Just released: The Sports Collectibles Market 2Q 2023 Report
.jpg)
We compiled the all-time auction price records for sports cards as of February 16th, 2023. Be sure to check back as we update the list as new records are set!
.png)
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.
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.
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.
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.
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.
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.
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.
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.
.png)
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.
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”.
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.
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.
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.
We compiled the all-time auction price records for sports memorabilia as of March 13th, 2023. Be sure to check back as we update the list as new records are set!
Only three players in the history of the NBA have achieved back to back finals MVPs. Bill Russell (for whom the trophy is now named), Michael Jordan, and Lebron James.
Few players have been so lauded by fans prior to their entry into the league. While it is true that every few years the sports press likes to hype up transcendently talented high-school athletes for the sake of clicks and engagement; turns out, this was not one of those times. Describing James as, “The Chosen One”, ended up not being even slightly hyperbolic in this case.
After winning his first NBA title in 5 games with the Heat in 2011-12, we arrived at what many agree to be Lebron’s greatest season. There is endless evidence that points to this season exhibiting a Lebron James at the peak of his powers: going 27/8/7, shooting 56.5% from the field, MVP (Finals and Regular season), 2nd only to Marc Gasol in defensive player of the year voting, 27 game winning streak, the list goes on.
After fighting his way through 6 games against the San Antonio Spurs, Lebron took it upon himself to bring his team the championship. In an all time great finals performance LBJ scored 37 points wearing this jersey, a physical piece of evidence symbolizing Lebron’s indisputable greatness.
When it comes to sports, it isn’t often that the genesis of a game is so well documented. The popular American sports of today have their history rooted in some other popular game: Baseball to Cricket, (American) Football to….Football, Hockey to Lacrosse. All to varying degrees of course, but Naismith’s inspiration was a medieval children’s game known as ‘Duck on a Rock’, wherein kids would throw rocks at a larger rock, guarded by other children, in order to knock it down. One could see why this game didn’t really have the legs for massive adoption; sadly the youth of today has been deprived of the joy that can only be attained by clocking your class mates with a nice rock. Dr. Naismith surely deserves points for creativity here though.
When assigned the age old task of keeping kids entertained while cooped up inside over the winter, Naismith’s solution came down in a the form of a new game, Basketball. His thirteen rules, originally thumb-tacked to a bulletin board in a New England gym, are the genesis of the international phenomenon that is Basket Ball; you read that right, Naismith originally spelled it as two words.
Though the sport has changed drastically since its birth—namely with the advent of more and more physical contact which was explicitly outlawed in the original rules—its founding document is not too far off of what we call basketball today. Although we are curious how Naismith would feel about moving the three point line or where he lands on the MJ vs. Lebron debate.
In a baseball world that was rife with match-fixing scandals, the league needed a shot in the arm to get fans excited about the game again. Modern baseball fans can surely understand waning popularity and mistrust in league officials to run a fair and just game. At the time this problem was partially solved by the rise of a young player named George Herman “Babe” Ruth; “The Sultan of Swat”, “The King of Crash”, “The Colossus of Clout”, “THE GREAT BAMBINO”. You get it, you’ve seen Sandlot.
After starting his career in the majors as a pitcher for the Boston Red Sox in 1914, he won three World Series with the club until his sale to New York in 1920. Upon his trade he transitioned into a power-hitting right-fielder, marking the beginning of what we now call the “live-ball era”. So named due to its contrast to the “dead-ball era” of the decade prior, in which fans witnessed low scoring games and a tragic dearth of dingers.
Ruth almost single-handedly brought baseball back to its height. Quality jersey’s from this era of baseball are rare as it is, but ones worn by Babe himself are even scarcer; some say less than 5 in this kind of quality are known. This jersey is not only one of the great pieces of sports memorabilia, but of historical memorabilia at large.
Tiger Woods is an icon in the world of golf, leaving an indelible mark on the sport with his legendary skill, resilience, and magnetic charisma. His career is only comparable to the handful of athletes who grace fans with nigh supernatural abilities in their respective games.
At the turn of the millennium, the golf world witnessed a remarkable feat, now known as the "Tiger Slam." Between 2000 and 2001, Tiger Woods captured four consecutive Major Championship titles, demonstrating his prowess and securing his place in golf history. The clubs he used during this incredible run are among the great pieces in all of collecting, representing not only the pinnacle of Woods' career but also an unforgettable moment in golf.
The Tiger Slam irons and wedges, including 2-PW Titleist Forged irons and two custom Vokey wedges, are a rare and invaluable piece of sports memorabilia. The wear mark on the face of the 8 iron is a testament to the dedication that went into achieving the Tiger Slam. These clubs come with substantial provenance documentation, backed by affidavits and declarations from Titleist executives who witnessed the exchange of these clubs and even a passed polygraph test. Art collectors eat your heart out; try asking for affidavits and polygraphs when you’re buying a Monet.
Golf enthusiasts and collectors alike can appreciate the significance and rarity of these clubs, as they symbolize the heights of sporting achievement. Their worth extends beyond their monetary value, serving as a testament to the enduring legacy of Tiger Woods and his unmatched impact on the world of golf.
Once more, Babe Ruth steals the spotlight on our list, this time with a road jersey dating from 1928-30. It's no wonder that the Bambino's legacy on this list mirrors his unforgettable impact on the field during his prime.
With only a handful of Babe Ruth jerseys in existence, this particular piece is a gem from the golden era of his storied career. The grey flannel body features the original "Yankees" team name across the front in blue applied lettering, the Spalding manufacturer's label, and the original linen drawstrings. The evident wear on the jersey, including the vestiges of a numeral "3" on the back, all playing a part in the authenticity of the jersey, and therefore its value.
While some may argue about the precise dating of this jersey, its importance is undeniable. From the 1928 World Series to Babe's 500th Home Run, this jersey represents an era of historic moments and a wealth of home runs; while we cannot say for sure if he had this one on when he smacked the 500th, we also cannot say for sure that he was not wearing it. As one of the most significant sports artifacts ever sold at public auction, it's only fitting that Babe Ruth makes a double appearance on our list. After all, there was, and always will be, only one Babe Ruth.
On April 23, 2008, during Game 2 of the Western Conference First Round against the Denver Nuggets, Kobe scored a crucial 3-pointer, securing a 14-point lead for the Lakers. The photos capturing his celebratory scream have become some of the most iconic images of the legendary athlete. This moment of pure passion inspired artists the world over, leading to the jersey being featured on countless murals and magazine covers. In California alone, over 15 murals showcase Kobe in this jersey, often accompanied by wings, American flags, and snakes (Black Mamba snakes to be specific).
LeBron James wore a t-shirt featuring this jersey during Game 4 of the 2020 NBA Finals, the series where Lebron would go on to win a ring with Kobe’s former franchise. This jersey has permeated the global popular zeitgeist, becoming synonymous with "The Mamba Mentality."
The jersey was worn by Kobe at the height of his career during his only MVP season, for an impressive 25 games over eight months. It was worn during five preseason games, 14 regular-season games, and six playoff games, with Kobe scoring 645 points in this jersey. This level of long-term, heavy wear is rare in sports memorabilia, as many modern items are worn for just one game. This jersey was the only gold one Kobe wore in the 2008 NBA Playoffs, leading to the 2008 NBA Finals, and marked his first advancement to the NBA Finals since Shaquille O'Neal's departure from the Lakers.
Kobe's global reach transcended basketball, touching the lives of various athletes and influencing entire teams. His unrelenting drive and commitment to excellence has left a mark on sports history, the Mamba mentality continues to inspire generations of fans and athletes.
This iconic belt, emblematic of Muhammad Ali's astonishing triumph over George Foreman in the unforgettable "Rumble in the Jungle," is likely the most powerful piece of boxing memorabilia in existence. This piece represents Ali's unwavering determination and strength as he reclaimed his title after being stripped of it in 1967 due to his refusal to participate in the Vietnam War draft.
The "Rumble in the Jungle" took place on October 30, 1974, in Kinshasa, Zaire (now the Democratic Republic of the Congo). The fight was a monumental event, with Ali utilizing his now famous "rope-a-dope" strategy to tire Foreman before delivering a powerful knockout punch in the eighth round. This victory marked the beginning of Ali's reign as the WBC Heavyweight Champion, which lasted until his loss to Leon Spinks four years later.
This WBC Heavyweight Championship belt is one of only two known to exist, with the other residing in a private collection. It features a gold-colored metal central plate with enamel detailing of swirling national flags, which has mostly chipped away over the decades.
The belt's historical significance is immense, as it not only represents Ali's exceptional athletic achievement but also his relentless pursuit of justice, and his unwavering stance on race, religion, and peace. This invaluable artifact of the American experience is a testament to the impact of one of the most consequential lives in not only sports history, but American history as well.
Pierre de Coubertin, a French aristocrat, delivered a speech in 1892 putting forth his vision for the revival of the ancient Olympic games. Coubertin argued that new ideas, technologies, and systems were driving human progress and innovation to unprecedented heights. And that transforming athletics from a strictly military pursuit to one of individual excellence would benefit both athlete and society as a whole.
Two years after giving the speech, Coubertin founded the International Olympic Committee, and the modern Olympic Games debuted in Athens in 1896. In his manifesto, Coubertin highlighted the power of international competition in bringing people together, overcoming differences, and fostering democracy. The Olympics have persisted through two world wars and countless other far-reaching conflicts—so it would seem that Pierre was onto something.
The sale of the original 1892 manuscript over 100 years since its delivery, crystallizes Coubertin’s vision. Representing the enduring belief that sporting is one of the few ways we have to embrace our shared humanity.
In the world of soccer, few names carry the same reverence as Diego Maradona, and it is no surprise that a jersey worn by the Argentine during the 1986 World Cup Quarterfinals would be the first soccer-related item to appear on this list. Maradona's impact on the game and sports more broadly is undeniable, with his extraordinary skill, creativity, and passion for the game inspiring generations of fans and players alike.
During the 1986 World Cup, Maradona's performance in the match between Argentina and England transcended the game itself, becoming a symbol of national pride and a moment of catharsis following the bitter conflict between the two countries in the Falkland Islands War just a few years prior. Maradona scored two of the most memorable goals in soccer history during that match: "The Hand of God" and the "Goal of the Century." The latter was even voted as the greatest goal of all time in a 2002 FIFA poll.
The journey of Maradona's historic jersey into the hands of its consignor, England midfielder Steve Hodge, is a testament to the mutual respect between both players. Following the match, Hodge, who had inadvertently set up Maradona's "Hand of God" goal, took the opportunity to ask for a shirt swap. Initially thinking it was a lost cause due to Maradona being mobbed by teammates directly after the game, Hodge unexpectedly encountered Maradona again outside his locker room. Since they did not have a tongue in common, Hodges simply gave his own shirt a tug to signal interest in the swap, leading to the legendary exchange.
The "Last Dance" season of Michael Jordan in the 1998 NBA Finals remains an unforgettable moment in sports history, as it captivated viewers worldwide when the Bulls faced a hostile Utah crowd on June 3rd, 1998. The atmosphere was so fraught that Jordan did not allow his own children to attend the game. Michael was calm as ever though, grooving out on the bus before the storied game.
The 1998 NBA Finals marked Jordan's final season with the Chicago Bulls, which is fondly remembered as "The Last Dance." This period in Jordan's career is celebrated as the pinnacle of his athletic performance and the culmination of his team's legendary achievements. The 1998 NBA Finals also showcased Jordan's unassailable competitive spirit, as he led the Bulls to their sixth NBA Championship and earned his sixth Finals MVP award.
Jordan's iconic red away jersey from Game 1 of the 1998 NBA Finals is a highly sought-after artifact, a symbol of his 6 championships with the storied franchise. Collectors and enthusiasts alike recognize the immense significance and rarity of this piece, making it a prized possession for anyone fortunate enough to acquire it.
The sale of this jersey not only reflects the enduring impact of Michael Jordan's achievements but also highlights the reverence that fans worldwide continue to hold for the greatest of all time.
In August of 2021 Hunt Auctions sold this jersey in a private sale for a price of more than $4.2 million. Our list is comprised only of public auction records, so it was not included here; if it had it would have occupied the 9th spot. The private market for sports memorabilia is robust and facilitates many transactions at the high end of the market. We thought it better for our list to only be made up of prices that are publicly backed.
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.
We compiled the all-time auction price records for comic books as of February 9th, 2023. Be sure to check back as we update the list as new records are set!
.png)
The first comic book to feature maybe the most singular character in the history of western media. Published by DC Comics in 1938, the cover as well as the first thirteen pages of the book depict "Superman"; established in those pages is the foundation of the character that kicked off the superhero era. We learn that he is sent away from his dying planet as a baby, he can leap tall buildings in a single bound, he is a reporter at a newspaper (although it is named "Daily Star" instead of "Daily Planet"), and that he is interested in a woman named Lois Lane.
Originally discovered in 1986 at a Pittsburgh auction of hardcover books, this copy of of 'Action Comics #1' was tucked into the pages of one of said books—likely the reason why it stayed in such good condition for nearly 50 years. Upon bringing this book to a comic convention two weeks later, all hell broke loose as dealers and collectors did what they could to obtain the book from the lucky auction winner.
Déjà vu, am I right?? Get ready to see a lot of 'Action Comics #1' in this list. As mentioned above, it is the genesis of the superhero genre, and copies of all manner of quality are highly valuable. This copy in particular is 1 of only 2 CGC 9.0 grades with none graded higher; the other copy happens to have 'WHITE Pages" as opposed to the "CREAM TO OFF-WHITE Pages" on this one. Read on if you are curious how that other one performed at auction...
Everyone's favorite caped crusader made his first appearance in 'Detective Comics #27' a year prior to the release of his title series 'Batman #1' in 1939. His popularity in the original DC run propelled creators Bill Finger and Bob Kane to write him his own series which then went on to be even more successful. This copy introduced us to two of the most well known Batman characters: The Joker and Catwoman. Both of them have even served as the titular character in massive blockbuster films—to varying success anyway. We would like to know if the buyer is one of the 17 people who saw Catwoman (2004) in theaters (Sorry, Halle Berry!!).
With zero copies graded higher by CGC, this copy is among the most pristine Golden Age books in existence. But you don't need some fancy-shmancy grading agency to tell you, just take a look at the cover. Yellow backgrounds are known to fade quite quickly, but this one has bucked the trend in stunning fashion. In one of the most iconic covers of all time, the bright red and yellow background is contrasted beautifully against the dark costume of Gotham's Dark Knight. Just as good as when it was picked off the newsstand in the summer of 1940.
Surprised it took this long to get to a Marvel comic book! Although this book did not introduce us to the most well known characters from the universe, it is the first appearance of The Human Torch and Sub-Mariner. The significance likely stems not from the characters, but from the first use of the name "Marvel Comics"; the value makes sense when you consider that 80 years and $26 billion in box-office receipts later, that name has become maybe the most powerful media property on planet earth.
This copy's value is also derived from it being what is called a "Pay copy", meaning that it was used by publisher Lloyd Jacquet to record payments to the artists that contributed to the book. Most notably, a hand-written detail specifying reimbursement to legendary comic book artist Frank Paul. Only one copy is graded higher and was sold in 2019 for $1.26 million; three years of time and "pay copy" status propelled this CGC 9.2 copy to sell for nearly twice that sum.
If you're keeping count at home, that's three Superman books out of the last four; what can we say, he is a popular guy! Although not the first appearance of Superman, this edition gives us some vital information about Clark Kent's lore. We learn the name of his home, Krypton, and his adoptive parents, the Kents. They teach Clark that he must hide his powers, but when the proper time comes, he must use them to assist humanity.
With only 3 copies graded similarly or higher, this Superman #1 is a magnificent example of Golden Age art. Superman leaps above the city in his bright attire, adorned with the first edition of his iconic "S". A far more family-friendly cover compared to "Action Comics #1," the hero's friendly smile is a much more accurate embodiment of his mission.
Superman may seem like a passé character nowadays; where is the dark angle? Where is the brooding bad-boy demeanor? The problematic/troubled superhero trope may be in vogue for now, but Superman's story has proven to be a timeless one; just some dude from Kansas trying to do the right thing.
Captain America may have gotten a career revival since Disney and Marvel studios won the superhero box office wars. Before all of that, he was the face of some very effective allied propaganda. "Captain America #1" is purported to have sold one million copies a year before the United States entered the war. Captain America creators Jack Kirby and Joe Simon received numerous threats for the subject matter of this book at the time, but the $3 million price tag would indicate that punching Hitler has thankfully become a welcome image in a saner society. Talk about an introduction, though! Not many characters get to be introduced against such a pivotal moment in history.
Unsurprisingly, yet another cover of these top ten books is in gorgeous condition. The quality of the drawings on the cover are sharp and energetic. Massive block letters reading "CAPTAIN AMERICA" against an American flag backdrop fill the top third of the page. Not to mention the back cover of this copy received similarly high praise from graders. There is only one copy graded higher than this superlative example. Who is to say what that one, a CGC 9.8, would find on the auction block.
This copy of 'Action Comics #1" actually holds some historical significance outside of what's been already mentioned about this book above. The 13-year old boy who bought it off a newsstand promptly stamped the rocket onto it. Only 8 are graded higher, but quality copies of Action Comics #1 do not come up to auction very often, so it fetched quite the price.
From time to time, distinct copies of otherwise impressive books receive a premium to the market due to the story involved. Like the "Pay copy" example above, the story of the 13-year old with a stamp in his hand is an endearing one. And what are bidders paying for besides a good story?
The other CGC 9.0 graded 'Action Comics #1' at the 9th spot in this list is the only other copy known to CGC of this quality. Even with the fuzziness of this 2014 image you can tell the book is in stupendous condition. The white behind "ACTION COMICS" seems less worn than lower graded copies. It's surprise enough that 43 unrestored copies survived these 80 years without falling apart. Seeing one that could be fresh off of a 30's newsstand is unbelievable.
Okay, last time I promise. This copy sits at an 8.5 just below the two 9.0 copies mentioned above and in the 9th spot. It is telling that the current auction record for this book is not held by the highest graded copy. These things just do not come up for sale very often; if you are a collector looking for one graded above a 6 then you would be lucky if it comes up every few years.
No superhero has captured the imagination of a city like Spider-Man has for New York. In his first outing in a Marvel Comic, we learn foundations of the character that have been told and retold through any number of films, television shows, and comic books. Peter's initial use of his powers is as a means to make money by wrestling and entertaining people, but when his uncaring behavior allows a burglar to go free and shoot his Uncle, he changes his ways. He comes to understand that "with great power comes great responsibility" and he must use his powers for good.
The cover does well to illustrate the crux of the ongoing appeal of Spiderman—the push and pull between him and Peter. When Stan Lee created the character he did so with an intent to give him "problems". And those problems are only exacerbated by the onset of his powers. Relationship issues with Mary Jane cause him to be distracted or unfocused while fighting crime, financial problems keep him from being able to fix his web shooter. Bullies go from some kid at school to Doc Ock and The Green Goblin. He is truly the every-man hero. Struggling through life one problem at a time.
This copy is tied for the highest quality "Amazing Fantasy #15" books of all time; including this one, there are four CGC 9.6 copies out of 2,407 unrestored copies. It is a beautiful illustration of the character's iconic outfit which has not changed very much in the past 60 years. It seems fitting that if the great Stan Lee's work was only going to be featured in one spot of this list, it would be this spot. Number one, baby!
In a private sale brokered by Tony Arnold and Roy Delic, two very well respected comic book dealers, the book sold for the highest price of any comic book ever. It is likely the highest price paid for a comic book, full-stop. Superman is the top dog.
The "Rocket copy" that holds the above #4 spot was sold twice in the span of a year in two separate private sales. The first in September of 2022 brokered by Goldin and again in January of 2023 brokered by Comic Connect. It seems collectors continue to be very taken with the story of the 13 year old kid with a rocket stamp.
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.
Sneakerheads are a committed group. For them, most Saturday mornings are devoted to hopelessly opening Nike’s SNKRS app, frantically searching retailers from Foot Locker to boutiques, and completing CAPTCHAs (where are the traffic lights?!), all in hopes of securing the latest drop. Often, the only things secured are “Ls”, and from that frustrating rite-of-passage sprouts the growing sneaker resale phenomenon. Due to the significant imbalance between supply and demand, secondary market sneaker prices are frequently multiples of a given pair’s retail price. What was theoretically a $160 sneaker at 10:00am, when the possibility of acquiring them still lingered, is a $480 sneaker by 10:05.
While the sneaker market softened in late 2022 (check out our blog post that explains why!), much to sneaker purists’ chagrin, the dynamic described above has attracted fervent profiteering, bolstered by sophisticated bots and carefully cultivated connections, which enable the most successful resellers to acquire hot pairs in heavy volume. The headline-grabbing practice of acquiring for retail and selling immediately at elevated prices on the secondary market is flipping, not altogether the same as embracing sneakers as a collectible asset class.
In flipping, appreciation for what makes a sneaker culturally valuable is not required to provide an edge. In fact, in today’s sneaker market, many would argue hype has rendered that appreciation almost entirely irrelevant. If social media hype surrounds a sneaker, flippers will flip it – not because of anything particularly special about the sneaker itself, but because they know Nike will release a quantity dramatically lower than the demand built by the social media hype cycle. It’s more a matter of access, less a matter of acumen. Such a practice is common in any market where supply is insufficient to meet demand, and the retail price is therefore artificially stifled somewhere below where supply and demand intersect in reality. It’s analogous to the way in which many card flippers aren’t necessarily staking out retailers due to a long-term, bullish thesis on a given underlying card, but instead for the possibility of instant profit on offer.
Bricks are discounted, readily-available sneakers that you can generally find on shelves or on websites with relative ease. The practice of flipping bricks is somewhat of an "asset" play, though it's more akin to arbitrage resulting from market inefficiency. Due to the fragmentation of the sneaker markets, a brick-flipper can spot excess supply at a discount in one channel, unmet demand at a higher price in another channel, and bridge that chasm. It's an interesting strategy, and it can work very well, but it's potentially unsustainable and best executed at high volumes.
Alternatively to flipping and flipping bricks, just as with other collectible assets, it is possible to devise a capital appreciation thesis for a given pair of sneakers based on various criteria. We'll take you through the criteria that make a sneaker valuable below. Such criteria aren’t exclusive to these factors, but they stand out among the most influential. When we talk about "investing" in sneakers, we're generally talking about the effort to achieve capital appreciation beyond just simply buying at retail and immediately selling at prevailing resale prices. A collector or investor would be purchasing sneakers with the expectation that, over a matter of months or years, they can go up in value due to favorable changes in the prevailing supply and demand dynamics. Each of the factors below - and the market's awareness of them - can have an impact on supply and/or demand, which ultimately affects the value of the sneakers, making some pairs winners and others losers. The latter is often more common than the former, so it's critical to research and understand these factors well. Even then, as sneakers are speculative assets, there are no guarantees of appreciation.
Was it the debut of a successful model? A landmark collaboration? The signature sneaker of an athlete worn in a decisive moment?
Without rich associated stories, sneakers very infrequently command high values. It would be a misconception to believe that a sneaker becomes valuable solely on the basis of “looking cool”; that absolutely matters, yes, but it’s not always enough on its own. Before we go any further, let’s debunk the idea that cool-looking sneakers are analogous to valuable sneakers. We see it all the time – two pairs of sneakers appear virtually identical, but due to one small tweak, there’s a $1000+ differential in market value.
Take the Air Jordan 1 “Colette” for example. That's a special pair of Jordans made in limited quantities to commemorate the closing of the French boutique back in 2017. These sold in 2021 for over $23k with Sotheby’s, though prices are closer to the mid-teens today. Meanwhile, the “Storm Blue” Jordan 1, essentially identical to the Colette, but missing the “1992” and “2017” printed on each pair and the “Bonjour” and “Au Revoir” on the outsole, sells for approximately $500-700, depending on size. Minor differences in appearance, huge differences in value owing to story & scarcity.
.jpeg)
For another example, look at the Jordan 3 in “Fire Red” and “Varsity Royal” colorways. These are roughly $250 sneakers on the secondary market. Now take their very similar looking counterparts made in collaboration with DJ Khaled in very limited quantities. These are $5,000 sneakers, give or take a grand. Both were released in promotion of one of the artist’s new albums, and whether you’re a fan or not, it’s clear that the combination of his promotional capacity (24mm Instagram followers) and extreme scarcity (more on that next) can make all the difference in market values.
The main takeaway from these examples: aesthetic alone is not enough.
And what about backstory? Consider two Jordan 1 Retro releases from 2016, one in a black and red colorway, the other white and metallic navy blue. Both were colorways dressing the original Jordan 1 way in 1985, but the black and red colorway sells for 3-4x the metallic navy.
Why?
Well, that black and red colorway is better known as the “Banned” colorway, and it epitomizes the mythology of the Jordan 1. Nike expertly marketed the Jordan 1 in that colorway as the sneaker banned by the NBA; Jordan had, in actuality, worn a black and red Nike Air Ship in garnering a reprimand from the league, as black was not a primary uniform color for the Bulls. Still, the marketing worked wonders, and the “Banned” Air Jordan 1 remains among the most sought after today.
Collaborations can also enhance the richness of a sneaker’s storytelling. Whether it’s a brand collaboration with a retailer, an artist, a designer, a celebrity, or another brand, the sneakers are usually developed to fit a certain theme or concept. Speaking of concepts, let’s use the sneaker retailer Concepts as an example. They’re considered a master collaborator, having worked with several brands on countless well-regarded sneakers for over a decade. Concepts, which hails from Boston, is perhaps best known for their Lobster Nike Dunk SBs. The first of those pairs, the Red Lobster, was released in 2008, and was designed to evoke imagery of the New England lobster bake. That first pair has inspired several other “Lobster” colorways, becoming an icon in the process. The Red Lobster frequently sells for over $2,000, while the Yellow Lobster, which debuted a year later in lower quantities, now costs more than many cars. The collaborator, the theme, the sneaker model, and the reputational success that followed all contribute to a rich story here.
Were the sneakers released in limited or large quantities? Are they making their way to feet, thereby reducing the supply of deadstock pairs? Or is there still a huge volume on StockX and GOAT?
All else equal (aesthetic included), scarcity is often the difference between the next four-figure flip on StockX and the bricks sitting in the sale section. This is a familiar factor for connoisseurs of any collectible. People want what not everyone can get. And while it’s just one piece of the puzzle, limited quantity releases can do a strong favor for secondary market prices, so long as the other pieces of the puzzle are sufficient to generate demand well in excess of that reduced supply.
But the scarcity story doesn’t end at release. In the immediate aftermath, it bears watching if a given drop was devoured by resellers without strong underlying collector demand. This means fewer pairs ending up on feet. If that’s the case, the deadstock supply available on the market will remain elevated, and prices will drop to meet that weaker than expected demand. Conversely, satiated end-user demand in the immediate aftermath of release will reduce deadstock supply quickly, potentially yielding larger future price increases.
A recent example would be the Air Max 90 “Infrared” release from late 2020. Despite being a high-volume release with muted flip potential, pairs found their way to StockX and GOAT in droves. As it was not a particularly difficult pair to find, the price fell from the mid-to-high $100s towards $130 a few months after release, a $10 discount to retail. With some of the deadstock supply being thinned out of the market, the sneaker now sells for more than $200. The 2015 release of the same sneaker eventually worked its way in to the $300s before news of this 2020 drop broke (we'll explain this risk shortly).
Does the sneaker resonate past the realm of the sneakerhead niche for myriad reasons?
Jordan sneakers aren’t popular solely because Michael Jordan was really good at basketball or because they’re cool-looking. They’re popular because he was really good at basketball, he’s a global icon that transcended sports, he made Nike into a global phenomenon wearing their shoes, the sneakers are a bedrock piece of street fashion, and their must-have, sometimes unattainable nature fueled further must-have, unattainableness. Those are merely a few reasons, but a run-on sentence can’t run on forever.
Before Kanye West went fully off the rails, the Yeezy Prototype became the most expensive sneaker ever sold at $1.8 million. Again, speaking about the status before the meltdown, it was a sneaker that sat uniquely and historically at the intersection of music, culture, fashion, business, and sport, both because of Kanye himself when at his best and because of everything that followed for Yeezy sneakers with Nike and Adidas.
-L.jpeg)
Or consider the Dior Jordans that released in 2020. Sure, sneakerheads alone would have made this release a smash-hit, but it was the notable intersection of sneaker and streetwear culture with high-fashion, two worlds growing ever closer in recent years, that attracted interest beyond sneaker-centric blogs and IG pages.
Is Nike going to re-release this sneaker frequently, or is it permanently one for the archives? Will are-release tank value due to the new supply, or draw attention to the OG?
Considerations here can be a bit tricky, particularly in an era when “retros”, re-releases of old models, comprise such a large portion of key drops. So, collectors are left to ask, as they purchase an “OG” release of a model, whether future retros will be a detriment to their asset’s value, or conversely, if those future retros serve to amplify the importance of the OG. The latter is best evidenced by the massive values of good-condition, 1985 Air Jordan 1s. Those originals command tens of thousands of dollars even though the Jordan 1 is one of the most longstanding, consistently released sneakers on the market. In this case, the OG’s value is boosted by the reverence for its standing as a foundational piece of sneaker culture, in addition to the rarity of examples in good condition given the passage of time.
On the flip side, a Jordan 11, which is among the very most beloved Jordan models, in its OG form from the 1995 release doesn’t fetch much more than double what a retro released in 2019 or 2020 commands on the secondary market.
Renowned collaborations aren’t immune to re-releases either. The original Animal Pack Air Max 1 release from Atmos and Nike in 2006 garnered prices over $2,000 on a fairly consistent basis….until 2018, when the sneaker was retroed (retro’d?). While sales of the original are infrequent fifteen years on, they’re certainly no longer consistently in excess of $2,000. Meanwhile, the 2018 release goes for $300-500. Not to pick on Atmos, but the 2007 release of the Atmos Elephant Air Max 1 effectively halved in value from $1,500 when the sneaker re-released in 2017. That’s not to say that the OG maintained in good condition can’t one day sell for multiples of the more common re-release, but that’s not a certainty today.
Certain sneakers have become part of borderline folklore, and therefore its hard to see how a re-release would be anything but detrimental. For example, Nike Yeezy releases have attained a premium of sorts due to the low likelihood of Kanye ever coming back into the fold with the Swoosh. The Staple Pigeon Dunk is one of the most memorable sneaker releases of all time, due to the ensuing riots and the portrayal of said riots on the cover of the New York Post (talk about a rich story). While variations and approximations have released, the luster of that historic sneaker moment would be tainted by another release. And so, the sneaker is worth close to $50k.
While not an unmitigated death-knell to sneaker values, the likelihood, implication, and timeline of a potential re-release must be considered in relation to the intended holding period.
Are trends, whether fashion, cultural, or otherwise, going to drive new demand to previously disregarded models?
The case study here is a simple one. If you believed that Nike Dunk SBs were going to come back into vogue before 2020, or better yet 2019, you stood to make a lot of money. As part of a years long strategy to make the Dunk highly coveted, Nike brought the frenzy to a crescendo in 2020, delivering millions of Ls on the SNKRS app to a mainstream public suddenly rabid for the sneaker. Whether it was the Ben & Jerry’s Chunky Dunky, the Grateful Dead pairs, or Travis Scotts among many others, nary a week went by in the sneaker world without a Dunk dropping to great acclaim.
What’s important for this discussion, though, is that the rising tide of the Dunk frenzy also lifted the boats of Dunks released in years past. The Newcastle Brown Ale Dunk, released in 2008 for $90 and a $300 sneaker as recently as 2018, tripled to over $900. The Heineken Dunk, released for $65 in 2003, traded for around $900 in 2018. In 2021? It was a $4,000 sneaker. The Purple Lobster Dunk SB by Concepts is an even more recent example. Released in late 2018 for $130, the Purple Lobsters spent the first half of 2019 below $400, breaching $600 by the end of that year. Today, sales are often above $1,500. If you managed to get this pair at retail (it wasn’t the hardest drop of all time), kept them on ice, and sold today, you would have achieved a return of over 1000% in under three years. Even if you missed at retail and felt the Dunk wave building at the end of 2019, you’d still be looking at 2.5x.
The 2020 Dunk wave is an extreme example, but still, the sneaker market abounds with tales of well-theorized bets on future demand growth for certain pairs.
This is a tricky one that also underscores a significant risk in sneaker investment. As a sneaker approaches the later stages of its lifecycle, there are pushes and pulls on value. On the one hand, the longer its been since a sneaker released, the fewer deadstock pairs will exist as more and more pairs find their way to feet over the years. This could have a favorable effect on values as supply dwindles. However, on the flip side, demand could also dwindle as the sneaker drifts further from the mind of consumers and younger generations demonstrate little interest.
Furthermore, and perhaps more importantly, many sneakers begin to decay or deteriorate in condition after a certain number of years have passed. Of course, once that happens, the value is detrimentally impacted considerably. Some sneakers can cruise past a decade or even close to two decades with no issue, but others might fare worse, particularly if stored poorly. This presents great risk. Those looking to move sneakers on at a profit should take care to act at the appropriate moment in the lifecycle, when there is still demand from buyers eager to put the sneaker on foot, and when there's little danger that the sneaker will effectively disintegrate on foot. That's a delicate balancing act, and it's a relatively unique one for the asset class.
It's also worth noting that if sneakers are carefully preserved and appear pristine and intact, some collectors will have little issue purchasing them, as their intent is not to wear them but instead to display them. However, that typically only applies to very high-end, very collectible, very significant sneakers.
The sneaker market has grown so significantly in part because it's so much easier than it used to be to buy and sell sneakers. Thanks to the rise of resale marketplaces like StockX and GOAT, the experience of buying a sneaker on secondary markets is effectively the same as buying one at retail. Selling them on those platforms is similarly straightforward, though costly for low-volume sellers (typically a 10% fee, in addition to payment processing at 3% and shipping). eBay, the forerunner in online sneaker commerce, has recently dedicated greater resources and attention to its platform, and it remains a popular arena even if not the leader it was once perceived to be. Any of those marketplaces are generally beginner-friendly, reliable places to start, and each offers some level of authentication for those purchasing sneakers.
Consignment services like Stadium Goods and Flight Club (owned by GOAT) can also be leveraged by sellers looking for higher-touch service, and they boast strong and rare inventory for buyers as well.
At the ultra high-end, premier auction houses like Sotheby's, Christie's, and Heritage Auctions have begun to offer rare sneakers both at auction and in buy-it-now formats. This has the potential to introduce sneakers to new, affluent audiences, and it positions the sneakers included in sales as premier offerings. Of course, one can expect that listing with these houses may not be the most cost efficient way to sell, given the marketing and fees associated. A buyer may pay $5,000 for a pair, but at least $1,000 of that (25%) is likely going to the auction house in buyer's premium.
If live negotiation is your thing, many cities around the country host large sneaker events and conventions at which collectors come together to buy and sell sneakers. This can often be a convenient way to transact, removing middlemen, shipping, and other processes from the equation, but it can also be both time-consuming and frustrating should the haggling prove difficult.
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.
When used in reference to market dynamics, liquidity is the efficiency or ease with which an asset can be liquidated (put differently: sold for cash) at market prices or without significantly impacting market prices. Markets that are liquid are characterized by very active participation from a large number of parties. The stock market, for example, is generally said to be quite liquid, as participants can very often liquidate their holdings at or very near to the prevailing market price. This is not necessarily true of all stocks, but for the purposes of illustration, consider the well known, mega cap names like Apple, Alphabet, or Microsoft.
An illiquid market, then, is one without active participation and a large number of participants. In this type of market, where liquidity is low, you might expect that when you want to liquidate your asset, you may have to do so at a significant discount to prevailing fair market value in order to entice a willing buyer. In effect, you’re making a tradeoff between the value you’ll realize and the speed with which you’ll realize it.
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, but relative to more efficient markets like stocks, liquidity is persistently quite low.
Consider what you have to do to sell a collectible asset. There isn’t an active exchange that operates with specific hours that sees millions of traders ready to do business. Instead, you have to list the asset, either with an auction house or on a marketplace, and you either wait for the auction to end, or you wait for a buyer to surface. Sometimes this can be quick and painless, others not so much. Under regular circumstances, you might hope that your asset transacts at the same level as a recent transaction for an identical or near-identical asset. This would be the hope in times of higher liquidity.
In times of lower liquidity, sellers have to settle for whatever their asset will fetch at auction or whatever offer they receive if they’re motivated to sell, and generally, that will be at a lower price relative to recent results. When various collectible markets were melting down in the summer of 2022, there were still sellers motivated to liquidate their assets against a backdrop of low liquidity. The buying pool was growing smaller and less motivated each day. More than ever, yesterday’s price was not today’s price.
While fractional collectible markets are intended to function more like the stock market in structure, the young age of the concept and the marketplaces means there isn’t nearly the same sizable audience, and that audience isn’t nearly as active in trading. So, much like in regular collectible markets, when things go south, the impact can be amplified by low liquidity.
For example, shareholders in an asset may see that an identical asset just sold for $60,000 at auction. Seeking an exit from the asset, they may place an ask for a share price that values the fractional asset at $60,000. Due to low liquidity though - a lack of bidding activity - there may be no interest whatsoever on the buy side of that transaction. So, the seller is then forced to lower the price if they want out, and there are no guarantees as to what level (if any) may motivate buyers. In a more liquid market, there might be a larger pool of buyers more quickly motivated by a disconnect in value between the fractional asset and its real world counterpart.
In the absence of solid liquidity, fractional shareholders may be forced to hold onto an asset they’d prefer to liquidate, rather than realize a significant loss that values the asset well below the market.
Illiquidity can introduce many challenges for any asset class. In some asset classes, illiquidity is a forced constraint, as vehicles like hedge funds and private equity funds have differing liquidity parameters allowing customers to redeem quarterly (in the case of hedge funds) or after as much as 10-15 years (in the case of PE).
There is no imposed constraint in collectibles, but perhaps collectors would be wise to impose constraints upon themselves in certain cases. The illiquidity in collectible markets means that timing sales is perhaps even more important than it is elsewhere. Liquidating assets in times of stress can create dramatically different outcomes than doing so in more stable moments, often for the worse.
It can also make evaluating sales and sales data challenging. Outlier sales may result from moments of very low liquidity, and that can make it difficult to understand the value of one’s asset and how it performs over time.
Liquidity in collectible markets is consistently improving and has improved leaps and bounds in recent years. These markets are the most liquid they've ever been. Significant investment has flowed into collectible markets, leading to competition and important innovation. More than ever before, it’s possible to purchase and sell collectible assets with reduced friction, and stakeholders continue to reduce that friction. For example, markets now boast a greater frequency of auctions, more marketplaces, vaulting services, lending solutions, fractional investing, and more. Essentially, innovation is focused on lowering the various barriers to transacting.
Ultimately though, while those measures are indeed helpful, at some point, improved liquidity will rely mostly upon increased participation. The degree to which that occurs is anybody’s guess.
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.
When people discuss collectible alternative assets, you might hear the term “catalyst” used in relation to an item’s value. But what is a catalyst? And how can collectors and investors position themselves to prepare for one?
A catalyst is an event or occurrence that has the potential to cause significant changes in an asset’s value. Catalysts can be positive or negative, meaning a catalyst can cause an asset’s value to go up, or it can cause the value to go down. Catalysts are typically expected to drive short-term, rapid changes in value. Longer-term forces that contribute to changes in value over the course of years would generally not be attributed to catalysts.
Each collectible asset class can benefit or suffer from catalysts, these key events that drive their value.
In fine art, for example, an artist’s works can experience an increase in value when it’s announced that they'll be exhibited in a museum, when they’ve secured representation from a top dealer, or, sadly, when they pass away.
In modern sports cards, a player’s cards may become more expensive when they become likely to win a championship, win an award, or break a record. Cards of players who have retired may see positive changes in value due to a Hall of Fame induction or a widely-watched documentary, or values may be adversely affected by that player getting in legal trouble or facing other reputational damage.
A rare book or a comic book might see changes in value when that material is set to be adapted into a major movie, as the story is reintroduced to old fans and introduced to new ones.
A catalyst in fine watches might be the news that a watchmaker is discontinuing production of a certain model. Such was the case for the Patek Philippe 5711, for example.
A sneaker catalyst might be a collaboration between a brand and a popular collaborator on a previously less desired model. That event can draw attention to other sneakers of the same model, thereby increasing their value. Conversely, sneakers can also have negative catalysts. One very common example is news of a restock or re-release, which will often lead to declining value for existing pairs of that model.
Identifying a potential catalyst is only half the battle. The timing with which one acts to account for the catalyst will make or break performance. For example, you’ll notice above that, in sports cards, we suggested a player’s cards become more expensive when they become *likely* to win a championship - not when they actually win it. By the time it becomes clear that a catalyst will happen, in most markets, that news will have already been priced in.
What does it mean that the news is "priced in"? Well, market participants will have speculated or anticipated that a catalyst could unfold, and as a result, they will have bought that asset (if they expect a positive outcome), driving the price up, or they will have sold that asset (expecting a negative outcome), driving the price down. This activity will continue as the outcome becomes more probable. So, if you were only to buy an asset right before or right after the catalyst occurs, you would likely miss most or all of the upside.
The key, then, is to both identify and act on a potential catalyst before it becomes popular and well-known. That ensures you buy before the market for an asset has done most of the rising it will do, or that you sell before the market for an asset has done most of the falling it will do. You might recognize that this means more risk. In acting early, you’re perhaps operating with less clarity on the probability that the event will occur. But the closer to the event, and the more clarity there is and the higher probability there is, the less opportunity there is to profit.
If you’re taking that risk, you’re going to want to be sure that if and when the catalyst occurs, it will indeed have a significant impact on value. For example, you might identify that a comic book will be released as a movie seemingly before the market does. However, if that movie turns out to be a flop or if it simply doesn’t make a broad cultural impact with a big audience, then the change in value to the upside is likely to be muted. You don’t want a catalyst to be so niche or so intricate that nobody ever reacts to it and values don’t move. To be most successful, you’re looking for major impact and easy digestion. Striking that balance between having an edge and ensuring that its an edge others will validate is challenging, but studying historical results can be instrumentally helpful in understanding what has worked previously and when.
So, keep an eye out for potential catalysts, act on them with caution, and be mindful of your timing!
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 is not an indication or guarantee of future results.
.jpg)
Common among most, if not all, collectible alternative assets of significant value is one key trait: scarcity.
When something is scarce, that means it’s deficient in quantity or number compared with the demand for the asset. Simply put, demand exceeds supply, and when we’re talking about valuable collectibles, the gap between the two is quite large.
Scarcity lies at the root of the most basic economic principles guiding collectible market values. When there’s minimal supply of an asset relative to strong demand, the potential for high prices is strong. The assets that are everywhere (think the general release sneakers, the base sports cards, the commercially-produced art prints) have supply that satiates demand fairly well...or even overdoes it. Those values are generally tame relative to more scarce assets in each category.
That’s why present-day collectible manufacturers aim to create scarcity - or at least the perception of scarcity - when developing and marketing products….but we’ll get to that in a bit.
It’s chiefly the demand component that differentiates scarcity from its oft-used and oft-confused sibling, rarity. An item that is rare is seldom occurring or found. There’s nothing in the definition that describes quantity in relation to demand.
An item can be very rare without being scarce. If there are very few of an item in existence, but demand for the item doesn’t overwhelm supply, that item is not scarce, just rare. Conversely, an item can be scarce without being rare. For example, if Nike releases a sneaker in quantities of 200,000 in the US, but demand far exceeds that supply, you’d call that sneaker scarce. It’s not rare - there are 200,000 pairs in the country, and likely hundreds of thousands more that are very close in appearance.
The two words can very often be used interchangeably without issue, and very few will call you out for mixing them up (we won't!) - just know that there is a difference, albeit slight.
Some items are said to have natural or naturally-occuring scarcity. That’s the type of scarcity that develops when, often due to the passage of time, supply of an asset naturally becomes extremely limited relative to the demand for it. It doesn’t have to be due to time passage either - some resources are naturally scarce to begin with. Think precious metals or gold. Natural scarcity can also develop due to overconsumption.
Now, the definition of natural scarcity might be a bit more flexible for collectibles than it is elsewhere. When talking about collectibles, it’s usually the passage of time that leads to an item’s scarcity. Take vintage baseball cards for example. When many vintage baseball sets debuted, while there was an element of artificial scarcity (more to come on that), the coveted cards weren’t nearly as scarce as they are now. But, over time, those cards were lost, thrown away, damaged, or otherwise compromised. Most pieces of cardboard would fail to survive over the course of decades or even a century. Their scarcity today is more naturally-occurring then.
Or take fossils for example. There was a time when woolly mammoths wandered the earth en masse. Their tusks were not scarce then - there was no demand. Fast forward thousands of years after their extinction, and they still weren’t as scarce as they are today. Precious metals and oil miners cast the fossils they found aside, unaware of their value. Today, the number of surviving tusks in museum quality condition is scarce, not because somebody decided they should be, but because natural factors made it so over the course of epochs.
We’ve established that scarcity can lead to increased values for collectible assets. Modern manufacturers of collectible items recognize this reality, and they capitalize on it. It took time to build that recognition though. For example, the sports card industry went through the “junk wax” era of overproduction; when customers realized how many of the cards were out there and how little value they held, many stopped buying entirely, crippling the industry for many years.
Today, brands across various collectible categories pursue a strategy of “artificial scarcity.” What does that mean exactly? The manufacturers release a limited quantity of highly-desired product, so that demand far exceeds supply. They’re effectively creating scarcity. In some industries, like sneakers for example, the frenzy to secure the product conveys the image that the brand is hot, trendy, and coveted, offering momentum and demand to even the non-limited product. In cards, manufacturers create “chase cards,” the low-numbered parallels that consumers will desperately seek by buying pack-upon-pack, box-upon-box, and case-upon-case of product.
These products are scarce solely because someone decided that it should be so. Often, the strategy works, so long as demand is maintained. To some outside of collecting spheres, the results can be astounding. A card executive decided that a black parallel of a sports card should be a 1-of-1, so that card is worth $100,000, while another piece of cardboard featuring the exact same image but without the shiny black look is worth $10. A pair of “Chicago” Jordan 1 Highs sells for $500, while a Jordan 1 Mid with a near identical colorway sells for $135 or less.
It takes some suspension of disbelief on the consumers’ part to enable artificial scarcity to take hold in prevailing market prices. If consumers broadly decided “there’s nothing special about this card, there are actually tens of thousands just like it” or “I actually prefer a mid-top sneaker over a high-top,” these assets would be more rare than scarce. Alas, that’s not how these markets function, and it’s hard to see that changing dramatically in the near term.
At least when talking about collectibles, natural scarcity arises when organic circumstances or the passage of time create a significant supply deficit relative to demand for an asset. Artificial scarcity, on the other hand, is typically created from intentional human intervention and decision making.
Importantly, an artificially scarce asset is often at some level of threat of its scarcity being reduced by other decision making. More of the asset could be produced, and even if there’s a preference for the original, this impacts scarcity and value, while also raising the barriers to understanding what makes the “original” scarce. If they’re not at threat of greater quantity being introduced, they might be at threat of consumers reducing demand by considering alternative, less scarce options and holding them in similar esteem.
Generally speaking, naturally scarce assets do not face the same threats. The supply is less flexible (in reality, it should be totally inflexible), and potential substitutes are far less comparable or completely inauthentic altogether.
Not necessarily. There is perhaps a slightly lower level of risk associated with naturally scarce assets; the supply side of the equation is under less threat. Ultimately though, both types of scarcity are - to some degree - subject to the whims of the demand of the collecting public. Many artificially scarce items are currently among the most popular, particularly with younger generations. Most important is that a savvy collector understands which scarcity applies to their asset of choice and is fully aware of the risks associated with that asset.
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 is not an indication or guarantee of future results.
Speculation is perhaps more prevalent today than ever before. Crypto, NFTs, collectibles, meme stocks, even sports gambling - no matter the speculative endeavor of choice, more people are taking more risk with their hard earned money. But make no mistake, speculation is hardly a “new” fad. In fact, the history of speculation dates back many centuries.
Be that as it may, engaging in speculation today is inarguably the easiest it’s been in history, with countless avenues for monetary risk available at a few taps of the finger on smartphones. The link between speculation and entertainment is at its strongest as a result. So, what should you know about speculation before embarking down one of these paths?
Speculation is the participation in a financial transaction - in most cases, the purchase of an asset - with the expectation of financial gain, but with substantial risk of losing all of the capital involved. It’s the second part of that statement - the risk - that crucially characterizes speculation. Speculative investments are generally less reliant on fundamental factors and analysis and more dependent on uncontrollable forces, chance, and market psychology. Put another way, the value of a speculative investment is often based less on underlying cash flows and output and instead more on supply & demand, investor sentiment, and the popularity of certain tastes and trends.
Those factors are far more difficult to measure, predict, and control, thus introducing a substantial degree of risk. When those factors turn against you, the downside can be devastating. This is particularly the case in the absence of underlying fundamentals and cash flows, which render selling below a certain level irrational, thus limiting losses.
The primary difference between investing and speculating is the amount of risk taken in deploying capital. While the risk in speculation is quite high, meaning there is a significant chance of total or near-total loss of principal, investing is generally done with the goal of optimizing the balance of expected return and risk, with lower risk of losing one’s entire principal. Investments are generally made on assets with either a history of producing cash flows (which provide clear value to the investor) or a track record of output and a calculable likelihood that output can later lead to profits for the investor.
FOMO, or the fear of missing out, plays a significant role in perpetuating speculative activity. When speculative markets heat up, those winning in the space are generally quick to advertise their gains or newfound riches. These boasts capture the attention of those not yet in the market, who fear they’re missing out on similar opportunities to build wealth quickly.
Motivated by that fear, those individuals enter the market, purchasing assets with the expectation that they’ll experience the same appreciation. When that happens on a wide enough scale, the entrance of new parties to a market will drive market values higher with buying activity. Conveniently, the participants on the other side of that buying activity are the earlier entrants, who are now provided an exit opportunity to crystallize their gains.
In many cases, those motivated by FOMO will not do the requisite research to understand the assets and markets they’re buying into, instead relying on those success stories as sufficient evidence of merit. If you’ve heard the phrase “apeing in”, that’s essentially what we’re describing here. These new market participants may lack an understanding of risks and market drivers, therefore missing signs that a market is approaching peril. When it eventually turns, it’s those participants left holding the bag, experiencing significant losses as a result.
Collectible assets are most typically considered speculative investments. As mentioned above, the values of speculative investments are often driven predominantly by factors like supply & demand, investor sentiment, and the popularity of certain trends. Those are effectively the precise factors driving the value of collectible assets. Perhaps more importantly, collectible assets are categorized as speculative based on what the vast majority of them don’t produce: cash flow. For most collectibles, there is no underlying economic output. Investors in collectibles don’t earn dividends or clip coupons, and they can’t point to improving underlying revenue and profitability trends that would make those things possible in the future.
Instead, at its core, the value of a collectible is most often driven by how much of that asset exists in the market and how many people want that asset. The prevailing market sentiment in a given moment can make the latter fluctuate up or down, and it can also impact the magnitude of their willingness to pay. When times are good and values are in the ascendancy, people are more likely to pursue speculative assets, and the amount that they’re willing to pay for them - with the expectation that they’ll continue to go up - also rises. When economic conditions worsen and people are less excited about the state of the economy and more nervous about their personal financial standing, the opposite happens. For many collectibles, there’s no real hard, quantifiable limit to just how far values can fall (with the exception of to zero), because there is no utility, no underlying economic output.
It’s important to note, though, that highly traditional financial instruments can be incredibly speculative as well. Equities can be very speculative - just look at the Gamestop saga and the money that flowed into and out of AMC. At certain levels, even buying well known and successful companies like Tesla can be considered very speculative. When stocks are trading at astronomically high multiples versus their earnings or, worse, their revenues, there is considerable risk involved, and activity in those stocks can lean far more speculative in nature. Even bonds, which many would consider boring, can be speculative. For example, bonds can be purchased for pennies on the dollar on the basis of a speculative belief that distress won’t turn out to be as grave as originally thought.
So, it’s really less the vehicle used that defines speculative vs. investment activity, but rather the thought process, the expectations around drivers of value, and the corresponding level of risk.
This is perhaps a matter of opinion, but the multitude of individuals, funds, and businesses that have enjoyed repeated success stories in certain speculative markets suggests that not all speculation is uneducated. It’s possible to speculate smartly on the basis of an educated thesis: an investor can lay out a credible case for why demand for an asset or asset class might increase, or why supply and demand are actually imbalanced but the market hasn’t realized it yet.
It’s not uncommon that market participants are able to speculate successfully, armed by robust data, an ability to forecast trends, and a strong understanding of investor psychology and sentiment. It’s logical - if wealth was never accumulated in these markets, they would not rise to prominence in the first place.
The challenge, though, is that investors can develop well-conceived investment theses that are ultimately never validated by the whims of the market and instead lead to significant losses when things don’t play out. In less speculative arenas, it’s more often the case that an investment thesis will revolve around improved business prospects (stronger revenue growth, higher margins, a larger dividend, greater creditworthiness) that eventually work their way into the prevailing market thought around an asset. That’s a core difference: even when speculation is well-educated and savvy, the risk (in theory) can still be very, very large.
We’ve detailed the high degree of risk that is generally commensurate with speculation. Given that high risk, it’s important to discuss risk tolerance in the context of speculative investments. Risk tolerance is the level of risk that a given investor is willing to tolerate or endure to achieve certain results.
It’s often the case that, in order to achieve significant gains, an investor needs to embrace a higher level of risk - the potentially large gains are the reward for embracing that risk. Put another way, an investment in a large, stable corporation that doesn’t fluctuate in price very much is considered a relatively low risk investment. But, because it’s low risk and stable, an investor wouldn’t expect the same high-flying returns possible in growth stocks, where the array of outcomes is much wider.
An investor with a very high risk tolerance is willing to lose a lot of money in the pursuit of higher returns. They can stomach those losses. Typically, high risk tolerance investors are earlier on in their lives or careers, have steady income to replace losses, and don’t require their principal for retirement or other large expenses in the near future. On the flip side, low risk tolerance investors may be in the late stages of their earning years, preparing for retirement, and really can’t afford to have a large hit to their portfolios.
Now, these are just examples of people that might gravitate towards a certain risk tolerance, but in practice, it can be quite personal. However, it’s most important that an investor understand the magnitude of loss possible with any investment, and that they truly consider their capacity to endure that investment going to zero.
This is where it becomes critically important to understand one’s risk tolerance. The lower one’s risk tolerance, the lower the allocation to speculative assets should be. That way, if the worst outcome does occur, and the speculative assets do become worthless, it affects only a very small percentage of an individual’s overall portfolio. A 100% loss on 1% of the portfolio still leaves you 99% intact. That’s not a suggestion that 1% is the “right” number, but it does illustrate how a conservative tact can spare investors from considerable stress.
If an individual has a higher risk tolerance, they might pursue a more aggressive allocation to speculative assets, particularly if they feel they have an informational edge or a very well conceived investment thesis. Even if that is the case, though, it’s generally ill-advised to pursue truly outsized allocations to speculative investment plays, even if they’re spread amongst different categories. Why? Well, as we saw at the beginning of the summer of 2022, it’s not uncommon for speculative assets of wide variety to suffer at the same time. Crypto, stocks, collectibles - all suffered considerably. An investor significantly exposed to these assets would’ve been looking at a significantly battered net worth, margin calls (though leverage is another topic for another day), and maybe even an inability to meet certain liabilities or liquidate assets to cover unforeseen expenses. The regret arising from that situation is likely to be far worse than the FOMO that might’ve inspired the large allocation.
For most individuals (and this is not investment advice), an allocation to speculative assets will not make up more than 5% of a portfolio, and they might thank themselves for keeping it that low in times of distress, even if FOMO makes it seem foolhardy in brighter moments.
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 is not an indication or guarantee of future results.
A card grader is a firm that receives cards from collectors only for them to be sent back encased in a “slab”--a transparent plastic container--labeled at the top with a grade from 1-10. A card with a high grade imputes a higher value; only the most pristinely printed and maintained cards are given a 10, the most highly sought after grade.
Card Graders have become an essential piece of the hobby’s infrastructure. A decent analogue for graders in card collecting would be to credit rating agencies in financial markets. The card graders are analyzing the quality of the card itself so as to help investors accurately decide on a value; while Moody’s or Standard & Poor’s analyze the quality of the organization, with respect to credit-worthiness, so as to help collectors accurately decide on a value.
.png)
Going clockwise from the top-left:
There are four grading firms that make up nearly all graded cards. They are as follows:
Founded in 1991, PSA is the de facto king of card grading. They grade far more cards than the rest combined and their red and white label has become a powerful icon within the collecting community.
Beckett Media was founded in 1984 covering the hobby with magazines and price guides. In 2001 they began grading cards themselves. Beckett uses a similar 10 point scale to PSA, but they also have additional 'subgrades'. These include: Centering, Corners, Edges, and Surface. These four subgrades are also used by the following two graders.
SGC has been grading and authenticating cards since 1998. They are among the most reputable names in card grading. Although Beckett and SGC do not grade nearly as many cards as PSA, they are still well-respected brands in the space.
CSG is by far the most recent entrant into the sports card grading space. In 2021 'The Collectibles Group' added sports cards to their list grading offerings. The company has previously graded everything from coins to video games. Currently the smallest player in the space, it is still yet to be seen if CSG will be a mainstay in the hobby like the above mentioned services.
The simplest way to understand how a grader determines a final score is by breaking down the scoring rubric. The four following sub-grades are used to analyze the overall quality of the card:
Arguably the most important factor in determining the grade. If a card is perfectly centered it can buoy the overall grade when compared to underperformance in the remaining categories. Ideally, a card is centered ‘50/50’ or in the exact center of the card; the above Ken Griffey card received a 'GEM-MT 10' which implies at worst a 60/40 centering on the front of the card.
Corners are one of the easiest aspects to notice when grading a card. Is it beat up from regular handling of the card? Has it been bent or dented while placing the card into a sleeve? The above Trevor Lawrence card has crisp, 90° angled corners. You can see that the card’s corners have not been damaged or misshapen in any way–allowing it to receive a 10.
Edges can be damaged in many ways, including: taking the card out of the pack improperly, dropping the card, and/or the card being used as a tasty snack; sometimes by a dog, sometimes by a precocious collector who enjoys the sweet taste of cardboard. Any of this damage will reduce the chance for a high grade. Our Steve Garvey example above would likely have fetched a higher grade if not for the beat-up, frayed edges.
Deductions can be made by any noticeable defect on the surface of the card. Wrinkles, scratches, and discolorations caused by the initial printing of the card or otherwise will lower the grade of a card. Our Micheal Jordan example has quite a few noticeable dings and scratches on the top half of the card; each of these hurts the overall grade.
Each Grading firm has slightly varying methodologies on how they come to each grade. These methodologies do have significant overlap that simplifies the comparison between firms. All of these four major firms use scales from 1-10. Each number grade has a 'Quality' code attached to it.
Each grade means something slightly different. For example PSA describes their highest grade as the following:
"A PSA Gem Mint 10 card is a virtually perfect card. Attributes include four perfectly sharp corners, sharp focus and full original gloss. A PSA Gem Mint 10 card must be free of staining of any kind, but an allowance may be made for a slight printing imperfection, if it doesn't impair the overall appeal of the card. The image must be centered on the card within a tolerance not to exceed approximately 55/45 to 60/40 percent on the front, and 75/25 percent on the reverse."
And their lowest grade PSA doles out, save for altered cards reads:
A PSA Poor 1 will exhibit many of the same qualities of a PSA Fair 1.5 but the defects may have advanced to such a serious stage that the eye appeal of the card has nearly vanished in its entirety. A Poor card may be missing one or two small pieces, exhibit major creasing that nearly breaks through all the layers of cardboard or it may contain extreme discoloration or dirtiness throughout that may make it difficult to identify the issue or content of the card on either the front or back. A card of this nature may also show noticeable warping or another type of destructive effect.
All graders use “half-grades” between 9 and 2 in order to give a more accurate grade to each card. In these situations the quality tag will be given a ‘+’. For example: 5.5 would be EX+ and a 3.5 would be a VG+. These cards will have features that would land it at the high end of the lower grade, but not enough to push it up to the next level.
There are a few differences in the syntax of each grading firm. BGS' highest grade is also a 10, but 'PRI' meaning Pristine while their 'GEM-MT' is only a measly 9.5.
SGC separates their 10 into two–’Pristine’ and ‘Gem Mint’. Here, ‘Pristine’ is the top dog. Only cards described as “virtually flawless” will receive such a grade. Their Gem Mint allows for “a slight print spot”, but only if it does not detract from the rest of the card.
CSG also has two 10 grades, but they are 'Perfect' and 'Gem Mint'. Perfect being a card that has received a 10 in all subgrades and be "flawless under 10x magnification."
The quality abbreviations are quite simple to translate, but here is the full list:
There can be differences in values between the same grade from different firms. PSA is the dominant name in the space, which is reflected in the value of their graded cards. If a card is in a PSA slab it has been stamped with the seal of approval from the most powerful name in grading–this can imply a premium when compared to similar grades from competing firms. Although, depending on the card, deciding which grader to use can be a strategic decision. If you believe you are holding onto a card that could fetch a perfect ten then it may be worthwhile to use BGS as it will display a 10 across each category. Since PSA does not list individual category grades on their label, the same card would likely be valued at a discount to a so-called quad ten grade.
For the most part you cannot go wrong by choosing PSA. Although you will see below that PSA understands their stature in the space and has set their prices accordingly.
The following are current prices and are subject to change:
PSA
BGS
SGC
CSG
You can get into the nitty gritty details of each individual population report from each grader, but here is a good overview below for last year.
PSA is by far the leader in total number of cards graded and they have been for some time. More than 78% of all graded cards in 2022 were graded by PSA. The remaining 22% is split up between the remaining three.
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 is not an indication or guarantee of future results.
