Prince work was a copyright violation of Lynn Goldsmith's photograph of the late artist. The ruling raises significant questions on fair use and the role of the judiciary as art critics.
• Karl Malone's Dream Team collection sells for a total of $5.4 million at Goldin, with Michael Jordan's semifinal-worn jersey leading the way at $3,030,000.
• The marquee art auction season closes in New York, with the $1.8 billion sales total across the three major houses down 35% from the year prior.

‍June

• The bar from Cheers sells for $675,000 at Heritage, drawing the envy of mancaves worldwide.
• DraftKings conducts its first auctions featuring sports cards, but the effort doesn't seem to take hold over the balance of the year.
• The jersey worn in the second period of Wayne Gretzky's final NHL game sells for $715,120 at Grey Flannel.
• Michael Jordan's Flu Game sneakers sell for $1,380,000 at Goldin, underperforming expectations set by the $2.2 million Jordan XIII sale two months earlier. Still, the sneakers were last purchased in 2013 for $104,765, appreciating at a rate of 29% annually net of buyer's premium.
• Wilt Chamberlain's rookie uniform sells for $1,792,289 at SCP Auctions, becoming the most expensive vintage basketball item ever sold. However, the result falls well short of a September 2022 buyout offer of $3 million dating to the uniform's fractional ownership on Collectable.
• The Goose by Dmitri Cherniak sells for $6.2 million at Sotheby's in an auction of NFTs once held by Three Arrows Capital. The winner is "6529," referring to the prominent NFT collector who owns CryptoPunk #6529.
• CGC announces that CGC Trading Cards and Certified Sports Guaranty will merge in July, uniting under a new, updated grading scale.
• Fractional platform Rally unveils the Rally Museum in NYC, housing many fractional assets from dinosaur skulls to Jordan-worn sneakers.
• A handbag smaller than a grain of salt, created by art collective MSCHF and modeled after a popular Louis Vuitton design, sells for $63,000 at auction. Good luck fitting your Stanley tumblers in there.

July

• Batman's Batpod from The Dark Knight and Princess Leia's dress from the end of A New Hope see bidding soar to $975,000 each but fail to meet reserves and go unsold at Propstore.
• A broadside of the Declaration of Independence printed by John Rogers in Salem, Massachusetts sells for $2,895,000 at Heritage, becoming the most expensive non-Dunlap broadside sold at auction.
• The "Dune Bible" a book of the original conceptual designs and storyboards for the film, sells for $90,625, coming up juuuust a bit shy of the $2,900,000 paid for it by Spice DAO in November 2021.
• A sealed, first-generation iPhone sells for $190,373 at LCG Auctions, effectively tripling the prior record. This particular phone was of the rarer 4GB SKU, and it was consigned by someone who was a member of the engineering team at Apple when the iPhone first launched. It appreciated from the retail price of $499 at a rate of 45% annually, dramatically outpacing AAPL stock with dividends reinvested.
• Fanatics announces the launch of Fanatics Events, nodding to Comic-Con as inspiration for a new era in events revolving around sports fandom and collecting.

August

• Panini and Fanatics escalate their legal battle, with the former suing over antitrust claims and the latter countersuing for alleged unfair competition.
• A 1/1 Arch Manning Black Prizm sells for $102,500, $30,000 more expensive than any Peyton Manning card. Arch goes on to throw 5 passes in the 2023 season, completing 2.
• REA sells a T206 Joe Doyle error card for $1,323,000, demonstrating the impressive appetite for rare vintage grails of the card world.
• Heritage sells a Mickey Mantle jersey photomatched to the 1958 season for $4,680,000, establishing a record for any Mantle jersey. In the same event, an SGC 9 1952 Topps Mantle sells for $4,500,000.
• Scandal emerges in the world of photomatching, as industry observers point out potential issues with a Jordan jersey recently photomatched to the 95-96 Eastern Conference Finals. MeiGray initially defends the match but redacts its statement within a week. It's discovered that a fraudster cited a nonexistent foundation of a late sports photographer to support the existence of private, never-before-seen photos used for the match. That fraudster is alleged to be the person behind the hobby watchdog account, Cardporn.
• An Ultra High Relief Double Eagle sells at Heritage for $4,320,000, appreciating at a rate of 7% annually from its prior sale for $242,000 back in 1982.
• According to an SEC filing, it's revealed fractional sports memorabilia investing platform Collectable is set to be sold for $1,353,000 after transaction expenses, following several months of platform assets making their way to auction.
• A new trading card game, Disney Lorcana launches, with initial releases proving difficult to come by, inspiring secondary market prices for packs and boxes much higher than MSRP.
• Post Malone buys the "One Ring" Magic: The Gathering card for a reported sum of $2 million.

September

• Freddie Mercury's estate sells over multiple events at Sotheby's, grossing over $41 million in total sales. Handwritten lyrics to "Bohemian Rhapsody" become the second most expensive sold at auction at $1.728 million, while his Yamaha Grand sells for $2.178 million.
• Mile High sells a PSA Authentic restored Honus Wagner for $1,968,000. Despite a card market in decline, that result easily hurdles the most recent sale of the same card for $1,102,806 at SCP in October of 2021.
• The Nike Air Yeezy Prototype worn by Kanye West at the 2008 Grammys sells for $180,106 at Goldin. The shoes previously sold privately in April of 2021 for $1.8 million to fractional platform Rares, which was never able to fill a public offering for them.
• Not to be outdone, the Nike Air Ships worn in Michael Jordan's fifth regular season game sold for $624,000, 58% less than their sneaker auction record price achieved in October of 2021.  
• Princess Diana's iconic sheep sweater sells for $1,143,000 at Sotheby's, while three Princess Diana-worn dresses sell for over $500k at Julien's. Is she on the worn memorabilia Mount Rushmore? We say yes.
• The U.S. Copyright Office rules that Jason Allen's AI-generated painting, which won first place in the Colorado State Fair, does not qualify for copyright protection, setting a potentially major precedent in the era of artificial intelligence.
• Two tickets to a performance of "Our American Cousin" at Ford's Theater on April 14th, 1865 sell for $262,500. The tickets to the show where Lincoln was assassinated last sold at Christie's for $83,650 in 2002, appreciating at 5.6% annually (gross of buyer's premium).
• Wilt Chamberlain's jersey worn to clinch the 1972 NBA Finals sells for $4,900,000 at Sotheby's.

October

• At Sotheby's Hong Kong, sales from the collection of China's best-known art collectors, Liu Yiqian and Wang Wei, total just $69.5 million, about $26 million short of the $95.5 million low estimate.
• Christie's announces that it will sell The OAK Collection, a collection of 500 watches assembled by Patrick Gretreide. The early returns from the initial sale event later in the year are mostly uninspiring.
• A screen-matched X-Wing Starfighter model sells for $3.1 million at Heritage, becoming the most expensive Star Wars prop ever sold.
• Fractional investing platform Rally announces it will launch an offering of shares in Mickey Mantle's childhood home, which it purchased in 2022 for $175,000. With plans to turn the home into a museum, Rally offered the IPO at a market cap of $329,000.  
• RTFKT offers a "forging period" for holders of the RTFKT x Nike Dunk Genesis Cryptokicks NFT to purchase physical Nike Dunk sneakers, marking a significant moment in the convergence of digital and physical goods long heralded by NFT enthusiasts. The forge inspires 7x more trading activity in the NFTs in October than in September.

November

• 13 more watches sell for seven-figure CHF sums in Geneva, as the three major auction houses combine to sell about $117 million in rare watches despite a down year for the category. The most expensive watch is the 5,127,000 CHF Philippe Dufour Grande and Petite Sonnerie Minute Repeater, which previously sold at Phillips in 2021 for 4,749,000.
• The finest Inverted Jenny stamp extant sells for $2,006,000 at Siegel Auction Galleries, becoming the first multi-million dollar U.S. stamp. It previously sold in 2018 for $1,593,000.
• A C3-PO head from A New Hope commands £687,500 (approximately $843k) on the auction block at Propstore, delivering another headline sale in a market for movie props that saw growth at the high end in 2023.
• The Macallan 1926 becomes the most expensive whisky ever sold at auction, drawing $2.7 million at Sotheby's.
• RM Sotheby's sells a jersey from Tom Brady's last game for $1,391,000, displacing Montana's Super Bowl jersey as the most expensive NFL jersey ever sold. Just a month prior, Brady's 700th touchdown game jersey had sold for $1.2 million at a charity auction.
• Sotheby's and the NBA announce a multiyear partnership that sees Sotheby's become the "Official Game Worn Source of the NBA." The partnership tips off with the $762,000 sale of Victor Wembanyama's game-worn NBA debut jersey. It was estimated to sell for between $80,000 and $120,000.
• The three major auction houses combine to sell $2.1 billion in art during the marquee fall New York auction season. That total falls 33% and $1 billion short of last year's mark, but despite an expectation for disaster, careful auction management delivered healthy sell-through rates close to 96% in aggregate and evening sale hammer ratios higher than 1.0.
• A 1962 Ferrari 250 GTO becomes the second most expensive car ever sold at auction, selling for $52 million at RM Sotheby's short of its $60 million estimate.

December

• REA sells Babe Ruth's 1914 Baltimore News card for $7.2 million, making it the third most expensive card ever sold. 1% of the card was offered fractionally on Collectable in 2021, valuing the card at $6 million. Net of fees, the result leaves little in the way of potential profit to the 2021 buyer.
• 2023 Bowman Draft launches, featuring cards depicting Tom Brady in a Montreal Expos uniform to imagine a baseball career that never actually happened. The inclusion draws an increase in secondary market prices for boxes and packs relative to the 2022 set, with the most coveted cards (the Superfractor and the #12 Gold and Orange parallels) expected to draw six-figure sums.
• 37 Bored Apes and other NFTs are stolen in a security breach caused by an outdated smart contract (not so smart, is it?!) affecting users who had previously transacted on NFT Trader. The Apes are later returned to their owners thanks to a bounty paid by Boring Security, funded by Greg Solano, co-founder of Yuga Labs.
• The Realest launches its first auction of entertainment memorabilia, sourcing and authenticating items directly from Megadeth using Truest Authentication, which includes on-site,witness-based verification.
• A set of six jerseys worn by Lionel Messi in the 2022 World Cup-winning campaign and obtained by AC Momento sells for $7,803,000 at Sotheby's. AC Momento had since pivoted away from the game-worn business but delivered on that effort's biggest opportunity imaginable.
• Goldin announces that it brokered the private sale of a PSA 9 1998 Pokémon Pikachu Illustrator card for $2,000,000, highlighting a year in which there was a growing number of big-ticket TCG card sales.
• Panini and FIFA announce they renewed their partnership, with Panini set to produce World Cup cards until 2030. The announcement interrupts a spell of lost licenses for Panini and reassures soccer sticker collectors that their coveted prizes will continue to roll off the assembly line.  

Whew! Thanks for making it through that with us. That was a lot, huh? And we left plenty on the cutting room floor. Even a "down" year in most collectible categories offers as much breakneck action as a John Wick movie. We can't wait to see what 2024 brings. Speaking of which....

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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.

Christie’s: Year in Review

Major auction houses have had a tough year as the art market contracted and collectors became more wary of the economic environment. Christie’s 2023 sales totaled $6.2 billion excluding the Paul Allen sale, down 7% from the year prior. Sales in the Americas totalled $2.57B, EMEA had $1.65B in total sales, and Asia-Pacific garnered just $850M in sales.

In spite of a down market the house’s private sales had an up year. Finding $1.2B in total private sales which represented 20% of total sales, compared to 14% of their total in 2022. They put on 23 selling exhibitions across the globe, which allowed museums like the National Library of Australia and Cleveland Museum of Art to acquire high value works from private sellers. 

The house’s lean-in to luxury sales paid off with a strong year for the department. 2023 saw a 53% rise in luxury sales compared to pre-covid levels. Jewelry, Handbags, Watches, and Wine contributed $1B to the house’s yearly sales total. CHRISTIES

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Heritage x Succession

"Succession", the critically acclaimed HBO Original series (2018-2023), is offering fans a unique opportunity to own a piece of television history through the Heritage Screenbid auction, scheduled for January 13. This event follows the series' finale and its impressive haul of 27 Emmy nominations in 2023, including 14 for its cast, and nine nods at the Golden Globes. The auction will feature a vast collection of iconic props, set decorations, and luxury outfits from the show, allowing fans to immerse themselves in the world of the Roy family.

The auction promises a treasure trove of high-end fashion and memorable items from the series. Fans can acquire everything from Kendall Roy's Lanvin sneakers to Shiv Roy's Max Mara outfits, including a Hereu tote bag. The wardrobe pieces represent a blend of top brands like Tom Ford, Alexander McQueen, and Canali, showcasing the quiet luxury synonymous with the show's characters. Additionally, unique props like Roman Roy's Walmart T-shirt from the finale.

Besides clothing, the auction includes various props and memorabilia that contributed to the show's authenticity and appeal. These range from Shiv’s note on Logan’s death to Roman’s pink notecards for an undelivered eulogy, adding a layer of depth to fans' collections. Significant set pieces like the waystar|ROYCO signs and items from the ATN offices, including coffee cups and framed show posters, are also part of the auction. HERITAGE

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Collectible Happenings

A number of 2023 Bowman Draft Superfractors appeared on eBay via a seller named ‘dfwcardshark’. Fanatics has alleged that the seller stole Superfractors which were set to be destroyed due to not passing a quality inspection. Fanatics’ CEO of Collectibles has said that any buyer of these cards will be reimbursed by Fanatics. All grading companies have been informed of this issue and told not to grade these cards. TWITTER

A ‘1997 Pokemon Japanese Promo 1st Tournament PSA NM-MT 8’ Set of three was sold at Goldin for $794,220. The set contains one of each of the 1st, 2nd, and 3rd place tournament cards. GOLDIN

A rare pair of custom Air Jordan 3s, created for Spike Lee by Nike's Tinker Hatfield and once worn by Lee at the Academy Awards, fetched $50,800 at a Sotheby's auction after being anonymously donated to Portland Rescue Mission. The sale, which exceeded the initial estimate of $15,000–$20,000, benefits the mission, with Sotheby's waiving its fee to ensure all proceeds go to the charity. ARTNET

1966 Batman trading card sells for $28,200 at PWCC. Setting a record for the most expensive Batman card ever sold. PWCC

Bonhams achieved its highest-ever annual sales in 2023, totaling $1.14 billion, marking a 14% increase from 2022, with notable sales including a 1967 Ferrari 412P Berlinetta at $30.3 million and the Bedchamber Sword of Tipu Sultan for $17.8 million. OCULA

Gail Lewis signed framed Walmart vest sells for $13,420 at Walmart, proceeds are going to the Children’s Miracle Network. GOLDIN

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Feel free to reach out to Keenan@Altaninsights.com for any questions/comments.

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Enjoyed this article? Don't forget to subscribe to our newsletter to receive more like it in your inbox weekly!‍

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: Topps}

This article was featured in our newsletter, Alts & Ends. Click here to subscribe for free and receive the best collectible market insights straight to your inbox on a weekly basis!

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7 World Series titles. 642 home runs. 3 MVPs.

Tom Brady's achievements and accolades accumulated over a Hall-of-Fame career with the Montreal Expos speak for themselves, at least in the world Topps and Fanatics have imagined.

‍Through a "What if?" campaign built on Brady's 1995 draft selection by the now-defunct Montreal franchise, Topps has added much intrigue to this year's release of Bowman Draft. The set features cards depicting the football GOAT in an Expos uniform, complete with various signed and unsigned parallels that have become the chase cards of the holiday season. A modern reboot of Jingle All the Way might see Arnold Schwarzenegger frantically visiting card shops and participating in box breaks to procure a Brady card for Jamie. Ironically, the set has created the most excitement around Brady cardboard in the last 18 months, as his football cards continue to decline in value; CardLadder's Brady index is down 52% in 2023 even after plummeting 31% in 2022.

‍A creative, mainstream marketing push for a niche hobbyist product (to the outsider) is the real story here. In a pre-Fanatics world, few would have predicted Tom Brady pushing baseball cards in a detailed promotional video. There was real effort and investment here, including appearances from Pedro Martinez, Larry Walker, and Vladimir Guerrero. They could have simply asked Tom to post on social media, which would have been easier and less expensive. But you don't grab attention that way. Instead, they created an immersive alternate reality, complete with a commercial-within-a-commercial where Brady pitches "Brady Auto." Sidenote: it's hilarious that in this alternate universe where Brady was a GOAT on the diamond instead of on the gridiron, he becomes a greasy-meets-cheesy car dealer. Guess you could make the argument that suits the resume better than "FTX investor."

So why go to all this trouble?

In a stimulus-heavy, low-interest rate world, hype sold collectible products easily. From cards to sneakers, brands could rely on frenzied secondary markets to ensure products would be greeted with large queues and quick sell-outs. But those days are over. Brands can't trot out the same products and expect the same results. And in the card business, where engaging more of the sports fan population is always the tantalizing target, it takes bold marketing and storytelling to cut through the noise. While some may view the Brady campaign as little more than a goofy gimmick, it returns a sense of fun to a hobby that's supposed to be fun.

But fun turns to frustration when the product becomes harder to buy.

Super jumbo hobby boxes from last year's 2022 Bowman Draft product generally sold for $600-700 in the week after release. The difference this year isn't incredibly pronounced, with some sales rising into the $700-800 range. The delta in jumbo hobby box prices is similar year-over-year. However, it's worth considering that this year's broader market is softer than last year's, so any price increase is notable.

The average price of card singles sold on eBay in the first week after release is up from $23.80 for 2022 Draft to $41.21 for 2023. Last year during that week, just four cards sold for more than $3,000, with the top price being $3,650 paid for Elijah Green's Orange Refractor Auto. As you might imagine, it's a different story in 2023. Thirteen cards from the set have sold for over $3,000 on eBay. Eight of those belong to the legendary Expos catcher. Brady's Gold Refractor Auto, numbered to 50, sold for $18,201 at the end of last week, which was followed up with a $16,400 sale of another example two days later.

‍Those numbered parallels are likely to sell for big sums in the near term as they find their way out of packs, into slabs, and to auction. But none will compare to the grail of the set: Brady's 1-of-1 Superfractor Auto. Ending the suspense early, that card was pulled in a break by Triple Diamond Sports Cards and Collectibles last week. There were rumored bounties for that card and the Gold parallel numbered 12 out of 50, with sums that would put them in the mix with some of the most expensive Brady Championship Ticket rookies. The chase goes on for that Gold Auto parallel, as well as the Orange counterpart.  Those cards carry unique inscriptions:  "if baseball doesn't work out, there's always football," and "Allons aux Expos!"

Topps further capitalized on the attention, offering Topps Now cards depicting Bill Belichick as the Expos manager. Special inserts carry a "Tom can hit, but can he throw?" inscription. Topps had fun with this release, and it shows. That fun is contagious, and it's hard to dismiss its absence in recent years.

Sustainable success can't be built on a string of special offerings that become dilutive and gimmicky over time. An underlying commitment to creativity and collector experience, though, can form a foundation for growth. It's the refusal to go through the motions every season that will win both collectors' admiration and greater mainstream interest.

Now if you'll excuse us, we're heading down to Brady Auto to catch some major league savings.

Enjoyed this article? Don't forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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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 article was featured in our newsletter, Alts & Ends. Click here to subscribe for free and receive the best collectible market insights straight to your inbox on a weekly basis!

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Vincenzo Perrugia stole the Mona Lisa from the Louvre in August 1911. Unknown thieves stole The Storm on the Sea of Galilee from the Isabella Stewart Gardner Museum in March 1990. In December 2023, an attacker stole works of art of slightly lesser cultural importance: 37 Bored Apes in a security breach of peer-to-peer platform NFT Trader.

For the two masterworks, theft created greater fame, recognition, and appreciation (or longing, in the Rembrandt's case). For the animal jpegs, theft threw another banana peel in the face of NFTs and the Web3 ecosystem.  

Security vulnerabilities have long plagued the crypto world. A summer 2022 study by ImmuneFi concluded 143 Bored Apes had been stolen since the project's inception. Last week's hack adds 37 Bored Apes, 18 Mutant Apes, 4 World of Women, and a VeeFriend to the tally, among others. Thankfully, we understand the partridge in a pear tree was unaffected. Estimates suggest the value of the stolen NFTs amounted to approximately $3 million, with some prized Apes among the contraband.

‍Hackers exploited a vulnerability in old "smart" contracts, affecting users who had traded on NFT Trader in the past and still had permissions enabled allowing for unauthorized transfers. One such hacker posted some bizarre on-chain messages, noting "monkeys are safe" and requesting a bounty for his troubles.

A real Danny Ocean!

Still, we haven't been so relieved to hear "monkeys are safe" since the space chimps returned to Earth. The hacker returned some assets for free, some for the requested bounty, and in one bizarre case returned an NFT along with 31 ETH. Some owners were hesitant to pay the bounty, fearing further theft. Fortunately, Boring Security, a non-profit web3 security organization backed by ApeCoin, soon entered the fray. The organization was able to recover the stolen NFTs, paying bounties amounting to 10% of the floor price of the projects. The bounty was apparently funded by Greg Solano, co-founder of BAYC-creator Yuga Labs.  

The vulnerability arose from a smart contract upgrade, and it was discovered by Web3 developer "Foobar," who helped the NFT Trader team stop further attacks. Web3 pseudonyms never disappoint, do they? While vulnerabilities do get remedied and focus on Web3 security increases with each passing incident, perception of the space declines. Outsiders and naysayers take each incident as further confirmation of their understanding of the space as an unserious one. It takes a long time to build trust, but only moments to lose it. In a space short on trust to begin with, continued follies stifle broader adoption.

‍Ironically, the incident comes after three prosperous months in the NFT space. The floor price for Bored Ape Yacht Club hit all-time lows in September and October in the mid-$30k range. Since then, momentum has been positive. Floor prices sit near $57,000 today, with ETH and broader crypto having rallied significantly over the same period. That's a far cry from peaks over $350k in early 2022, but we're still talking about $60k for monkey jpegs at the low end. And their value is still sufficient to make their theft significant news.

When you consider the resources dedicated to preventing bank fraud, the Wild West structure of Web3 is unlikely to prove inviting to a large population of outsiders. Wallets can be emptied by a wrong click or by a smart contract gone dumber. Our interactions with our traditional financial systems are built on some level of trust, well-founded or not; there's a belief funds will remain where we deposit them and arrive where we send them. But crypto novices don't harbor that same trust for a system meant to displace traditional finance.

For all but the most sophisticated, the pitfalls of the crypto landscape are difficult to avoid, an unfortunate reality proven once again by the NFT Trader vulnerability. We'd say the heist was a little like robbing the blind in that regard, but there are probably still BAYC holders recovering from severe retina burn sustained at Apefest in November.

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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.

Panini and FIFA Extend Partnership

Panini Group and FIFA have renewed their partnership, continuing a collaboration that began over 50 years ago. This deal ensures Panini will produce World Cup soccer cards and stickers up to 2030, covering events including the 2026 and 2030 World Cups and the FIFA Women's World Cup in 2027.

The partnership aims to enhance the fan experience by blending traditional physical sets with digital collectibles. Romy Gai, FIFA’s Chief Business Officer, emphasizes the commitment to engaging football fans globally. Panini plans to innovate and introduce new products, building on their legacy since the first collection for the 1970 World Cup.

Panini America, a subsidiary of the Panini Group, is already preparing for the 2026 World Cup in North America. The first line of FIFA collectibles under this new agreement, focusing on top national teams, is slated for release in 2024. Elisabetta Mussini, Group Licensing Director at The Panini Group, highlights their dedication to providing unique products and experiences for football fans and collectors. SPORTSCOLLECTORSDAILY

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PSA 9 Pikachu Illustrator Sells For $2 Million in Goldin Private Sale

Goldin Auctions has revealed that they brokered a sale of a 1998 Pokemon Japanese Promo Illustrator Pikachu-Holo. This Pikachu card is maybe the most desirable in the Pokemon TCG Canon; there only exist 23 graded copies in the population reports of BGS,CGC, PSA. It is said that there were only 43 copies produced, each one awarded to winners of a drawing contest hosted by Japanese magazine CoroCoro.

Gemrate has a total of 37 graded copies of this card, with only one receiving a gem rating. There are 10 that share the same PSA 9 grade as this one, but they come up for sale very infrequently. And usually are transacted through via backchannels at the major TCG houses. Funnily enough though, there is currently a like-graded copy up for sale at Goldin with a current bid of $240,000 ($292,800 w/ fees). If this lot were to reach even half of the $2 million private sale price that would notch it at the top public TCG sale of all time. We will keep you updated as the auction unfolds. GOLDIN

BONUS: Check out our list of top TCG sales of all time if you want some more context on the importance of these cards! ALTANINSIGHTS

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Collectible Happenings

Stadium Insurance, led by CEO and Founder Dan Lorber, intends to offer specialized insurance for collectors and dealers of sports collectibles, including cards and memorabilia, with coverage for a variety of situations like burglary, theft, and natural disasters. The company streamlines the process through its mobile app and website, allowing quick coverage and management of insured items, with plans starting at $25,000 and costing around $14 per month. SPORTSCOLLECTORSDAILY

Artnews has released their yearly list of the top 200 collectors. The list features names from a variety of fields including finance, technology, real estate, media, and good old-fashioned inheritance. ARTNEWS

Sotheby’s closed their History of Science and Technology auction on December 13th. The top lots were the 1905 Nobel prize for Chemistry awarded to Adolf von Baeyer ($203,200) and an Allosaurus leg bone ($279,400). SOTHEBYS

The set of 6 Messi world cup-worn shirts, sourced from the athlete via AC momento, has sold for $7,803,000. SOTHEBYS

Former President Donald Trump announced a new edition of his digital trading cards, the "Mugshot Edition," priced at $99 each and featuring his Fulton County arrest mugshot, with special offers including a piece of his suit and dinner at Mar-a-Lago. This release follows the success of previous editions, generating $9 million in combined sales, and includes unique incentives like signed cards, NFTs, and private events for those purchasing large quantities or using cryptocurrency. FORBES

Topps releases promotional material for Tom Brady Expos card, imagining an alternate reality wherein he signed with the Canadian MLB club instead of going to the NFL. Watch the video here

Beckett teases a new partnership with ESPN events TWITTER

A section of the Wright Brothers Flyer fabric that was brought by Neil Armstrong on his voyage to the moon was sold at Heritage auctions for $81,250. HERITAGE

A painting by Bartolome Esteban Murillo, "Madonna With Child," was recovered unscathed nearly a week after a Lyft driver inadvertently took off with it in Miami. Gallerist Rodrigo Salomon, who had transported the artwork for authentication, noted the painting was returned in its original protective wrapping and mentioned the lack of assistance from Lyft or the police, planning to pursue the matter further. ARTNET

Virginia resident Jessica Vincent discovered a rare 1940s Carlo Scarpa “Pennellate” vase at a local Goodwill for $3.99, unaware of its significance until a $10,000 offer on a Murano glass forum hinted at its value. This vase, expected to fetch between $30,000 and $50,000 at auction, is a masterwork of Italian glass by Scarpa, known for his work with Venini and considered a rare find, especially from a Goodwill store. ELLEDECOR

A recent Deloitte report indicates a nearly 30% decrease in art auction guarantees, with lower returns, prompting speculation about market cooling and reduced profitability. Experts suggest that fewer guarantors are participating due to the risks of acquiring works they don't intend to keep, and while guarantees offer market stability, they can be disadvantageous for vendors, especially if auction prices significantly exceed the guarantee level. ARTNEWSPAPER

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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: Christie's}

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Many wine enthusiasts might consider a stellar vintage a work of art, painted on the palette with thoughtful brushstrokes. In some cases though, the bottle's label itself - the smallest of canvases - is an actual artwork.

Château Mouton Rothschild offers the richest tradition of commissioned labels, with famous artists adorning bottles since 1945. Featured artists include Dali, Picasso, Warhol, Haring, Koons, and Hockney, among many others. Even Charles, Prince of Wales - now King - designed a label in 2004. The art adds a new dimension of collectability, expanding beyond admiration for the wine itself.

The idea was born from Baron Philippe's belief that art and wine go together. Indeed the two categories sit atop the collectible ecosystem in sophistication and high-society acceptance. Criteria for an artist's selection reflects this position, as the winery considers only those artists who boast a similar stature in the art world to Château Mouton Rothschild in wine; in other words, no selected artist is in need of Chateau Mouton Rothschild's promotion. Conversely, Mouton's wine needs no help from the artist.

The artist reveal itself is an occasion of celebration. Just last week, for the recently revealed 2021 vintage, Christie's auctioned an assortment of formats featuring the label of Japanese artist Chiharu Shiota, along with an invitation to the 2022 reveal at the estate. That package sold last week for €237,500 against a wide estimate range of €30,000 - €200,000. The price isn't particularly accessible, but not everyone needs a nebuchadnezzar, an imperial, a double-magnum, three magnums, and six bottles of the same wine. Although in talking about $250,000 wine, we've left the realm of "need" altogether.

The Shiota selection is not a case of riding a hot market. The artist's auction record of $395k, established in 2021, is not dramatically more expensive than the 2021 vintage assortment, and just one of her top 20 auction sales has come in 2023. But she suddenly finds herself in the company of some of the best selling artists ever.

However, owning a Château Mouton Rothschild vintage can be one of the more accessible (used relatively) ways to own the work of those celebrated artists, albeit in a format produced to an extent that would make most prints & editions blush. But Andy Warhol was no stranger to prints & editions, and a magnum of the 1975 vintage displaying his label recently sold for €750. Prices for the Mouton Rothschild generally outstrip 1975 vintages from other First Growth producers.

The same can be said of Salvador Dali's iconic 1958 label, which is slightly harder to find and often starts in four-figure territory for 750ml bottles. Pablo Picasso was selected posthumously in 1973, with the work chosen from Baron Philippe's personal collection to ensure his inclusion. Magnums cross over $1,500, though single bottles remain accessible.

Time and time again, even when the Château Mouton Rothschild scores lower than peers critically, observers point to the label as a catalyst driving prices to levels competitive with or in excess of other First Growths. This pattern sometimes holds true even in the absence of a famous artist: the 2000 vintage sells well due in no small part to its beautiful gold enamel relief of the Augsburg Ram, a Mouton motif. To the wine aficionado, it's probably a little like a non-sports-fan picking a team to root for in the "sportsball game" based on the uniforms. But if there are no intentions of consuming the wine anytime soon, aesthetics count for something, particularly when the vintages stack up well against the field critically.

And that's the key: it's never the label alone commanding high prices. It's simply an additive attribute. With or without the work of Warhol or Dali, Mouton remains a prominent First Growth producer.

But the art without the wine can still draw spirited bidding. Much as original card art or photographs can sell for premium prices, Keith Haring's original art for the 1988 vintage sold at Christie's in 2017 for $87,500, handily outperforming a $20,000 - $30,000 estimate despite it being a small work on paper.

Labels by esteemed artists aren't exclusive to Mouton Rothschild, though they are often more broadly commercial in nature than dearly collectable. Yayoi Kusama collaborated with Veuve Cliquot on La Grande Dame 2012 as part of a gift box. Tracey Emin sketched the label for Tonnix, a Portuguese red priced not much higher than $10. Yoko Ono designed the label for a 2005 Chianti Classico by Nittardi, a $20-30 bottle.

But none can compete with the acclaimed partnership between stellar First Growth wine and top tier art offered by Château Mouton Rothschild. Who will add their name to the list of global superstars selected to grace a Mouton label next? Whispers (produced only by us) suggest the odds are shortening on Gary Vee and his Responsive Ram from Veefriends.

Baron Philippe would roll over in his grave.

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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.

Dust Identity raises $40 Million Series B Round

DUST Identity has announced an expansion into new industries including sports, luxury goods, and art, marked by the launch of their mobile app that offers product authenticity by linking physical items to digital records. This expansion is bolstered by a partnership with Oxygen Esports, a major North American esports organization, to protect against counterfeit memorabilia and enrich fan experiences.

The company's growth is supported by a $40 million Series B funding round led by Castle Island Ventures, with Amex Ventures and others participating. The investment reflects confidence in DUST's innovative approach to authenticating physical items, offering new opportunities for customer engagement and brand loyalty. DUST is now inviting participation in its beta program and seeking further enterprise integrations and partnerships. PRNEWSWIRE

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Collector files Civil Suit Over $43 Million of Watches Sold At Christie’s

Over a hundred luxury watches, including a Rolex GMT Master worn by Marlon Brando and a rare Philippe Dufour Grande et Petite Sonnerie, are embroiled in a legal dispute between Christie's and Omani businessman Mohammed Zaman. Following the Passion for Time sale in Geneva, where Zaman's 113 timepieces sold for over $42 million, a civil complaint filed by Zaman has led to the impounding of the entire consignment. The complaint has halted post-sale transactions, leaving winning bidders advised by Christie's to withhold payment until the legal issue is resolved.

The reason behind Zaman's action against Christie's remains unclear. Speculations arise from irregularities at the auction's start concerning third-party guarantees, which were significantly higher than the initial pre-sale estimates. Notably, a single investor provided a reserve bid guaranteeing a minimum price for every watch, causing a delay in the auction and adjustments to the estimates. An unknown bidder, nicknamed "Paddle 1013," won most watches at prices close to these revised estimates, including Brando's Rolex, which sold for $5.3 million, near its updated lower estimate.

This dispute at Christie's is part of a wider trend of issues in the horological world. The Only Watch charity auction, set to be hosted by Christie's Geneva, has been postponed to the following year due to concerns about fund distribution. As the legal tangles continue, the fate of the impounded watches and the resolution of these controversies remain uncertain, with the watch collecting community eagerly awaiting a conclusion. ROBBREPORT

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Collectible Happenings

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In "Collector’s Guide to Unopened Sports Cards," Heritage’s Joe Orlando discusses the appeal and value of sealed sports card packs, highlighting the excitement and nostalgia they evoke. The guide examines the factors influencing their worth, such as era, condition, and the set's popularity, while exploring the trend of opening these packs for potential rare finds. INTELLIGENTCOLLECTOR

A Herbert Hoover signed baseball sells for $214,200 against estimates of $25,000 - $50,000 in Hunt/Christie’s auction TWITTER

Year to date PSA has received 2,051 MJ rookie cards for grading, of those, 447 were found to be fake/counterfeit. TWITTER

Art Basel Miami Beach, amidst a volatile market year, sees a slower but steady pace in art sales, with collectors and dealers adjusting to new market dynamics. High-value artworks linger, while reasonably priced works sell quickly, reflecting a shift away from speculative buying towards more considered purchases. ARTNET

Art Basel Miami Beach's 21st edition sees a notable shift with slower sales and a less competitive atmosphere among collectors, contrasting with the fast-paced first-hour buying of previous years. Amidst discussions of a softening market, the fair presents a safer array of art choices, though gems can still be found among the 175 booths. ARTNEWS

Bankers have informally approached potential buyers for a minority stake in Sotheby's as its owner, Patrick Drahi, faces pressure to sell assets due to his telecoms group Altice's significant debt. The Qatar Investment Authority, among others, has been contacted, but Drahi appears reluctant to sell Sotheby's, which he acquired in 2019. FT

Billionaire art dealer Yves Bouvier has settled a long-standing criminal dispute with Russian oligarch Dmitry Rybolovlev in Switzerland, ending one of the art market's most significant and contentious disputes. The settlement, which includes a civil case in Singapore, marks the conclusion of a series of global lawsuits initiated by Rybolovlev, who accused Bouvier of overinflating the value of a €2bn art collection, including da Vinci’s “Salvator Mundi.” THEARTNEWSPAPER

Art Lewicki, a former professional baseball player turned card dealer, has discovered a remarkable collection of vintage unopened sports card boxes from the 1960s and 70s, including rare items and mint condition single cards. This significant find, reminiscent of past notable discoveries in the hobby, is set to enter the market through Heritage Auctions, exciting collectors with its range of valuable and historical 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.

‍^{Photo: REA, Graphic: Altan Insights}

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The biggest icon doesn't always produce the highest values.

Until this weekend in the Hobby, the cards of baseball's most beloved legend took a backseat to the icons of the collectible world, Honus Wagner and Mickey Mantle. While the $7.2 million sale of Babe Ruth's 1914 Baltimore News card at REA doesn't place the Babe ahead of those stalwarts of cardboard, it does put his rookie card firmly in the mix of the most expensive cards ever sold, in third place to be exact.

‍Despite a far-reaching and clamorous press offensive, despite the plethora of "This Babe Ruth card could sell for $10 million" headlines, the card garnered just one bid in the last four days of the event after fourteen bids through the first two weeks. That lone bid emerged victorious at $6 million before buyer's premium. The result falls well short of the loftiest $12.6 million heights set by the SGC 9.5 1952 Topps Mantle but just a shade shy of the $7.25 million private sale of a T206 Honus Wagner.

But shouldn't it come up short of those cards?!

The T206 Honus and the '52 Mantle are culturally recognizable icons, rich with storytelling and mythology. They stand a chance of being recognized outside the Hobby, just as famous art is recognizable to those who aren't gallery-goers. Yes, the Baltimore News Ruth is rarer. But sometimes rarity borders on anonymity, stripping the asset of its potential for rich storytelling and cultural acclaim. A PR blitz can't manufacture those attributes over mere weeks.

In that regard, the $7.2 million result, punching right up there with Honus, could be viewed as a success. Really, most would hail a $7 million cardboard sale as a triumph. To nobody's surprise, though, small circles of the card world on social media have voiced suspicions, unfounded or not, about the bidding. That aside, let's take the result at face value and review the card's history to contextualize the outcome.

Back in 2021, the card was declared the most expensive ever sold at a Collectable press conference. It was said to have sold privately, but the actual price wasn't revealed, only that it was higher than the reigning record holder at the time. It was, as the kids say, a bit of a weird flex...like saying you do have a girlfriend, but she goes to another school. That's not to say that it wasn't true, only that it invites ribbing. In conjunction with that announcement, a 1% stake in the card was offered fractionally on Collectable, valuing the card at $6 million. The announcement and fractional offering would provide wider exposure to a card that had little, at least relative to titans of the category.  

In January, the 1% stake was bought out for an amount that would value the card at $8.83 million, delivering a win for fractional shareholders. The buyout price was 47% above the IPO price and 19.19% over the last trading price, per Collectable. Notably, the owner of the other 99% always had the right to repurchase the 1% stake at the greater of the IPO value or the average trading price over a 30 day period. Before the year was through, the card was up for auction.‍

The $7.2 million result seemingly improves upon the level of the private transaction in 2021, or at least that seems a safe assumption. Remove the buyer's premium from the equation, though, and there wouldn't be much in the way of profits. Still, more than one bidder ventured into the mid-seven-figure range, offering another feather in the cap of vintage trophy assets. In particular, SGC will have enjoyed the result, now serving as the grader behind the top three recorded sports card sales of all time.

But this was a weekend of mixed news at the high end of the card market. The other Baltimore News cards in the REA event failed to meet their reserves. A PSA 7 1952 Topps Mantle tumbled to its lowest level since early 2021 at $246,000, while a PSA 8 Goudey Ruth #149 sold for $396,000, its lowest since 2019.  

Elsewhere, at Goldin, the Elite auction notched 13 six-figure sports card sales, the most in an Elite event since May. Those sales were composed of many cards burrowing lower, though:

• The top sale, a $488,000 result for a PSA 10 1980 Topps Scoring Leaders card, was the lowest since 2019 and a failed flip to boot, with the same card bought in June 2023 for $516,000.
• The $268,400 sale of a BGS 9 2004 Exquisite LeBron James RPA is the second lowest result since early 2020 (up $70k over a November Heritage sale); that specific card sold at Goldin in August of 2021 for $1,980,000.
• Tom Brady's Championship Ticket card, graded BGS 8.5, sold for $268,400 - stop us if you've heard this recently - the lowest since 2019.
• A Patrick Mahomes Holo Gold National Treasures RPA, graded BGS 9.5, sold for $231,800 after previously selling for $480,000 in June of 2022 at PWCC.
• A PSA 9 1955 Topps Sandy Koufax card sold for $244,000, the lowest since 2018. That specific example last sold at Heritage about a year ago for $396,000.

There are other examples, but we won't belabor the point. There were highlights too. Jordan's 1997 Skybox E-X2001 Essential Credentials Future card, graded PSA 9, sold for $197,640, while free agent Shohei Ohtani's Orange Refractor Rookie, graded BGS 9.5, delivered a strong $74,420 result, on par with May 2022 levels. And we still live in a world where Brock Purdy, system quarterback or not, has rookie cards (in this case his Flawless Shield) selling for $80k.

As always in the card space, there's a complex and nuanced world lurking beneath the headlines. $7 million is a heck of a lot of money for a sports card. That remains true. But it doesn't represent the unfailing strength of an entire market.

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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: SCP Auctions}

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Ruth demanded the headlines, and Kobe commanded the pre-event buzz, but Novak Djokovic served up the pleasant surprise of the weekend in the auction world.

Much like Djokovic himself steadily amassing Slams while his more beloved counterparts enjoyed the spotlight, his racquet from the 2016 French Open Final steadily accumulated bids at SCP Auctions despite a lack of attention in the build-up. With 23 bids, the racquet sold for $107,482, becoming just the second individual racquet to reach six-figure territory this year and the third ever. The "individual racquet" qualifier is important, but even when we expand our scope to include racquets sold in multiples or alongside worn outfits, the ceiling for tennis memorabilia doesn't open like the roof at Arthur Ashe.

Roger Federer demonstrated the broad appetite for tennis memorabilia in July 2021 when he collaborated with Christie's on an auction benefitting his foundation. Items assembled from his career, including those dating to several major triumphs, delivered eight six-figure GBP results and a total sales tally of £3.4 million. Results for top lots trounced estimates like Federer dismantling a first-round opponent in his prime. Provenance directly from the legend inspired active bidding in a prosperous moment for the sports collectibles market, though the events came before the veritable uptick in game-used prices and interest.

The top two results in that event were outfit and racquet ensembles from the 2007 Wimbledon Final and the 2009 French Open. Each ensemble sold for £187,500, or about $258k at the time. Absent the match-worn outfit, it's hard to say whether either racquet would have ascended into six-figure territory despite the gravity of the associated occasions. Not far behind, though, was a lot of three racquets used in the fourth round, quarter-final, and final of Wimbledon in 2019. That lot sold for £162,500.

These are assets from the crowning achievements of one of history's most globally beloved athletes, straight from his own collection. While the numbers were strong at the time, relative to almost any other sport now, they look like John Isner's career earnings in comparison to Federer's. No disrespect to Big John or his massive serve, but his admittedly very handsome $23 million in on court earnings doesn't stack up. Perhaps Federer's auction events came a year too early, or perhaps tennis doesn't move the collecting needle.

But what about Federer's chief counterpart?

‍Rafael Nadal's racquet from the 2022 Australian Open Final sold earlier this year at Sotheby's for $139,700 against an estimate of $200,000 - $300,000. That victory moved him into first place in the all-time major rankings, and the racquet was photomatched by Resolution to 12 matches including the final. While the result did break new ground for individual racquets, it fell short of the levels that you or I (or Sotheby's, for that matter) might expect for a key piece of a beloved icon's history.

And then there's Djokovic: the awkward but more prolific third wheel to Federer and Nadal's global admiration. The $107,482 bidding this weekend pursued the very racquet Djokovic used as he captured the Career Grand Slam at Roland Garros in 2016. After reveling in victory over Andy Murray, he used the racquet to draw a heart in the clay then launched it into the crowd. An American woman made the lucky grab, documented via photo, and consigned the item to SCP seven years later. The provenance is solid, and it was supported by photomatches from Resolution and Sports Investors, with additional matches to the semifinal.

One challenge in tennis memorabilia, specifically in racquets: players cycle through them quickly. In any given match, they might use several, just as NBA players wear multiple jerseys and sneakers each game. So match-use is great, but it might not correspond to that memorable shot that defines a victory. This Djokovic racquet, though, did exactly that. And yet, the tool used to seal a key achievement for the most accomplished male tennis player of all time barely inched into six-figure territory...and even that was more pleasant surprise than unfortunate shortcoming.

The most decorated female tennis player of all time hasn't yet had an opportunity to test the market in these new conditions more hospitable to match-used items. In 2019, the racquet Serena Williams used in the 2018 US Open Final against Naomi Osaka sold for $20,400 at Goldin. That racquet was perhaps memorable for the wrong reasons: Serena smashed it during an emotional argument with the chair umpire en route to what would ultimately be an Osaka victory. But in a sea of racquets, a smashed one is very memorable. It was photomatched by Resolution, but the damage spoke for itself. At the time, $20k was a highly notable result. My, how times have changed.

Across major global sports, game-used records sit atop seven-figure thrones, even eight in Jordan's case. But tennis languishes at a quarter-million, with key, well-authenticated items not yet elevating the ceiling. Is the sport (and its globally beloved icons) a rare undervalued pocket of the market, or does tennis fail to capture collecting desires as the stars' shared successes erode the stature of each individual?

We suspect higher prices will one day greet the assorted GOATs, but recent results don't herald that day's imminent arrival. In the meantime, Carlos Alcaraz needs only 23 more majors to pass Novak and advance the tennis memorabilia landscape forever.

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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.