Auction Action Update: March 9, 2021
This week at Altan Insights we are highlighting the results from Goldin Auctions and comparing them to the most recent valuations of similar assets on the various fractional marketplaces. Note that the price for the Goldin Auction items includes a 23% buyer’s premium (BP) which is added to the winning bid of all lots. If the winner pays by cashiers check, wire transfer, money order, or check within 10 days the premium drops to 20%. The final buyer’s premium (20% or 23%) is included in the final realized price for these assets. Also note that fractional marketplaces are allowed to adjust the market caps of future offerings that are not already public.
For fractional investors, the 1986-87 Fleer Basketball Wax Box had the largest discrepancy between the price realized at auction and the current valuation at Rally. On December 11, 2020, Rally offered their sealed box at a $165,000 market cap while a box at Goldin struck a final price of $344,400 (with BP). Rally investors will have an opportunity to invest in a 1976 Walter Payton Rookie Card (PSA 10) at a $65,000 market cap. Goldin sold a card from the same set with the same grade for $124,230 (with BP) for a premium of 91.1%. The Topps 1980-81 Sealed Box which is scheduled to IPO on Rally at a $78,000 market cap is the only comparable asset to strike a lower valuation at Goldin this weekend. The highest sale price was $62,730. Heritage Auctions sold a similar box for $72,000 (with BP) at their Winter Platinum Auction in February.
Collectable investors who picked up shares of the 1952 Topps Mickey Mantle (PSA 8) had plenty to be excited about as they watched their investment easily clear the $1 million threshold and reach a new high for a ‘52 Mantle of that grade. When the dust settled Goldin’s Mantle had sold for $1.35 million (BP included) a 178% increase in implied valuation. On February 21, 2021, Collectable investors received a buyout offer of $160,000 for the 2000 SP Authentic Tom Brady which would have represented a 164% ROI. Goldin sold a Brady rookie of the same grade for $185,730 this weekend. Another card that will become available on their secondary trading platform is the 1979 O-Pee-Chee Wayne Gretzky Rookie (PSA 9). Collectable offered the card at a market cap of $67,000. Goldin's sale of another Gretzky rookie from the same set and grade sold for $198,030, or a premium north of 195%.
Investors on Otis also had a 2000 SP Authentic Tom Brady card to follow on Goldin although their card has been actively trading on their secondary market. The Goldin sale still outpaced the current valuation on Otis by 32%. Otis also has a 2003 Topps LeBron James Refractor Rookie Card currently trading at $227,850 while Goldin sold a card of the same grade for $273,060. Another Otis asset that is actively trading is the ‘04 Panini Megacracks Lionel Messi Rookie. Goldin sold a card from the same series with the same grade (BGS 9.5) for $99,630. Heading into the weekend the card was trading at a $57,290 market cap on Otis. The most significant difference between market cap and auction sale occurred with the 1972 Julius Erving Rookie Card (PSA 9). Otis offered this card at a $15,800 market cap and Goldin’s card, same set and grade, had already surpassed that valuation before weekend bidding had started. Propelled by a swirl of late bids, the Dr. J rookie struck a final hammer price of $59,040, representing a 271% difference in valuation.
Disclaimer: You understand that by reading Altan Insights, you are not receiving financial advice. No content published here constitutes a recommendation that any particular security, transaction, or investment strategy is suitable for any specific person. You further understand that the author(s) are not advising you personally concerning the nature, potential, value or suitability of any particular security, transaction, or investment strategy. You alone are solely responsible for determining whether an investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal financial situation. Please speak with a financial advisor to understand if the risks inherent in trading are appropriate for you. Trade at your own risk.