Auction Action by Altan Insights: June 26, 2021
This week on Auction Action, the Altan Insights team virtually visits Goldin Auctions to preview their June Premium Card and Memorabilia Auction. Altan Insights will provide a full review of the auction including additional data points and comparable assets at the conclusion of the event. Note: Alternative asset prices and auction data is as of 6/25.
Collectable (BGS 9.5): $181,000
Preview: The Goldin example is one of only 16 graded PSA 10 and has already reached $150,000 heading into the weekend. Collectable’s card is graded BGS 9.5 and although its market cap of $181,000 will be a discount versus the valuation of Goldin’s PSA 10, the important factor to watch is how the Goldin card compares to recent sales. Goldin sold two PSA 10’s in their Elite Auction on May 22nd with the lowest sale going for $246,000. The Collectable card is scheduled to begin trading on July 8th.
Rally (BGS 10): $105,000
Preview: LeBron has been in freefall across the various fractional platforms over the last few months. The Otis card was initially offered on October 13th at a $73,500 market cap and since increased its valuation by 10% overall but is down -24.14% across the last thirty-days and -59.26% over the last ninety-days. Rally has a BGS 10 that IPO’d at a $100,000 market cap and gained 50% during its trading session on March 18th but then fell 30% during its window on June 9th.
Preview: The Kevin Durant card at Otis has fallen -37.23% in the last month and is down -18.4% overall. Collectable’s example has dropped -47.3% this month but is still up 45% since IPO. Goldin sold a PSA 10 for $39,600 in May. The card up for auction this month has reached $14,000 through the first 5 bids.
Preview: The Collectable box has dropped -10% from its IPO valuation of $183,750. Rally’s box IPO’d at a $165,000 market cap but gained 30% and now has a valuation of $214,500. The Rally box dipped -30.77% on June 15th, falling from $214,500 to $148,500. Goldin’s sealed wax is priced at $140,000 through the first 12 bids.
Rally (Exit): $72,000
Preview: The 1986 Fleer Michael Jordan Rookie Card returns to the auction block this week at Goldin with two PSA 10 examples up for sale. Collectable’s card rode the wave of MJ mania and is up 157.5% overall but has fallen -57.08% from its highs. Both Goldin cards have reached $170,000 heading into the weekend.
Collectable (2 cards): $22,028
Preview: The 1980 Scoring Leaders Basket has struggled on Collectable, falling -19.9% overall. The basket contains two cards graded PSA 8. Goldin is featuring a single PSA 8 card this weekend with bidding at $2,300 as of Friday.
Preview: Collectable IPO’d a 2003-04 UD Hobby Box on June 22nd. The box features the 2003 NBA draft class which included LeBron James and is currently 60.6% filled. The Exquisite boxes contain a single five-card pack that includes at least one signed rookie patch card. Goldin’s box has reached $51,000 through 18 bids.
Rally (PSA 9): $235,000
Preview: Rally’s PSA 9 filled with 1,371 investors last week and will begin trading after the 90-day holding period is complete. There are only ten PSA 10’s in circulation with Rally and Goldin currently offering two of them.
Preview: The card featured at Goldin and Otis both contain subgrades of one 10, two 9.5’s, and one 9. The /500 Trout card has dropped -20% on Otis overall and is down -8.57% this month.
Collectable (2 cards BGS 9.5): $99,750
Preview: The Goldin card is a PSA 9 versus the BGS 9.5 offered by Collectable. The standard multiple for BGS 9.5’s is 1.5x the valuation of PSA 9’s. Collectable’s offering has struggled since opening for trading this month- the basket is down -39.4% since IPO.
Preview: The first Topps card produced for Willie Mays was filled by 515 investors on Collectable and a direct comp is now available for bidding at Goldin. Collectable’s card opened at a $239,000 market cap and is scheduled to begin trading on July 30th.
Preview: Collectable and Otis both have PSA 10 Montana cards that are actively trading on their platforms. The Collectable example is down -5% overall while the Otis card has gained 50% overall but has dropped 15.49% in the last month. Rally’s card was filled by 1,117 investors and will begin trading in the coming months.
Preview: Collectable’s card has three 9.5’s and a 10 for centering while the Rally card contains three 9.5’s and a 9 for edges. Collectable’s example has dropped -29.5% since it started trading on June 18th while the Rally card gained 38% in its first trading session. PSA 10’s for this Tiger Woods rookie are usually appraised at a 2-2.3x multiple over BGS 9.5’s depending on subgrades. Investors can also use previous sales of PSA 10’s as a general benchmark. Goldin sold a PSA 10 for $62,730 on May 22nd.
Preview: Collectable’s Gretzky has experienced a whirlwind of activity over the last quarter. On April 22nd, Collectable received a $225,000 buyout offer. The card was trading at a $180,900 market cap when the offer was made and 63% of shareholders (weighted) rejected the buyout. The card then reached a $222,775 market cap in May, nearly surpassing the buyout valuation. The card has since receded 12.8% from that peak and currently has a $194,300 market cap. Goldin sold a PSA 9 Gretzky for $211,560 on May 22nd.
Preview: Sales for the Barca Campeon Messi have slowly trickled upward over the last few auctions at Goldin. On April 24th, Goldin sold a PSA 10 for $15,600 which was followed by a sale for $17,220 on May 22nd. The Otis card opened for trading on April 26th at a $25,200 market cap and has gained 5% overall.
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