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February 15, 2024

What are the Most Expensive Pieces of Sports Memorabilia of All Time?

By 
Altan Insights
We compiled the all-time auction price records for sports memorabilia as of February 2nd, 2024. Be sure to check back as we update the list as new records are set!
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What are the Most Expensive Sports Cards of All Time?
Records

What are the Most Expensive Sports Cards of All Time?

By 
Altan Insights

We compiled the all-time auction price records for sports cards as of February 15th, 2024. Be sure to check back as we update the list as new records are set!

What are the most expensive sports cards ever sold at auction?

12. 1952 Topps Mickey Mantle #311 PSA Mint 9. - $2,880,000.00 - April 19, 2018

Heritage

The ’52 Topps Mickey Mantle card is the crown jewel of the Post-War era; it features a striking portrait of the player pensively looking into the distance. It is not the oldest card and it does not depict a player that regularly finds himself coming out on top of G.O.A.T. arguments—so why is it that this card receives so much love? The beautiful profile showing off Mantle’s Hollywood looks, the sky-blue background, the star of the best team in baseball, and a little mishap at Topps that found these cards at the bottom of the Hudson (allegedly) seriously deflating their supply. All factors in the value of cards like this one.

This example is one of the six highest graded copies among the 1,500 submissions PSA has graded—only three of which were graded higher. Only the highest quality and best maintained cards from this era will fetch such prices. At a PSA 9, this card cannot get much better.

11. 2000 Playoff Contenders Tom Brady ROOKIE RC PSA/DNA 10 AUTO #144 PSA 10 GEM MINT - $2,880,000.00 - August 21, 2021

PWCC

Tom Brady was selected in the sixth round of the 2000 NFL Draft and spent his rookie season as a second-string quarterback under Drew Bledsoe. Despite this inauspicious start, he went on to become the greatest player in NFL history and is considered by many to be the best draft pick of all time. Throughout his illustrious 20-year career, he won seven Super Bowls and numerous MVP awards (5x SB and 3x regular season, but who is counting). His 2000 Panini Contenders Autograph rookie card is regarded as one of the great objects in the hobby, a symbol of his unparalleled career and status as a living legend.

This card, an extremely rare PSA 10 Auto 10, is one of two like graded examples in the world. Out of the more than 500 graded copies of Tom Brady’s rookie card it does not get better than this one.

10. 2000 Playoff Contenders Championship Rookie Ticket #144 Tom Brady Rookie Autograph (8/100) BGS MINT 9 - Auto 10 - $3,107,372.00 - June 4, 2021

Lelands

He was bound to appear again in this list, but so quickly? There is a joke in here somewhere about TB12’s double retirement, but we will leave that be for now.

Sold just months prior to the above Tom Brady card, this example received a full grade less from Beckett Grading Services (BGS) instead of PSA. Even when considering those marks against it, the card sold for $200,000 more! Likely explained by the sports card fervor that was striking the market at the time. It still illustrates that type of the demand that exists for uber-high-quality rookie cards for the G.O.A.T.

9. 2018 National Treasures Luka Doncic ROOKIE NBA LOGOMAN PATCH AUTO 1/1 #127 BGS 9 - $3,120,000.00 - November 17, 2022

PWCC

The lone basketball player on the list, Luka Doncic has garnered more praise in the first few years of his career than nearly any player before. It did not take long for Luka to display his basketball skill—averaging 21.2 points, 7.8 rebounds, and 6.0 assists in his rookie season. He was voted rookie of the year and has only gone on to exceed expectations in the following seasons. He is performing at the highest level in all aspects of the game. Evidenced by his current 10th all-time ranking in number of triple-doubles. As a 23-year old.

The amount of hype for Doncic is surely baked into the price of this card, but aside from his accomplishments on the court this piece has significant appeal from a rarity and aesthetics perspective. Firstly, it is a 1/1, there is not another like this card. Signed by the player, but also displaying the coveted “Logoman”. Graded a BGS 9, the card is made even more valuable by the quality of its printing. It is beautifully centered—a perfect 10 in the sub-category. It isn’t perfect, but its one-of-a-kind nature propels its value well past the standard price another BGS 9 card would fetch.

8. 1909-11 T206 White Border Honus Wagner - PSA EX 5 (MC) - $3,120,000.00 - October 1, 2016

Goldin

Printed between 1909 and 1911, the T206 series is among the most celebrated sets in the hobby. Still recognized names like Ty Cobb and Cy Young populate the list of players represented in the set. Wagner’s card carries quite some more weight due to the story behind it. During the production run the player refused to allow production of the card; some argue it was due to his being against children buying cigarette packs, others claim it was due to Wagner wanting more compensation from the American Tobacco Company. Either way the effect it had on supply is quite noticeable when compared to the other cards in the set.

This example is the most impressive T206 Honus Wagner card known to grading firms. At SGC 5, it is far from perfect. The portrait of the player does happen to be in great condition. An image from more than 100 years ago being this sharp is a testament to the quality of collector this card has had over its life.  The remaining factors of the card are of below-average quality: corners are frayed and beat up, the centering is nowhere close to 50/50, and the edges are uneven at best. Although compared to similar era cards, you will not find much better than this.

7. 1909-1911 T206 Sweet Caporal Honus Wagner PSA 1 Charlie Sheen All-Star Cafe Card - $3,136,500.00 - March 31, 2022

Mile High

Same card as above, with a lower grade—so how does it sell for more? Two things: A great story about one of our nation’s great sitcom stars and about six years’ worth of time and appreciation.

Charlie Sheen may be remembered now more for his time on Two and a Half Men or maybe for one of his many off-screen…antics? Moving past that for now, Sheen was on what can only be described as a hot streak in the late 80s; appearing in high-grossing films like Platoon, Wall Street, and Major League. He parlayed these Hollywood pay-checks into a number of pieces of classic cardboard.

This T206 Honus Wagner was one such piece of cardboard, he purchased it for $225,000 and proceeded to loan it to a newly opened Times Square Sports Bar (novel idea, we know). The bar displayed several pieces of sports memorabilia—this card being the most valuable among them. Employees of the aptly named “All-Star Café” conspired to steal the card and replace it with a fake. They sold the real card for a paltry $18,000. After a few flips in the following years, it finally ended up on the auction block at Mile High placing it firmly in the top ten sales between two other T206 Honus Wagners.

6. 1909-11 T206 White Border Honus Wagner – A "Fresh to the Hobby" Example – PSA GD 2 - $3,660,000.00 - May 22, 2021

Goldin

Another T206 Honus, but this copy is graded just barely higher at PSA GD 2. The fact that Wagner cards still exist after being printed over 120 years ago is something to behold. Among the forty or so that exist this card received a higher grade than half of them. It really says something about the scarcity of this card when grades like 1 and 2 are seen topping the price charts.

5. 2009 Bowman Chrome Draft Prospects #BDPP89 Mike Trout (Superfractors) Signed Rookie Card (#1/1) – BGS MINT 9/BGS 10 - $3,840,000.00 - August 23, 2020

Goldin

Mike Trout’s superlative individual career coincides with a beautiful, BGS MINT 9 graded, one of one card from his 2009 rookie year to make for one of the most valuable cards in history. Most baseball cards on this list are of players who made their debut 100+ years ago—this one is of one who is still playing right now, so what gives?

Older baseball cards are valuable for similar reasons to this one, namely rarity. Although when it comes to T206 Wagner cards, there are approximately 50 of them. When it comes to this Trout card, there is only one.

Not to mention the fact that this card is beautiful. Graded a BGS 9 with a 10 for Trout’s autograph, it did not receive a subgrade in any category below 9. Not only was this the only card of its kind made, it was also produced and maintained with extreme care. Leading to this extreme valuation.

4. 1952 Topps Mickey Mantle #311 SGC Mint 9 - $4,500,000 - August 19, 2023

Heritage Auctions

The 1952 Topps Mickey Mantle #311, graded SGC Mint 9, emerges from the historical "Rosen Find," mirroring its counterpart that shattered records with a $12.6 million sale, setting a precedent in sports memorabilia. This card, a near twin to the previously mentioned benchmark, stands as a testament to the exceptional quality unearthed in a once-in-a-lifetime discovery of 1952 Topps Series Three deadstock, attributed to Al Rosen, a pioneering figure in the collectibles arena known as "Mr. Mint." This discovery not only cemented Rosen's legacy but also introduced to the market a collection of world-class cards in unparalleled condition.

3. 1909-1911 T206 White Border Honus Wagner SGC VG 3 - $6,606,296.00 - August 15, 2021

REA

Ahh! Back to our boy Honus! What else to say about this card. As you can tell when ever even relatively low graded T206 Wagner’s come up for sale they exhibit extreme demand. This card graded an SGC VG 3 is among the best of the best. Only four such examples can be found graded higher.

Even without knowing the grade, the naked-eye is all that is needed to witness the quality of this example. The portrait of Honus is only interrupted by a few small imperfections and the card is centered extremely well for a T206. The corners and edges are definitely worse for wear, but when considering the over 120-year-age of the piece, collectors have been known to be forgiving.

2. 1914 Baltimore News Babe Ruth SGC VG 3 - $7,200,000 - December 4, 2023

REA

The Babe Ruth rookie card from the Baltimore News, recently sold for a staggering $7.2 million, encapsulates the essence of baseball's golden age. With only ten known examples in existence, this rare artifact not only symbolizes Ruth's early days as a Baltimore Orioles pitcher but also serves as a testament to his enduring legacy. The record-breaking sale reaffirms Ruth's unparalleled status and cements the card's position as one of the most significant and coveted in the history of sports memorabilia.

1. 1952 Topps Mickey Mantle #311 SGC Mint+ 9.5 - $12,600,000.00 - August 27, 2022

Heritage

It is only fitting that the first and last on the list are of the ’52 Topps Mickey Mantle #311. This example received a half grade higher than the copy in the tenth spot, but almost a $10 million premium over it in price. I won’t regale you with details of Mantle’s illustrious career with the Yankees or with how supply of these cards is limited due to a print run of them being supposedly dumped into the Hudson. This card has somehow an even more interesting story than the average ’52 Mantle.

The Rosen Find” is a bit of hobby lore that is the stuff of dreams for enterprising dealers and collectors. Hobby pioneer Al Rosen—self-proclaimed “Mr.Mint”—received a call from a Boston man claiming to have a collection of high-numbered 1952 Topps cards. The story was that his father was a delivery driver for Topps and when the distribution of these cards was axed, they ended up sitting in his basement for the next 31 years.

When Rosen went to go see the cards a week later he stumbled into what might be the best score in the history of the hobby. Seventy-Five Mickey Mantle #311 cards. This example was then sold off to Anthony Giordano for $50,000 in 1991. Implying an eye-popping 19.53% CAGR before fees.

Although there are three PSA GEM-MT 10 graded copies of the card, they have never shown up at auction. It is impossible to say if they ever will, or if their quality is noticeable better than this one. When it comes to ones that have come to auction, it does not get any better than “The Rosen Find”.

What are the most expensive, known private sales?

  • “1909-1911 T206 White Border Honus Wagner SGC 2”- $7,250,000

This card was sold in a deal brokered by Goldin in August of 2022. A year after the SGC VG 3 copy was sold for $6,606,296 in August of 2021. Demand for T206 Honus cards borders on the incomprehensible. Just the rarity of the card is enough to propel its record to new heights. High grades relative to the population alter the valuation, but when it comes to Honus it seems that collectors are buying the card as opposed to buying the grade.

  • “1952 Topps Mickey Mantle #311 PSA 9” - $5,200,000

January of 2021 found this copy in a sale brokered by PWCC. Thecopy is one of 6 examples graded PSA 9 (out of a total 1,897) and is one of the most beautiful examples of the golden age icon.

  • “1952 Topps Mickey Mantle #311 PSA 9” - $5,200,000

January of 2021 found this copy in a sale brokered by PWCC. Thecopy is one of 6 examples graded PSA 9 (out of a total 1,897) and is one of the most beautiful examples of the golden age icon.

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Wata vs. VGA vs. CGC: Which Video Game Grader is Best?
Guides & How-Tos

Wata vs. VGA vs. CGC: Which Video Game Grading Company is Best?

By 

Graded video game collecting has surged in popularity over the last few years. While maybe not at the frenzied, fever pitch of mid-2021, the category is still cultivating interest from collectors old and new. Given the increase in popularity, more parties are pursuing the business of video game grading. Today, there are three main competitors in the space: Wata Games, VGA, and CGC. By exploring the attributes of each service, we'll set out to answer a few key questions:

What are the differences between Wata, VGA, and CGC?

What are the key considerations in choosing a video game grader?

Which video game grader is best (for you): Wata, VGA, or CGC?

Okay, let's start with a little background on each.

History

Wata

Wata Games was founded just a few years ago in 2018, with Wata-graded games quickly finding their way to the auction block at Heritage Auctions (controversially, some allege). With the explosion in popularity of video game collecting and the headline six and seven-figure sales, video game grading became a sought-after service. In 2021, Collectors (which owns card grading company PSA) acquired Wata. Over the course of the past few years, the company has begun grading games from more modern systems, while also refining population reports, game holders, and branding.

VGA

VGA is a part of Collectibles Grading Authority (CGA), which was founded back in 2000 and also features toy grader AFA. The company expanded into video games in 2008, making it the longest tenured player in the space. In late 2021, CGA was acquired by Diamond Comic Distributors. Since then, the company’s website - a common pain point for collectors - has been rebranded and modernized.

CGC

CGC was founded way back in 2000 to grade comic books. It’s part of a broader business - Certified Collectibles Group - which features grading companies in coins, paper money, stamps, sports cards, and more. Since its founding, CGC has built a dominant position in comic books, operating essentially unchallenged - almost every high value sale has featured a comic book in a CGC slab. As other pop culture collectibles have grown in popularity, CGC has expanded its services to grade more items like trading cards and, yes, video games. The video game expansion was announced in mid-2021 and officially launched in late 2022, with CGC-graded games only recently finding their way to auction. 

Team & Expertise

Wata

Wata recently had turnover in the Chief Grader role (more on that in a moment), elevating Andrew Shelton from the role of Grading Finalizer to the top job. The company was co-founded by Deniz Khan who now serves as President. Khan is a prominent collector and figure in the category, though recent accusations have made him somewhat of a lightning rod for industry controversy. Whether the company can benefit from grading best practices at fellow Collectors company PSA remains to be seen. 

VGA

After the recent acquisition and website re-launch, little is publicly shared about the composition of the team, its experience, and its expertise. That’s not to suggest that VGA is necessarily lacking in this department, being the longest tenured provider in the space, but those details are not publicly available at present. The lack of public visibility, though, has been a common complaint in the past.

CGC

CGC tabbed Matt McClellan to lead CGC Video Games. McClellan was tasked with hiring, establishing grading standards, and developing a holder. Prior to CGC, he operated an independent video game store, where he built his expertise in authentication and his collection. As of February 2023, the company also counts Kenneth Thrower as a Grading Finalizer; Thrower was a Co-Founder and Chief Grader at Wata, and according to his LinkedIn, created the company’s grading scale and grading standards. Finally, Grading Finalizer Jason Brassard also boasts 20 years of experience as an independent video game store operator.

Grading Scales

Wata

Wata utilizes a 10 point scale that goes up in increments of 0.5 points from 0 to 9 and then in increments of 0.2 from 9 to 10. Handily, Wata provides photographs of boxes, carts, and manuals that would meet the criteria of each score, though it doesn’t define the criteria of each grade. 

Graphic: Wata

Seals are graded from A++ to C, with A+, A, B+, B, and C+ in between. Here’s how each is described:

  • A++. Like new condition - A seal that is in new or very near to perfect condition. In the condition as it was when it left the factory, this is the best condition one would hope to see in a seal. Only displays the lightest of factory processing marks, if any. Often described as “Case Fresh.”
  • A+. Exceptional condition - A seal that is in near mint condition, but has a few small flaws that are not very distracting. Can have light scuffs or other small detracting marks, but no holes
  • A. Above average condition - A seal that exhibits some light to medium scuffing or other detracting marks, as well as no more than a few miniscule holes, usually seen at the corner edges.
  • B+. Average condition - A seal that shows standard signs of wear including medium to large scuffs and small holes. Very small holes usually seen as the corner edges, or 1-2 larger holes may be seen. Scuffs are medium and covering a majority of the front and/or back.
  • B. Below Average condition - A seal that shows more wear than average. Scuffs are medium to heavy covering a majority of the front and/or back. Holes may be present, from small to medium size.
  • C+. Fair condition - A seal that shows a single major detraction or heavy wear overall. Often characterized by a large sized hole caused by a removed sticker or plastic hang tab. Scuffing is generally heavy when present. Seal may show signs of looseness.
  • C. Poor condition - A seal that has obvious signs of serious distress overall, or one very large flaw or missing piece. Often with multiple breaks and large holes, looseness, with pieces hanging off. This is the worst condition one could expect to see on a game seal that still qualifies as “sealed.”

VGA

VGA’s website currently appears to display a grading scale that only relates primarily to AFA. However, the “Standard” scale is what has been utilized for VGA games in the past. Unlike the other two, it’s a 100 point scale, increasing in increments of 10 from 10 to 70 and in increments of 5 from 70 to 100. At each step of the way from 70 to 100, there are also “+” grades, an “85+” for example, which is a higher grade than an “85”. Additionally unlike the other two, there is no separate grade for seals, with it incorporated in the single number.

Graphic: CGA

Grades from 85+ and up are considered to be in the “Gold Level”, meaning they have only the smallest of flaws, which are very minor and difficult to discern with the naked eye. Below that, from 75 through 85, is the “Silver Level”, which plays host to a much larger number of submissions. Items in that tier are described as follows:

The highest grade within this level, an 85, could most often be described as being near ‘case fresh’, with the lowest grade within this level, a 75, being somewhat ‘shelf worn’ but still relatively nice.   As a general rule, an item which receives the grade of 85 is a fantastic display piece and can often be right on the edge of Gold level condition. The term ‘case fresh’ is certainly justifiable, as the average item pulled from a sealed case would grade an 85 due to small flaws which occur when items are packaged or shipped from the factory. An item which receives the grade of 80 represents a nice example with minor to moderate flaws apparent upon close inspection. As a generalization, the average item which has spent time on a store shelf being moved around prior to purchase, but has otherwise been handled with relative care over the years may score an 80. The lowest Silver level grade is a 75 which represents an item with significant flaws which are much more evident than flaws visible on items which receive higher Silver level grades.

Below that, you enter the “Bronze Level” of grading, where major flaws are present and instantly recognizable, with differing degrees of severity.

CGC
Graphic: CGC

CGC’s grading scale looks fairly similar to Wata’s, with a few differences. It’s a 10 point scale, but it rises in increments of 1 point from 0 to 5. From 5 to 9, it rises in increments of 0.5 points. From 9 to 10, it also rises in increments of 0.2 points, but it makes the additional inclusion of a 9.9. Here are some of CGC’s descriptions for a few grades:

  • CGC 10 is the highest grade assigned. The game must have no evidence of any manufacturing or handling defects.
  • A CGC 9.8 is a nearly perfect game with negligible handling or manufacturing defects.
  • At CGC 9.0, the game is very well-preserved with good eye appeal, but there will be a number of minor handling and/or manufacturing defects.
  • At CGC 7.0, the game is above average with a major defect or an accumulation of small defects.
  • At CGC 5.0, the game is average with several moderate defects.
  • At CGC 1.0, the game is very poorly handled with a heavy accumulation of major defects.

Seal grades fluctuate from A++ to C as well, with A+, A, B+, B, and C+ in between. Here’s how each is described:

  • An A++ is a nearly perfect original seal with negligible handling or manufacturing defects.
  • An A+ is a very well-preserved seal with good eye appeal. There will be several minor handling and/or manufacturing defects.
  • An A is an above-average original seal with a single defect or an accumulation of small defects.
  • A B+ is an average original seal with a major defect or an accumulation of moderate defects.
  • A B is an original seal that shows significant evidence of handling with several moderate-to-major defects.
  • A C+ is an original seal that shows significant evidence of handling with several major defects.
  • A C is a heavily defaced original seal with several major defects. Some pieces will also be missing.
Graphic: CGC

Cost & Turnaround Time

For example’s sake, across this discussion, let’s assume we have a sealed copy of Super Mario 64, and we’ll see how the estimated value impacts pricing at each provider.

Wata

For an estimated value $1,000 or less, Wata’s “Turbo” service will set you back $39 for a 60 business day or less turnaround. Move that turnaround time down to 20 days for “Speed-Run” service, and the cost is $85. If you’re really in a hurry, a 5 business day turnaround via the “Warp-Zone” service will cost $175. Each of these costs moves up as your declared value increases. Games above $2,500 are charged an additional 2% of their declared value. For example, at a declared value of $3,000, the costs are $99, $145, and $235 respectively. 

There are also a host of add-on services available, the details of which are in the below graphic. 

Graphic: Wata

VGA

VGA’s premium game submission service, offering a 75 day turnaround time for items valued under $5,000, costs $90 - more expensive than either competitor at lower values but increasingly competitive as costs go up. For example, a $1,000 game would cost that $90 fee, more than double the competition. A $3,000 game would still cost just $90 though, which is below the other services. 

Submittors could also elect the more expensive Archival service, which turns around in 30 days. This is also the service tier for games valued at over $5,000. At values less than $5,000, Archival costs $125. That’s more costly for lower valued games than Wata’s Speed-Run service, and as we’ll discuss, a quick turnaround at CGC is vastly less expensive at the moment. A $6,000 game would cost $150 (2.5% of value). 

Customers can add a Grading Summary for $25 or Cleaning for $10.

Finally, recasing for items under $400 costs $24 and turns around in 45 days. For items over $400, the fee is $35 and the turnaround is 30 days. 

CGC

Right off the bat, CGC chafes by requiring you to subscribe to an annual membership to even begin the submission process. These run from $25 annually to $299 annually, with the latter offering 10% discounts on CGC grading tiers, perhaps ultimately saving heavy submitters some money. 

Standard service starts at a fee of $40 per game but with an impressive 10 working day turnaround. That service covers up to $2,500 in game value. In comparison to Wata, a $1000 game would be $4 more expensive but would turnaround in 50 less days. It would also be cheaper for any game estimated between $1,070 and $2,500 in value, as CGC does not start charging elevated rates until a game is estimated to at a value over $2,500. So, a $2,000 game would be $40 at CGC but $65.67 at Wata.

When the value does cross $2,500 or submitters want a faster turnaround, they’d utilize the WalkThrough service, which turns around in 3 business days at a cost of $150 + 2% of FMV. At an estimated value of $3,000, the cost would be $210. If you’re willing to wait longer, you could submit such a game for $99 for a 60 business day turnaround or $145 for a 20 day turnaround at Wata. A 5 day turnaround would be more expensive at Wata at $235. 

If you want to cross a game over from Wata to CGC, it’ll cost $30 for a game valued below $2,500 (10 business days) or $100  + 1.5% of FMV for a game valued above (3 business days). There are also pedigree and personalization services available at $10 apiece, and reholdering can be done for $25 on games valued lower than $2,500, or $50 on games valued above.

Here’s a table we created to help summarize costs at various prices for each service.

Secondary Market Prominence

Wata

At present, Wata is by far the most prominent grading service seen on games bought and sold in the secondary market. Games graded by Wata have dominated the auction scene (more on that in the scrutiny section). The April Signature Auction at Heritage saw Wata-graded games make up 16 of the top 24 sales and 31 of the top 48. Wata-graded games tend to reign supreme on eBay as well. In the three months ending 6/15, video games with “Wata” in the title/description totaled sales volume of $1.7 million on eBay. Now, it’s important to note for all providers, those eBay volumes don’t necessarily represent sales of games actually graded by each. eBay can be messy, and sellers often list “WATA, CGC, VGA” in a listing whether the item has actually been graded or not, which has some impact on the sales data. 

VGA

VGA has begun to fade a bit on the auction scene after being more prevalent a few years back, as market share has been seeded to Wata and now to CGC as well. It hasn’t totally disappeared by any means, though. At the most recent Heritage Signature Auction in April of 2023, VGA-graded games accounted for 4 of the top 24 games. The company still ranks ahead of CGC in eBay sales volume for the time being at $819k over the last 90 days, which is less than half of the Wata total. 

CGC

CGC-graded video games are of course newer to the space, but they’ve begun to forge their way into the auction world. At the January Signature Video Game Auction at Heritage, a debut party of sorts for the service’s games, CGC games accounted for 27% of total sales at the event, including 4 of the top 10 results. That tapered off a bit in April, with 4 of the top 24 results. Action is picking up on eBay as well, though, where there was $662k in sales volume over the last 90 days ending 6/15.

Population Reports & Data

Wata

Wata was heavily scrutinized for a long time for its failure to provide population reports. Finally, in late 2021, the company released their debut reports, expanding them over time to include additional consoles. Now, its reports are essentially the only ones in the space, and collectors have better access to information on overall game populations and grading distributions. 

VGA

There is no population report available at present. VGA did not have population reports prior to its acquisition, and there isn’t one available afterwards. Notably, AFA - under the same corporate umbrella - used to have population reports prior to the website relaunch but no longer does at the moment.

CGC

No population report available at present. CGC comic books have a census of graded issues, so it may be a matter of building a critical mass of video game submissions before launching population reports.

Scrutiny

Wata

Beginning in the summer of 2021, there have been mounting allegations that Wata has engaged in practices of market manipulation, in addition to alleged undisclosed conflicts of interest surrounding relationships with employees of Heritage Auctions. A lawsuit has been filed against Wata in California on the basis of these allegations, among others. Wata has previously characterized the claims made in a YouTube video on the topic with over 2 million views as “baseless and defamatory”.

VGA

VGA has been subject to similar YouTube-based exposes in the past, with questions raised around the quality of holders, the accuracy of grades, and the lack of customer-facing individuals (as addressed in the expertise section). 

CGC

CGC is of course newer to video games, but as with any grading company, CGC has not been totally immune from criticism in the comic book category. Still, the company for the most part boasts a strong reputation for credibility and professionalism.

Content & References

Wata

In addition to the previously mentioned pop reports, Wata offers a number of guides in its blog section, including guides to variants of various titles and categories, like its NES Black Box Guide. That blog section isn’t the most intuitive to navigate, but there appears to be a wealth of knowledge on offer.

VGA

As might be expected from the rest of our discussion, the new CGA site is pretty light on content and reference guides, but it’s possible the site is also still a work in progress. So we’ll consider this a “to be continued”.

CGC

CGC has gotten off to a good start with content for customers as well. Included on their site is one 130 page reference guide document. It covers common terms, consoles, key titles on each console, variants on each console, and more. It’s a strong starting point for anyone entering the category.

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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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

What are the Most Expensive Sneakers Ever Sold?
Records

What are the Most Expensive Sneakers Ever Sold?

By 

Photo: Mick Haupt

As the sneaker resale and collecting phenomenon converges with rapidly increasing interest in sports memorabilia, sales of rare sneakers have taken to stratospheric prices. We’re talking six and seven-figures near routinely. Over the last few years, the record books have been rewritten almost entirely. What do those most expensive sneaker record books look like today?

First, we’re counting down the ten most expensive sneakers of all-time, whether they’re sports memorabilia items or deadstock pairs. Spoiler: it concentrates more in the former, but stick around, because we’ll get to a non-memorabilia ranking afterwards. 

Alright, let’s lace up and start unboxing the most incredible sneaker grails in existence.

What are the most expensive sneakers of all-time?

10. Michael Jordan Rookie Season Game-Worn and Dual Signed Jordan 1s

Sale Price: $486,000 

Date Sold: 4/9/2022 (Goldin)

Photo: Goldin

What we’re about to say might shock you. Really, hold onto your hats, because your jaw is about to drop. Michael Jordan accounts for the vast, vast majority of this list. We know. Stunning. Here comes another shocker: a lot of them are Jordan 1s.

This particular pair hails from Jordan’s rookie season, as many of them do, with MEARS providing an LOA for game-use and an LOA from ex-Bulls trainer Mark Pfeil, who originally obtained the sneakers before auctioning them for charity previously. The dual signatures are verified by PSA/DNA. The labeling on the inside of the sneaker “850102-TYPS” suggests the sneakers were made in an early run of production in January or February of 1985 at the factory in Tong Yang. “PS” stands for player sample.

9.  1985 Michael Jordan Player Sample Game-Worn Jordan 1s

Sale Price: $560,000

Date Sold: 5/17/2020 (Sotheby’s)

Photo: Sotheby's

The Last Dance premiered on April 19th of 2020. About a month later, another pair of game-worn Jordan 1s came to Sotheby’s, selling for a then-record of $560,000. They were estimated to sell for just $100,000 -$150,000. The right shoe is signed by Jordan, with authentication from PSA/DNA. MEARS authenticated the game-use.

This pair was labeled “850204-TYPS”, meaning that it was manufactured between February and April, a bit after the previous pair in our countdown.

8. 1985 Michael Jordan Game-Worn and Dual Signed Jordan 1s

Sale Price: $615,000

Date Sold: 8/21/2021 (Heritage)

Can you believe it? Three straight Jordan 1s. Believe us, we’re just getting started. This pair has a particularly fun story, though.

Jordan originally signed and gifted this pair to teammate Gene Banks. Years later, Banks gifted them to San Antonio sportscaster Rick Lozano. Jordan’s original signature had begun to fade from the shoes, so when Lozano saw an opportunity, he took it. Before Game 5 of the 1991 NBA Finals at the Forum against the Lakers (a game that would see Jordan clinch his first title), Lozano interviewed Jordan on camera and asked for him to resign the sneakers. Jordan obliged, boldly signing each toebox and inscribing “1st pair” (a reference to the Jordan 1 being the first model, rather than it being the first specific pair of Jordans he ever wore).

That interaction is captured on video, and the sneakers feature LOA verification from MEARS, Beckett, and PSA/DNA. 

7. 1985 Michael Jordan Game-Worn and Signed “Shattered Backboard” Jordan 1s

Sale Price: $615,000

Date Sold: 8/13/2021 (Christie’s)

Photo: Christie's

The “Shattered Backboard” has become a popular colorway for newly-released Jordan product today, but few know where the orange, black, and white color scheme actually comes from. In August of 1985, Jordan played in an exhibition in Italy, wearing a uniform of that color scheme when he dunked in transition, shattering the backboard into shards of glass sent everywhere. The sneakers he wore in that game, evidenced through clear provenance and photos of Jordan handing them to the consignor, sold at Christie’s in the summer of 2021 for $615,000, which established a record at the time. The dual-signed sneakers even feature glass still embedded in the outsole. 

They were offered for fractional investment on Otis, which was later acquired by Public where they trade today.

6. 1986 Michael Jordan Game-Worn and Signed “Dunk Sole” Jordan 1s

Sale Price: $675,000

Date Sold: 2/26/2022 (Heritage)

Early on in his second season as a pro, Michael Jordan suffered a broken foot, sidelining him for about six months. When he returned, his signature Jordan 1s required modification to better accommodate the injury. One such modification was the use of the sole of a Nike Dunk, which was both softer and wider. 

A pair of those “Dunk Sole” Jordan 1s sold at Heritage in February of 2022, and it was actually photomatched by MeiGray to a specific game against the Milwaukee Bucks. It’s the first instance of a traditional photomatch from a reputable provider in our list. The sneakers bear “860304STPS” labeling on the inner collar, indicative of their later production. 

5. 1997 NBA Finals Game 5 "Flu Game" Jordan-Worn and Signed Jordan XIIs

Sale Price: $1,380,000

Date Sold: 6/14/2023 (Goldin)

Photo: Goldin

"The Flu Game" is an iconic moment of Jordan lore, the type that that reverberates in the memories of fans decades later. You hear "Flu Game", and you can instantly picture images of a doubled over Jordan or Jordan leaning on Scottie for support. Despite being horrifically ill, having spent most of the day vomiting, MJ went out and willed himself to 38 points (including 15 in the fourth quarter) and the Bulls to a victory. Jordan gifted his sneakers to a ball boy, as he often did, who held onto them for 15 years before selling for $104,765 in 2013. Not a bad outcome for whoever bought them back in 2013, though they may have been hoping for more - many expected these to sit atop our rankings when the bidding closed. The sneakers were photomatched to the occasion by MeiGray and Sports Investors Authentication.

4. Earliest Known Regular Season Jordan-Worn & Signed Nike Air Ship

Sale Price: $1,472,000

Date Sold: 10/24/2021 (Sotheby’s)

Photo: Sotheby's

As has been well-documented and discussed by the recent Air movie, Nike pitched Michael Jordan on having his very own signature shoe, which of course would be the Air Jordan. It takes quite some time to get a sneaker into production and to the athlete’s foot, though. In the meantime, Jordan wore the Nike Air Ship during his early days with the Bulls. 

This particular pair was gifted to a Denver Nuggets ball boy in just Jordan’s fifth regular season game ever, though there was also some reason to believe they could’ve been used in even earlier games as well. Many of Jordan’s Air Ships were printed with “Air Jordan” or “Nike Air” on the heel. This particular example is printed with just “Air”, an indication that they were among the very earliest. This sale absolutely shattered the record for the most expensive sneaker ever sold, and it maintained the auction record until the spring of 2023.

3. Kanye West Worn Nike Air Yeezy Prototype

Sale Price: $1.8 million

Private Sale (Sotheby’s)

Photo: Sotheby's

We’ll caveat this sale by noting that the transaction was a private sale facilitated by Sotheby’s, making it the only non-auction sale in our list. However, because it was widely publicly known, we opted to include it here.

Before things went even further south with Kanye West, his cultural impact, at the intersection of music and fashion, was undeniable. Yeezy sneakers became a phenomenon, first at Nike and then at Adidas, where they propelled the German sporting giant into a far stronger competitive position here in the United States. In the mid-to-late 2010s, they were the hyped sneakers of the moment. 

Before all of that, Kanye West took to the stage at the 2008 Grammys wearing the Nike Air Yeezy Prototype. The sneaker that preceded an unbelievable journey. That very pair sold for $1.8 million to fractional sneaker investing platform Rares. Rares was unable to fill the massive offering with sufficient investor demand and sought to sell the sneakers privately with Christie’s. However, that choice came just before Ye’s most controversial moments, and Christie’s declined to participate when things went from bad to worse. 

2. 1998 NBA Finals Game 2 Michael Jordan Worn and Signed Jordan XIIIs

Sale Price: $2,238,000

Date Sold: 4/11/2023 (Sotheby’s)

Photo: Sotheby's

Just months after Jordan’s jersey from Game 1 of The Last Dance Finals became the most expensive game-worn sports memorabilia ever sold at $10.1 million, his sneakers from Game 2 became the most expensive sneakers ever sold. Jordan dropped 37 points in a Bulls win before signing his Jordan XIIIs and giving them to a ball boy. The sneakers are photomatched to the occasion by MeiGray. They were estimated to sell for between $2,000,000 and $4,000,000, fetching just one bid to sell for $2,238,000 with fees. Sometimes, all it takes is one bid to execute a sale, and a sale is a sale is a sale. This just happened to be one of the most expensive ever.

1. The Dynasty Collection - One Sneaker from each of Michael Jordan's Six Championship-Clinching Games

Sale Price: $8,032,800

Date Sold: 2/2/2024 (Sotheby’s)

Photo: Sotheby's

With six individual sneakers rather than the two that traditionally come in a pair, it's not really a fair fight, is it? After each NBA Championship-clinching performance, it became tradition for Jordan to gift one of his sneakers to Bulls PR executive Tim Hallam. That tradition birthed one of the most significant collections of sneakers in existence. Despite concerns around decomposition in the midsoles of the Jordan VI and Jordan VIII, as well as the odd, single-shoe nature of the collection, it still managed to sell for over $8 million at Sotheby's. On average, that makes each individual shoe worth $1.3 million. A completed pair of any one of them would no doubt be the most expensive pair ever sold, but few would deny that this collection belongs atop the leaderboard of most expensive sneaker sales.

----------------------------------------

What are the most expensive deadstock sneakers of all-time?

Sneakerheads might look at the above list and conclude that those are basically all more memorabilia item than they are sneaker. Where are the deadstock grails? We’ve got you covered. 

In compiling the list below, we removed any sneakers from consideration if their value was based more on that specific pair’s association with an athlete or individual than on the sneaker itself. So, Jordan branded sneakers aren’t excluded, but they are if it’s a pair that was specifically worn by or made for MJ. 

Just as the above list was almost entirely Michael Jordan-centric, this list lacks variety as well. Let’s get into it, you’ll see what we mean.

10. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

Photo: Sotheby's

Back in February of 2022, Sotheby’s conducted a special event, auctioning 200 pairs of Nike x Louis Vuitton Air Force 1s, created by the late designer Virgil Abloh. Proceeds were directed to the Virgil Abloh “Post-Modern” Scholarship Fund, an organization that aims to foster equity and inclusion within the fashion industry by providing scholarships to academically promising students of Black, African American, or African descent.

Before his passing in November of 2021, Abloh had designed the sneakers for the Louis Vuitton Spring-Summer 2022 collection. Abloh’s impact on sneakers and fashion was immense, from his Off-White brand and its highly-coveted collaborations with Nike to his time as artistic director at Louis Vuitton. When these special Air Force 1s, clad in the signature Louis Vuitton monogram print, came to auction at Sotheby’s, the reception was astounding. 

Each pair was estimated to sell for between $5,000 and $15,000. That turned out to be just a bit conservative.

All 200 pairs sold….at an average price of $126,662, generating over $25 million in total sales. When this auction took place, there were likely no more than 5-10 six-figure deadstock sneaker auction sales in history. This auction alone saw 162 pairs sell for six-figure sums. Again, it was a rarity for any sneaker to cross $100,000. On that day in February 2022, despite there being 200 identical pairs available, 162 still made it into six-figure territory. Usually, a sneaker would have to be a 1-of-1 or close to it to achieve those heights. Not the case here.

So, as we move down the list, understand that these are not typos or duplicates, but individual sales at these prices. We acknowledge that it makes for a somewhat boring ranking, but the reality is that the power of this sale is undeniable. These sneakers comprise every slot from #10 to #2, and you could argue #1 is a judgment call, but we’ll get there momentarily.

9. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

8. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

7. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

6. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

5. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

4. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $189,000

Date Sold: 2/9/2022 (Sotheby’s)

3. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $201,600

Date Sold: 2/9/2022 (Sotheby’s)

2. Nike x Louis Vuitton Air Force 1 & Pilot Case

Sale Price: $352,800

Date Sold: 2/9/2022 (Sotheby’s)

1. Nike Waffle Racing Flat

Sale Price: $437,500

Date Sold: 7/23/2019 (Sotheby’s)

Photo: Sotheby's

Look, you could certainly make the case that these are more memorabilia than they are sneaker, and we wouldn’t take you to task for it, but hear us out. This particular pair was in unworn, deadstock condition. While the model was made for athletes at the 1972 Olympic Trials, there is no association here to a specific athlete, and the value isn’t derived from such an association. Now, its value is derived from the fact that it’s a premier piece of early Nike history, but exclusion on those grounds is a slippery slope. It’s often the case that a sneaker model is valuable because it marked a specific cultural moment or innovation for a brand, most often Nike. You wouldn’t exclude original retail releases of the 1985 Jordan 1. Nor would you exclude player editions, friends & family editions, or samples. Should the early and highly limited nature of the Moon Shoes alone merit exclusion? Again, up for debate, but we say no. Isn’t it fitting that some of the earliest Nikes produced sit atop the leaderboard? 

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

Comic Book Grading: Understanding the Basics and Labels
FAQs

Comic Book Grading: Understanding the Basics and Labels

By 
Keenan Flack

As the market for alternative investments continues to expand, comic books have emerged as one of the premier asset classes among collectors and investors. Understanding the grading process and the labels applied to comic books is a critical step for anyone looking to navigate this market. In this article, we'll explore the basics of comic book grading, including the differences between grading agencies, how each label is valued, and what determines which label is applied to a comic book.

The Grading Process

Comic book grading is the process of evaluating a comic book's condition based on a standardized set of criteria. The grading process takes into account factors such as the condition of the cover, the pages, the binding, and the overall appearance of the book. A higher grade indicates a comic book in better condition, while a lower grade signifies more wear and tear. CGC’s grading rubric goes from a familiar Gem Mint 10 to a 0.5 Poor. It describes a 10 as “The highest grade assigned. The collectible must have no evidence of any manufacturing or handling defects.”, whereas the description reads 0.5 “A heavily defaced collectible with a number of major defects. Some pieces will also be missing.”.

Grading is conducted by professional grading companies, and the two most well-known grading agencies in the industry are the Certified Guaranty Company (CGC) and the Comic Book Certification Service (CBCS). Both companies utilize similar grading scales, but there are subtle differences in their methodologies that collectors and investors should be aware of.

Labels and Their Significance

Once a comic book is graded, it is encapsulated in a protective plastic case or a “slab”, and a label is attached to the case to display the grade and other relevant information. The label, commonly referred to as a "slab," serves as a certificate of authenticity and a way to easily identify the grade of the book.

There are different types of labels used by grading agencies, and each label carries its own significance:

Universal (Blue) Label: The most common label used by grading companies, the Universal Label indicates that the comic book is an original and unaltered copy. It is applied to comic books in any condition, from "Mint" to "Poor."

CGC

Signature Series (Yellow) Label: A special label applied to comic books that have been autographed by a creator or contributor and have been authenticated by the grading agency. Signature Series labels often carry a premium in the market due to their unique nature.

CGC

Qualified (Green) Label: The label applied to books with a  “significant defect” that needs further description. Usually, meaning a missing page or marking on the book. May also denote an unauthenticated signature, meaning one that was not supervised by the grading firm.

CGC

Restored (Purple) Label: This label is applied to comic books that have undergone restoration or conservation efforts to improve their appearance or condition. Restored comic books are valued differently from unaltered copies, as restoration can affect the book's long-term value.

CGC

Pedigree (Gold) Label: A label applied to books that come from a collection of great significance. CGC has a list of these 61 “Pedigree Comic Book Collections” that books might potentially belong/have belonged to. Collectible valuations are somewhat dependent on ownership history, also called provenance, so knowing the origin of a book has the potential to alter the value significantly.

CGC

The Value of Grading

Comic book grading provides several benefits to collectors and investors. A graded comic book offers a level of transparency and authenticity that is critical in the market. Grading also helps standardize the condition of comic books, allowing for easier comparison between copies and more accurate price determination.

Additionally, the grade of a comic book can significantly impact its market value. Higher-graded comic books often command higher prices, while lower-graded copies may be more affordable. Ultimately, the grade of a comic book is just one of many factors to consider when making an investment decision.

Deciphering Comic Book Population Reports

Population reports are distributed by grading firms to give collectors a snapshot of their graded population of books at a point in time. Knowing the distribution of grades received by a population of a specific book is very valuable information for collectors.

​By carefully analyzing population reports, collectors can gain valuable insights into the rarity of specific comic books and make informed decisions when buying, selling, or trading. Whether looking for a hidden gem or seeking to understand the relative value of an asset, population reports serve as an essential tool for navigating the ever-evolving world of comic book collecting and investing.

Conclusion

Comic book grading is an essential component of the alternative investment landscape. Understanding the grading process and the significance of different labels can help collectors and investors make more informed decisions as they navigate the exciting world of comic book investing.

Photo Credit: Erik Mclean-Unsplash

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

A Beginner's Guide to Rare Books: Investing and Collecting
FAQs

A Beginner's Guide to Rare Books: Investing and Collecting

By 
Keenan Flack

As the world of alternative assets continues to thrive, rare books stand out as one of the oldest and most enduring forms of collectibles. With their rich history, cultural significance, and potential for appreciation, rare books offer a unique and rewarding investment opportunity for both seasoned collectors and newcomers alike. In this guide, we'll delve into the world of rare book collecting and investing, exploring the key factors to consider and the steps to get started.

The Timeless Allure of Rare Books

Rare books are among the oldest form of collectibles, with a history that spans centuries. Esteemed auction houses, such as Sotheby's and Christie's, both had their origins as book auction houses, a testament to the lasting appeal of rare books.

The allure of rare books lies in their ability to transport readers to different worlds and eras, while also serving as tangible connections to the past. Whether it's a first edition of a literary classic, an illuminated manuscript, or a signed copy of a beloved author's work, rare books are cherished for their historical and artistic value.

Factors That Influence Rarity and Value

When it comes to investing in and collecting rare books, several factors can influence a book's rarity and value:

  1. Edition and Printing: First editions and early printings are often highly sought after by collectors, especially when they represent the initial appearance of a significant literary work.
  2. Condition: The condition of a book plays a critical role in determining its value. Books that are well-preserved, with intact bindings and clean pages, are more likely to command higher prices.
  3. Provenance: A book's provenance, or ownership history, can add to its desirability. Books with notable previous owners or interesting histories have the potential to be more valuable.
  4. Significance: Literary significance, cultural impact, and historical importance can all contribute to a book's value. Works that have left a lasting mark on literature or society are often prized by collectors.
  5. Scarcity: The rarity of a book, based on the number of copies printed or surviving, is a key factor in its value. Books that are scarce or difficult to find are typically more valuable.
  6. Author's Signature: Signed copies or inscribed books can enhance the value of a rare book, especially when the signature or inscription is authenticated.

Starting Your Journey in Rare Book Collecting

Entering the world of rare book collecting can be both exciting and daunting. Here are a few tips to help you get started:

  1. Educate Yourself: Take the time to learn about the world of rare books, including terminology, grading standards, and key authors and genres.
  2. Define Your Interests: Consider what types of books appeal to you. Some collectors focus on specific authors, genres, time periods, or themes. The more you learn about a specific grouping the better equipped you will be to obtain books at or below fair value.
  3. Research and Verify: Before making a purchase, conduct thorough research to verify the authenticity and condition of the book. Seek out reputable dealers and auction houses.
  4. Budget and Plan: Set a budget for your rare book collecting and plan your purchases accordingly. Keep in mind that rare book collecting, as with all collectibles,  should be a long-term endeavor; patience is key here.
  5. Preserve and Protect: Properly store and care for your rare books to preserve their condition. Consider factors such as humidity, light exposure, and handling.

Rare book collecting is a journey of discovery and appreciation, offering the opportunity to connect with history, culture, and the written word. Whether you're an avid reader, a literary enthusiast, or an investor seeking alternative assets, rare books provide a unique and enrich

Photo Credit: Unsplash -- Natalia Y.

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

What is PhotoMatching?
FAQs

What is Photomatching?

By 
Keenan Flack

What is photomatching?

Photomatching is a process used to verify the authenticity of sports memorabilia, particularly game-worn jerseys and equipment, by comparing them to photographs taken during games or events. The goal of photomatching is to determine whether a particular item was actually used by an athlete during a specific game or event.

How does photomatching work?

Photomatching involves analyzing high-resolution photographs from games or events to identify unique characteristics or markings on a piece of memorabilia. These unique features can include stains, stitching patterns, wear marks, and other identifiable details. By matching these features to those seen in the photographs, it's possible to confirm that the item was worn or used by the athlete in question during that specific event.

credit: Resolution Photomatching

Why is photomatching important?

Photomatching is an essential tool for verifying the authenticity of sports memorabilia. It helps collectors and investors determine whether an item is genuine and was actually used by an athlete during a game or event. This verification adds value to the item and provides peace of mind for those looking to purchase or invest in sports memorabilia.

Can any item be photomatched?

While photomatching is commonly used for game-worn jerseys, it can also be applied to other types of sports memorabilia, such as helmets, gloves, bats, and balls. However, photomatching is not always possible for every item. It requires clear, high-resolution photographs from the specific game or event, and the item must have unique characteristics or markings that can be matched to those in the photographs.

credit: PSA

Who performs photomatching?

Photomatching is typically performed by specialized authentication companies that have expertise in analyzing sports memorabilia and access to extensive photographic archives. Among the leading companies in the field of photomatching are MeiGray Group and Resolution Photomatching. These companies use advanced techniques to match items to photographs and provide certificates of authenticity for successfully photomatched items. Through their meticulous examination process, both names have become trusted in the sports memorabilia space, helping collectors and investors verify the authenticity of their prized items.

What are some limitations of photomatching?

Photomatching is not foolproof and has some limitations. It relies on the availability of high-quality photographs from the specific game or event, which may not always be available. Additionally, if an item lacks unique characteristics or markings, it may be difficult or impossible to match it to photographs. Finally, photomatching can only verify that an item was used during a specific event; it cannot determine how many times the item was used or whether it was used by the same athlete in other games.

We hope this FAQ has provided valuable information about the process of photomatching. For more information about sports memorabilia and alternative asset investing, explore our other resources and guides on Altan Insights.

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

What is an Efficient Market? Are Collectible Markets Inefficient?
FAQs

What is an Efficient Market? Are Collectible Markets Inefficient?

By 
Keenan Flack

An efficient market is one in which asset prices fully reflect all available information, resulting in a fair and accurate representation of an asset's value. In contrast, inefficient markets are those in which information asymmetry, limited liquidity, and other factors may lead to mispricing of assets. In this FAQ, we'll explore the concept of market efficiency and discuss whether collectible markets are considered inefficient.

What is an efficient market?

An efficient market is a financial market where prices accurately reflect all known information about the assets being traded. In an efficient market, it is challenging for investors to achieve excess returns consistently because any new information is quickly incorporated into asset prices, eliminating arbitrage opportunities.


What factors contribute to market efficiency?

Several factors contribute to market efficiency, including a large number of well-informed participants, access to relevant information, low transaction costs, and high liquidity. When these factors are present, new information is rapidly disseminated and reflected in asset prices, leading to greater market efficiency.


How do collectible markets differ from more efficient markets like stocks?

Collectible markets often have lower liquidity than more efficient markets like stocks. Liquidity can play a significant role in a collector's success or failure in realizing optimal value for their collectibles. Many collectible markets are beset by low liquidity, and that's especially the case in times of stress. Additionally, collectible markets may have higher information asymmetry, where some participants have access to more information than others​.


Are collectible markets considered inefficient?

Collectible markets are often considered less efficient than traditional financial markets like stocks and bonds. Factors such as limited liquidity, information asymmetry, and the subjective nature of valuing collectibles can contribute to inefficiency. However, this does not mean that opportunities for profit do not exist; rather, it suggests that pricing discrepancies may persist for longer periods allowing for keen eyed collectors to reap profits.


Can market inefficiencies create opportunities for collectors and investors?

Yes, market inefficiencies can create opportunities for collectors and investors to capitalize on mispricing in collectible markets. For example, if a collector has specialized knowledge about a specific category of collectibles, they may be able to identify undervalued items and profit from their eventual appreciation. However, it's important to exercise caution and conduct thorough research, as inefficiencies can also lead to risks and uncertainties.


We hope this FAQ has provided valuable insights into the concept of market efficiency and how it applies to collectible markets. For more information about collectibles and alternative asset investing, explore our other resources and guides on Altan Insights.

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

What Factors Affect Alternative Asset Value?
FAQs

What Factors Affect Alternative Asset Value?

By 
Keenan Flack

The value of alternative assets, such as collectibles, art, and other non-traditional investments, is influenced by a range of factors. These factors include scarcity, liquidity, market sentiment, trends, and catalysts, among others. In this FAQ, we'll explore these factors and how they can affect the value of alternative assets.


How does scarcity affect alternative asset value?

Scarcity is a key trait common among most, if not all, collectible alternative assets of significant value. An asset is considered scarce when it is deficient in quantity or number compared to the demand for the asset. Scarcity can drive up the value of an asset, as collectors and investors are willing to pay a premium for items that are rare and hard to obtain​1


What role does liquidity play in alternative asset value?

Liquidity refers to the ease with which an asset can be bought or sold in the market without significantly affecting its price. Alternative assets with low liquidity may be more challenging to sell quickly and at a fair price, which can affect their overall value. In contrast, assets with high liquidity are generally more accessible to a broader pool of buyers and will not have its value constrained by liquidity.


How does market sentiment and trends affect alternative asset value?

Market sentiment and trends can have a significant impact on the value of alternative assets. The popularity of certain trends, investor sentiment, and supply and demand dynamics all play a role in determining the value of collectible assets. For example, if a particular type of collectible gains widespread popularity, its value may increase as more collectors seek to acquire it. Conversely, negative sentiment or a shift in trends can lead to decreased demand and lower values.


What is a catalyst, and how does it impact alternative asset value?

A catalyst is an event or development that causes a significant change in the value of an asset. Catalysts can be positive or negative, meaning they can cause an asset's value to go up or down. Examples of catalysts for collectible assets include the release of new information about the asset, changes in market conditions, significant auction results, or notable events related to the asset's history or cultural significance. Catalysts are typically expected to drive short-term, rapid changes in value.


Are there any risks associated with the factors affecting alternative asset value?

Yes, there are risks associated with the factors that influence alternative asset value. Market sentiment and trends can be unpredictable, leading to potential fluctuations in value. Additionally, low liquidity can pose challenges for investors looking to exit their positions. It's also important to consider the possibility of changes in the regulatory landscape, economic conditions, or other external factors that could impact the value of alternative assets.


We hope this FAQ has provided valuable insights into the factors that affect alternative asset value. For more information about alternative assets and strategies for successful investing, explore our other resources and guides on Altan Insights.

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.

Population Reports FAQ
FAQs

Population Reports FAQ

By 
Keenan Flack

What are population reports, and how do they help collectors evaluate the rarity of graded collectibles?

Population reports are data sets that track collectibles graded by individual grading firms. Each offers insight into their rarity and distribution among collectors. By analyzing these reports, collectors can identify the scarcity of each asset; allowing them to come to conclusions about their value. Population reports are a wealth of information when analyzing the assets you already have and ones you would like to own in the future.

How do grading agencies like PSA, Beckett, WATA, CGC, and SGC use population reports to track the scarcity of graded cards, toys, and video games?

Grading agencies like PSA, Beckett, WATA, CGC, and SGC use population reports as a sort of "collectible census" to keep track of graded items' rarity and conditions. They meticulously record each item they grade, noting its condition, category, and any other defining characteristics. Each time an asset is sent to one of these firms to be graded, it is recorded in the population report for other collectors to analyze. By maintaining these detailed population reports, they help buyers and sellers navigate the sometimes untrustworthy nature of collectibles markets.

How can collectors access and interpret population reports to make informed decisions when buying and selling graded collectibles?

Collectors can access population reports through the websites of grading agencies like PSA, Beckett, WATA, CGC, and SGC, where they're often available for free or sometimes offered through a subscription service. Those linked below are free for anyone to take a look!

  1. PSA
  2. Beckett
  3. WATA
  4. CGC
  5. SGC

 These reports guide collectors to their desired collectible's rarity and value. To interpret a population report, collectors can look at individual items, say “1999 #58 Pikachu Red Cheeks Shadowless PSA 8”, in order to understand the rarity of an individual card. You can also research assets more broadly–by category, athlete name, Card Set, etc… Once you have an idea of the supply of an asset, you can then surmise the item's relative value by comparing the population figures; although this must be done with an eye towards demand as well, as it is an equally important factor in the value of an asset. With this knowledge, collectors can confidently negotiate deals, avoid overpaying for items, and spot hidden gems in the wild.

Which factors influence the value of a collectible based on its population report and graded condition?

The value of a collectible based on its population report can be influenced by several factors, including its condition, rarity, and demand within the market. Although just because an asset is rare does not guarantee a high imputed value. The population report merely serves to give a snapshot of supply at a moment in time. It's essential to remember that a collectible's value is not solely determined by the population report; collectors must also consider factors like historical significance, cultural relevance, and the whims of the market. If collectors are able to accurately predict these factors, population reports will allow them the information they need to profitably grow their collection.

How are video game population (WATA) reports unique from the others?

Video game pop reports differ from other categories in that they are broken down in such a way that represents video games as opposed to a broader list of filters. WATA breaks everything down first by console–you can search for games under anything from the Atari 2600 to Xbox 360. Then you can drill down into the “state” of graded games within each console: Sealed (factory sealed), CIB (complete in box), and Cart (loose cartridge). With Sealed being the most rare, followed by CIB and then Cart. 

After being broken down by state, you can drill down into each title. Although, one title will have several different “variants”; each of which is a different printing of the game. For example, each of the below is a unique variant of “NES Super Mario Bros.”. These variants are then broken down again by overall grade (from 1-10) and seal grade (from C+ to A++).

WATA

Each variant of a single title can go for wildly varying prices. In the above, “*Made in Japan, Hangtab - NES-GP - NES Code '' is among the most valuable variants. Due to its rarity, only 7 of the 205 total population, but also since it is from a relatively early printing period before the NES completely took over the North American console market.

How are Comic population (CGC) reports unique from the others?

Comic book population reports are organized in a way dissimilar to other assets. Firstly, by “series title” and “issue #”—these two delineate the graded book from different ones in the series and from alternate series’ altogether.

Once you search by those two parameters, you are met with a list of titles attached to different ‘publisher’, ‘year’, and ‘issue date’. 

CGC

Each publisher is wont to stop and start a series as fan interest waxes and wanes, so for a popular series you will see many different issues, albeit with the same issue #. Clicking into an individual title will give you a detailed look at the population of the asset; broken down not only by grade, but by label as well. The label of the book is a signal as to how we should interpret the grade. CGC assigns the following labels to their graded comic books:

Universal (Blue)

  • The book was graded without any qualifiers or other special considerations. For the most part, these are the most valuable.

Signature Series (Yellow)

  • The book has been signed by “someone of significance to the collectible”—usually the artist or writer—under the direct observation of someone at CGC.

Qualified (Green)

  • The book has a “significant defect” that needs specific description. Usually meaning a missing page or marking on the book. May also denote an unauthenticated signature, meaning one that was not supervised by the grading firm.

Restored (Purple)

  • There is evidence that the book has been repaired so that it appears to be in original condition. These restorations are graded between “slight professional restoration (A-1)” and “extensive amateur restoration (C-5)”.

Pedigree (Gold)

  • The book is part of a CGC recognized pedigree collection. These are one of 61 exceptional collections that hold significant weight in the space. You can find the list of pedigree collections here.

Enjoyed this article? Don’t forget to subscribe to our newsletter to receive more like it in your inbox weekly!

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.

All information provided by Altan Insights is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index or asset is not an indication or guarantee of future results.