Auction Action by Altan Insights: April 16, 2021

This week on Auction Action, the Altan Insights team virtually visits Heritage Auctions to review the results of their April Monthly Showcase Auction to find offerings comparable to assets listed on the alternative marketplaces. Note that all auction prices include 20% buyer’s premium.

Basketball

Heritage sold a 1972 Topps Julius Erving Rookie Card (PSA 9) for $43,200. There is an example with the same grade trading on Otis for $41,870. The Otis card has experienced impressive appreciation throughout April, with the card up 32.43% since March 31st. The Heritage sale is a slight downtick from previous valuations, including a $57,600 hammer price for a similar card in February but the ebb and flow within the auction market is common and investors should take a long-term view when analyzing results.

Rally IPO’d a 1985 Nike Michael Jordan Promo Card (PSA 10) on March 8th for $28,000. Heritage closed a sale this week on a Promo card with the same grade for $28,800. The sale is a rebound from last week’s auction at Goldin where two cards went for $24,600 and $24,000. 

The sealed basketball wax slump continued, with Heritage selling a 1986 Fleer Basketball Wax Box for $186,000, representing a steep 40% difference from their sale of a box for $300,000 on February 27th. The $186,000 price target is still a premium from any 2020 sale at Heritage- with the highest auction price for a box last year settling at $105,000 during their August auction. 

The 1986 Fleer Michael Jordan Rookie Card has remained a staple at the auction house and made another appearance this week at Heritage. This copy sold for $408,000 which is the lowest sale at the auction house this year. Merely 71 days ago Heritage sold a Fleer MJ for $645,000, a 36.7% difference in realized prices. Collectable currently has a PSA 10 that IPO’d at a $100,000 market cap- well below the current valuation range. The card is on their secondary market and has a $399,900 market cap heading into the final trading session of the week. 

Otis has a 2013 Panini Immaculate Collection Giannis RPA /99 (PSA 10/Auto 10) trading on their secondary market currently trading at a $76,120 market cap. The card IPO’d on February 22nd at a $96,600 cap and has dipped 21.2% since. Heritage sold a copy with the same card grade for $38,400. The Heritage example does not have a grade for the autograph but investors can compare a Giannis RPA sale in February where a PSA 10 without the autograph grade sold for $58,800.

Baseball

Collectable will IPO a 1980 Topps Rickey Henderson Rookie Card (PSA 10) on April 18th and Heritage Auctions provided a direct comp with their sale of a PSA 10 Henderson for $105,000. The Collectable card is expected to IPO at a premium to the Heritage results with a market cap of $195,000.

Football

Collectable IPO’d a 2000 Playoff Contenders Football Hobby Box on March 1st at a $23,250 market cap. Heritage closed their sale of a box at $31,500, the highest realized price for the sealed wax on their platform. The box is known for Tom Brady’s rookie season and has largely been driven by the recent price appreciation of Topps Tom Brady cards, specifically the Season and Championship ticket derivatives that have reached six and even seven figures.

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