Auction Action by Altan Insights: August 11, 2021
This week on Auction Action, the Altan Insights team virtually visits Goldin Auctions to review their Summer Premium Auction. Note that all realized auction prices include a 20% buyer’s premium.
Collectable (Exit): $720,000
Review: Collectable investors accepted a buyout for their Scoring Leader card that resulted in a 104% ROI. 62% of investors on a share-weighted basis voted to accept the offer which came just four months after the card originally IPO’d for $352,000. Goldins’ sale set a new record for this card as it led the auction as the highest-priced asset. The sale also represents a strong appreciation since the last PSA 10 sold at the auction house in May for $540,000.
Review: Goldin’s sale represents a strong bounce from the previous result in which an example sold for $24,000. The Otis copy has dropped -15.87% over the last month but it is still up 50% since inception.
Rally (BGS 10): $105,000
Review: The Otis example has gained 6.82% over the last month and is up 17.5% since inception. Rally’s card, which carries a BGS 10 grade, dropped -30% in its last trading session on June 9th.
Review: The result at Goldin represents a stabilization in the price of sealed Fleer wax. After two boxes sold for $168,000 on June 5th, all subsequent 1986 Fleer boxes at Goldin have sold for at least $180,000. The price of this box matches the price realized for another example sold at Goldin’s July Card Auction. The Collectable box is up 9% over the last month while the Rally sealed wax is expected to trade on August 31st.
Review: Rally’s example is expected to IPO on August 11th and the Goldin sale is a move in the positive direction for a card still bouncing-off newly established support levels. PSA 9’s peaked at $90,100 in February and have since fallen into the $20,000 range. The $27,060 card is one of two PSA 9’s sold at Goldin this weekend but is the better comp to the Rally example based on eye appeal.
Rally (Exit): $72,000
Review: The Goldin result exceeds the prices struck at both the July Card Auction and their June event. Goldin sold a rookie MJ for $270,600 in July that matches the price struck at the auction house on June 26th. This sale represents a return to glory for the prized card, as it’s the first sale at Goldin to surpass $300,000 since May. Collectable’s PSA 10 copy has reached $360,000 on their secondary market and is up 44% over the last month. The card has gained 260% from its IPO price of $100,000.
Review: The Otis card IPO’d on March 26th at a $41,400 market cap and has since fallen to its current level of $30,667.80. The card is expected to reopen for trading on August 11th when the platform plans to reinstate all suspended assets.
Review: While the 1986 Fleer Jordan seems to be stabilizing in price, the same cannot be said for his second-year card. The 1987 Fleer Jordan sold by Goldin only reached a price that is less than half the current market caps at both Otis and Rally. Investors should continue to watch upcoming auctions to see if this sale is an outlier or if the card can re-establish itself in the $35,000-$50,000 range.
Rally (SGC 8): $49,500
Review: Rally’s Clemente card gained 26.92% in its last trading session while the Collectable card, which carries a PSA 8 similar to Goldin’s example, has traded flat. PSA 8’s of the 1955 Topps Clemente typically sell for 2.1-2.4x the value of SGC 8’s. Clemente has performed well at Goldin with this recent sale the highest at the auction in 2021.
Asset: 1908 Ty Cobb E98 Card
Review: Rally’s E98 dropped -17.14% during its last trading session. The Goldin card had 20 total bids but the price stalled at $31,980. There are only two examples from the 1908 set graded higher.
Collectable (2 cards): $61,845
Review: The Collectable basket is down 38% from its IPO price of $99,750. The card sold by Goldin carries the same subgrades as the copies in Collectable’s offering- three 9.5’s and a 9 for corners.
Review: The 1981 Montana rookie card is still trying to establish a new price range after its fourth consecutive sale at Goldin in which the price fell from the previous result. Collectable’s card is up 7.5% from its IPO price while the Otis card has gained 49.9%. The Otis example has slipped over the last three months though and is down -18.97% in that span.
Review: Collectable’s sealed box has gained 12.5% on their secondary market since inception but still lags the recent sale at Goldin. The Collectable wax has dropped 7.8% over the last month and is down -2.2% this week.
Review: The SP Authentic Tiger Woods rookie card has been in freefall at Goldin Auctions over the last four months after peaking in April. BGS 9.5 examples of the /900 rookie reached $40,000 twice within the first four months of the year but prices have fallen dramatically since, with this most recent result the first under $20,000 since 2020. Collectable’s card is down -21% since IPO while Rally’s gained 8.7% in its last trading session.
Review: Another card trying to re-establish support is the 1979 O-Pee-Chee Wayne Gretzky. Sales at Goldin for PSA 9’s reached $265,200 in April and the most recent result was for $150,060 in May. Similar to 1986 Fleer Jordan cards though, the quality of some OPC examples differs dramatically. The Collectable card is up 107.5% from its IPO price and has far better edges than the example sold at Goldin. Collectable’s Gretzky has slipped -13.5% over the last week.
Goldin (BGS 9.5): $68,880
Rally (BGS 9.5): $46,800
Otis (BGS 9.5): $64,030
Goldin (PSA 9): 51,660
Collectable (PSA 9): $68,714
Review: The BGS 9.5 outpaced the PSA 9 Messi by $17,220 with the final sale settling above both the Otis and Rally examples. Rally’s card dropped -13.33% during its last session while the Otis card is up 58.20% in the last month. Collectable’s card has dropped -20.1% since IPO.
Additional Notable Sales: