A mint condition On Sunday, a baseball card of Mickey Mantle was sold for $12.6 million, breaking the record for the highest price ever paid for sports memorabilia in a market that has become exponentially more lucrative in recent years.
The rare Mantle card surpassed the previous record set just a few months prior, which was $9.3 million for the shirt worn by Diego Maradona when he scored the controversial “Hand of God” goal at the 1986 World Cup.
It significantly eclipsed the recent private selling price of $7.25 million for a century-old Honus Wagner baseball card.
And only last month, the heavyweight boxing belt that Muhammad Ali won in 1974’s “Rumble in the Jungle” was sold for close to $6.2 million.
All contribute to the thriving market for sports collectibles.
The 1952 Topps Mickey Mantle rookie card from Marshall Fogel’s collection arrives at the Rally Hotel in McGregor Square. The card is graded PSA 10 Gem Mint and will be presented as part of the Hall of Legends exhibit during the Major League Baseball All-Star Game in Denver, Colorado. Matt Dirksen/Colorado Rockies/Getty Photographs
Not only have prices increased for the rarest items, but also for pieces that may have been gathering dust in attics and garages. Many of these things end up on consumer auction sites such as eBay, while others are offered via auction houses.
Chris Ivy, the director of sports auctions at Heritage Auctions, which conducted the bidding, predicted that the Mantle card would fetch a high price due to its near-perfect condition and iconic subject.
In the previous several years, some individuals viewed collectibles as a hedge against inflation, while others revived childhood interests.
Ivy remarked that astute investors anticipated inflation, which has since materialized. Consequently, sports memorabilia became an alternative to traditional Wall Street investments or real estate, especially among Generation X and older millennials.
“People could only watch so much Netflix and ‘Tiger King’ (during the pandemic). So, you know, they resumed their hobbies, and sports collecting was obviously a part of that “Ivy saw an increase in calls from prospective vendors.
Ivy stated that the presence of wealthy international collectors heightened the desirability of sports collectibles.
“We’ve begun to observe some growth and price increases, which has generated some media notice. And I believe everything just sort of piled upon itself “he remarked. I would believe that the onset of the pandemic adds considerable fuel to that fire.
According to a 2018 Forbes interview with David Yoken, founder of Collectable.com, the market for sports memorabilia was valued at more than $5.4 billion prior to the outbreak.
Market Decipher believes the market will skyrocket to $227 billion within a decade, propelled in part by the growth of so-called non-fungible tokens, or NFTs, which are digital collectibles with unique, data-encrypted fingerprints.
As people spent more time at home and had the option to sift through possible treasure troves of childhood memories, such as old comic books and little stacks of bubble gum cards showcasing famous sports figures, the demand for sports cards increased significantly.
Stephen Fishler, founder of ComicConnect, has observed the rising popularity — and profitability — of collectibles being sold across auction houses. According to Fishler, the allure of generating money off of something that may be stored in one’s childhood basement is enticing.
“In a word, the modern sports card market has gone insane,” he remarked.
The 1952 Mantle baseball card is regarded as one of only a handful of the baseball legend’s cards in near-perfect condition.
Anthony Giordano, a waste management entrepreneur from New Jersey who purchased the painting for $50,000 at a show in New York City in 1991, reaped a substantial profit from the auction.
“As soon as it reached 10 million, I sent my answer. I could no longer keep my eyes open “Giordano, 75, remarked Sunday morning. His sons supervised the sale on his behalf. They stayed up all night and contacted me bright and early this morning to inform me that it had reached its destination.
There were dozens of sports collectibles up for sale, including the card. According to Derek Grady, executive vice president of sports auctions at Heritage Auctions, the artifacts grossed approximately $28 million in total.
Grady stated, “Sports collectibles are receiving their due as an investment.” “The finest sports memorabilia are beginning to match artwork, rare coins, and rare artifacts as an excellent investment opportunity.”
The toggle-switching 1956 Triple Crown winner, three-time American League Most Valuable Player, and seven-time World Series champion. The inductee passed away in 1995.
“Some may argue that it is merely a baseball card. Why bother? It is merely a Picasso. It is simply a Rembrandt to others. Some people consider it a work of art “Professor of sports management law at Oklahoma State and sports card collector John Holden stated as much.
Similarly to works of art that have no intrinsic value, he stated that the value of sports cards is in the eye of the beholder — or the wallet of the prospective buyer.
Holden stated, “The value is whatever the market is willing to sustain.”