Auction Action by Altan Insights: June 29, 2021
This week on Auction Action, the Altan Insights team virtually visits Goldin Auctions to review their June Premium Card and Memorabilia Auction. Note that all realized auction prices include a 20% buyer’s premium.
Rally (BGS 10): $105,000
Review: The LeBron Chrome Refractor has fallen significantly from sale prices realized earlier this spring. For example, Goldin sold a PSA 10 for $266,400 in March. The Otis card was initially offered on October 13th at a $73,500 market cap and reached $294,000 in February. Over the last three months, the asset has dropped 60% and is now trading at its IPO market cap. 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.
Collectable (BGS 9.5): $181,000
Review: The Goldin example surpassed $150,000 during early bidding but was unable to clear the reserve set for the auction and did not sell. Collectable’s card is graded BGS 9.5 and is expected to begin trading on July 23rd. Goldin sold two PSA 10’s in their Elite Auction on May 22nd with the lowest sale going for $246,000.
Review: The Durant cards on both Collectable and Otis have now sold-off beyond Goldin’s recent auction price. The Durant result is still a drop from the May auction result when a PSA 10 sold for $39,600.
Review: Although the Goldin result is a steep fall from prices hit during the winter it represents a slight recovery from prices realized during the last auction. Goldin sold two boxes during their June 5th event for $168,000 each. The sealed wax currently trading at both Collectable and Rally are now safely under this new comp for the 1986 Fleer box.
Goldin: $270,600 and $233,700.
Rally (Exit): $72,000
Review: The Fleer Michael Jordan rookie has failed to break through $300,000 in the month of June. Goldin has sold four PSA 10 examples between two events during the month with prices ranging from $233,700 to $295,200. The Collectable card has fallen 19% in June and finds itself in the middle of the auction range.
Goldin (1 card): $7,995
Collectable (2 cards): $22,000
Review: The single Goldin card sold for nearly $8,000 and the basket on Collectable which features two cards is currently selling for $22,000. The basket is down 20% from its IPO price of $27,500.
Review: Collectable IPO’d a 2003-04 UD Hobby Box on June 22nd for $109,750 but reduced the market cap to $79,750 after the latest auction result. The Exquisite boxes contain a single five-card pack that includes at least one signed rookie patch card.
Review: The Goldin sale marked the first time a PSA 9 Hemmets Journal Cassius Clay has sold at the auction house. The sale is significantly lower than previous PSA 9 comps so investors should follow upcoming events to see if the result is an outlier.
Review: The Trout card has dropped -25% on Otis overall and is down -11.76% this month. Goldin’s sale places the asset in line with the current market cap found on Otis. The Los Angeles Angels placed Trout on the 60-day injured list on 6/28 which means the superstar will be out until after the All-Star break.
Collectable (2 cards BGS 9.5): $52,868
Review: Collectable’s offering has struggled since opening for trading this month- the basket is down -47% since IPO. Goldin’s result is for a PSA 9 which usually sells at a multiple 1.5-2x below a BGS 9.5 depending on subgrades.
Review: The highest price paid for any baseball card sold at Goldin was this 1952 Topps Willie Mays. The sale is an impressive result considering Goldin sold another PSA 8 for $182,400 in May. Collectable’s card is scheduled to begin trading on July 30th.
Review: Goldin’s sale is similar to the result from their May auction when a PSA 10 sold for $51,600. Collectable and Otis both have PSA 10 Montana cards that are actively trading on their platforms. The Collectable example is down -7.5% overall while the Otis card is up 60% overall but down 9.9% in the last month.
Review: The multiple used to appraise PSA 10’s for this Tiger Woods card against BGS 9.5’s is usually 2-2.3x. The auction result is a slight discount to the sale of a PSA 10 sold by Goldin in May- the card went for $62,730.
Review: The Goldin sale is a decline from their May auction when a PSA 9 sold for $225,000. Collectable’s card has gained 155% from its IPO price but is down -22.7% over the last month.
Review: This sale follows the May 22nd auction in which a Messi PSA 10 sold for $17,220. The Otis card opened for trading on April 26th at a $25,200 market cap and has gained 5% overall. The Otis market cap has remained unchanged since June 17th.
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