Auction Action by Altan Insights: August 18, 2021
This week on Auction Action, the Altan Insights team virtually visits Robert Edwards Auctions to review their REA Summer 2021 event. All prices include a 20% buyer’s premium.
The legendary T206 Honus Wagner card starred at the REA auction with a record-breaking sale. The 1909 Sweet Caporal card sold for $6,606,296.40 which surpassed any other public auction sale to date. Honus Wagner cards now make-up four of the top ten highest card sales and the $6.6 million price tag eclipsed the second highest sale, a 1952 Topps Mickey Mantle card, by over $1.4 million.
There is currently only one Honus Wagner card that has been fractionalized- Rally's SGC Authentic-graded T206. The Rally card IPO'd in December 2019 at a $520,000 market cap and has gained 92.3% to reach its current valuation. There are a total of 60 Wagner T206 cards known to exist with the majority graded Authentic. Robert Edward's SGC 3 is one of the highest graded examples and the card attracted 26 bids over $1 million. The first day the card opened, twelve bids pushed the price to $2.9 million. The price reached $4.2 million by August 10th before surpassing $5 million on the 13th. Two bids were placed on the 15th with the final bid coming in on August 16th for $5.5 million.
Review: Collectable IPO’d their card on August 16th and investors had an immediate comp to review before making a decision on whether to participate in the offering. The Collectable card sold-out to 163 investors for an average investment of $196.32. The REA sale is a rebound from recent prices that include sales of $29,489 and $26,400.
Review: Rally’s example IPO’d in December at a market cap of $35,000 and the card has since increased its valuation by 21.4%. REA’s sale is a 90.6% premium to Rally’s card and marks the highest sale price for a 1934 Goudey Lou Gehrig card. The Rally Gehrig is scheduled to return to their secondary market on October 10th.
Review: Collectable's Mantle has gained 100.7% since its IPO although the card has experienced a slight pullback over the last month with a return of -4.4%. The REA sale is the second straight auction in which a PSA 8 '52 Mantle has surpassed $30,000 after four consecutive sales failed to reach the threshold.
Review: The 1957 Mantle has been a volatile piece of cardboard with sales ranging from $8,911 to $15,386 since March. Rally’s IPO’d for $8,000 in December and has climbed to a $20,800 market cap as of publication. Rally’s copy is set to trade on September 28. The 1957 Mantle features the Yankee legend during his incredible 1956 campaign when he hit 52 home runs with 130 RBIs and a .353 batting average on his way to winning the Triple Crown.
Asset: 1993 Upper Deck SP Foil Derek Jeter Rookie (PSA 9)
*Collectable BGS 9.5 (2 cards): $59,850
Review: Collectable’s Jeter basket has slipped -40% since IPO and is down -3.2% over the last week. The pair of BGS 9.5’s carries a 2.3-2.5x multiple to PSA 9’s and the REA sale is a positive sign for the card overall. After prices peaked around $35,000 in February and March, sales fell into the single digits but have recently established stability above the $10,000 threshold.
*Different grade and a basket
Review: Rally’s IPO’d their Starr for $8,000 and the PSA 8 of the Green Bay-great has climbed 115% since. The card did slip -14% in its last trading session on June 14th though and the REA result comes in at a discount to the fractionalized copy. The auction sale is in line with recent Starr prices though and marks the fourth highest PSA 8 sale of 2021 for the card.
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