Auction Action by Altan Insights: July 21, 2021
PWCC closed their July Premium Auction and struck prices for multiple lots in their July Monthly Trading Card Auction. We review the results that are relevant to alternative asset investors. Note that all auction prices include 20% buyer’s premium.
Otis (BGS 9.5): $34,350
Review: The Otis card is currently trading at a similar price of the most recent BGS 9.5 sold at auction, which went for $33,600 at Goldin Auctions. The PWCC card is a PSA 10 but we find that BGS 9.5’s typically sell consistently 1.5-1.6x below gem mint examples which places the Otis copy in range of the PWCC sale.
Collectable (2 cards): $61,500
Review: The Collectable basket is scheduled to begin trading on July 28th. Gold refractors are all numbered to 50 and is the fourth rarest variation behind Red, Orange, and Superfractor. Betts cards have struggled recently with the star outfielder dealing with nagging injuries this season.
Collectable (2 cards): $59,750
Review: The basket at Collectable has dropped -40.1% from its IPO price but is up 4.2% over the last week. Jeter will be enshrined in the MLB Hall of Fame on September 8th and investors should continue to monitor sales leading up to the event to see if card prices stabilize or continue to slip.
Review: The PWCC card comes from the Dmitri Young Collection which is a unique assembly of cards gathered by the former MLB All-Star. Collectable’s card is scheduled to begin trading on August 9th. Rally also has an example that is listed as ‘Coming Soon’ with a market cap of $135,000.
Rally (SGC 7): $44,100
Review: Rally’s card has gained 29.7% overall since opening at a $34,000 market cap. While the card is graded SGC 7 compared to the PSA 7 sold on PWCC, we find that historically vintage cards graded by SGC tend to carry similar value with a less than 1.5x difference versus their PSA counterparts.
Review: The Collectable card has dropped -45% since IPO but currently has a value in-line with PWCC’s result. Both The PWCC example and Collectable’s card come from a print run of 99 and feature similar patches that show the Chiefs primary colors of red and gold.
Review: Both the Collectable and Otis examples have fallen from their previous highs but are now safely under this direct comp realized at PWCC’s event. The card seems to be gaining steam on Collectable where it has climbed 5.3% over the past week and is up 50% overall since IPO.
Review: The box on Collectable has slipped -9.5% overall and is down -25.8% in the last week. PWCC’s sale outpaces the current valuation on Collectable and is higher than the box's IPO price of $23,250.
Otis (BGS 9.5): $23,800
Review: The Otis example is graded lower than the card sold at PWCC which went for a significant discount to the valuation of the card at Collectable. Sales of PSA 10 cards have displayed a dramatic spread with prices ranging from $27,600 to $90,000. Investors should continue to follow upcoming sales of this volatile card as both fractional examples are expected to begin trading in the coming months.
Rally (Exit): $72,000
Review: After months of downward trending sales, PWCC sold a 1986 Fleer Jordan Rookie for a record $840,000. The card stands out with an impressive eye appeal grade of PWCC-S which puts it in the top 5% of the total population. Collectable has a card currently trading for $370,000 after it gained 33.3% in the first trading session after the PWCC sale. Collectable’s card has gained 270% since IPO.
Otis (Delisted): $505,300
Review: The Otis example carried slightly worse subgrades than the PWCC card. The Otis PMG had an average sub grade of 8.25 while the average grade for the PWCC card is 8.38. The Otis card was ultimately delisted after reaching 60% funded.
Collectable (Exit): $375,000
Review: Collectable IPO’d their Wilt rookie for $200,000 and investors quickly accepted a buyout offer of $375,000 just four days after the card opened. The PWCC example carries an E grade for eye appeal which places it in the top 15% of the series.
Review: The Rally ‘85 Nike Jordan IPO’d in March and is expected to return to their secondary market in early September. The PWCC sale represents a strong recovery after a promo card sold at Goldin Auctions for $18,000 in May.
Review: Both the Rally and Otis sit at prices well below the PWCC result. The 1987 Jordan hit $58,800 at a Heritage Auctions hosted event in February but the card has since receded with all recent sales in the $20,000-$30,000 range. Investors should follow upcoming sales to see if the second-year Jordan card receives a boost in value from the record-breaking 1986 sale.
Review: The PWCC example had an eye appeal grade of PWCC-A which puts it in the top 30% of the card’s population. Rally filled their IPO for the first fractional Lemieux with 599 investors and the card is expected to begin trading within the next month.
Review: The Collectable card carries an impressive eye appeal with less damage to its edges and surface compared to the card sold by PWCC. Collectable’s example gained 11% in its first session after the sale and is up 150% since IPO.
Review: Both the Otis card and PWCC example carry similar subgrades. Both have three 9.5’s and one 9 with the Otis 9 for corners and the PWCC card is grade a 9 for its surface. The Otis example IPO’d for $21,520 on February 5th.
Otis (BGS 9.5): $65,715
Rally (BGS 9.5): $54,000
Review: Collectable is expected to begin trading their Messi in August at an $86,000 market cap. The Otis and Rally examples are both in a higher grade of BGS 9.5 and are actively trading on their secondary markets. Rally’s card gained 20% in its last session.
Additional Sales to Follow:
2007 Topps Chrome Refractor Kevin Durant Rookie Card /1499 (BGS 10): $34,800
2003 Topps Chrome Refractor LeBron James Rookie Card (BGS 10): $144,000
2003 Topps Chrome Black Refractor LeBron James Rookie Card (PSA 10): $264,000
Asset: 1954 Topps Hank Aaron Rookie Card (PSA 8): $43,200
2001 SP Authentic Tiger Woods /900 (PSA 10): $50,400
2001 SP Authentic Tiger Woods /900 (SGC 10): $26,400
All images courtesy of PWCC Marketplace
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