(New York) A pristine Mickey Mantle card sold for $12.6 million on Sunday, setting a record price paid for sports memorabilia in a market that has proven increasingly profitable in recent years.
This rare Mantle card eclipsed the mark set just a few months ago: 9.3 million for a shirt worn by Diego Maradona when he scored the famous ‘Hand of God’ goal at the 1986 World Cup.
The sale easily surpassed the $7.25 million for a 100-plus-year-old Honor Wagner map, which was recently sold at a private sale.
Last month, the heavyweight belt that Muhammad Ali found during the 1974 Rumble in the Jungle sold for nearly $6.2 million.
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All of these items have benefited from the sports memorabilia craze.
Prices have gone up not just for the rarer items, but also for parts that may be gathering dust in garages and attics. Many of these items made their way to major auction sites like eBay, while others were delivered to auction houses.
Because of its near-perfect condition and legendary subject matter, Mantle’s card was poised to become a top seller, said Chris Ivy, sports auction manager at Heritage Auctions, who led the sale.
PHOTO LM OTERO, ASSOCIATED PRESS Heritage Auctions Sports Auctions Manager Chris Ivy
Some have seen collectibles as protection against inflation in recent years, or simply a way to rekindle a childhood passion.
Ivy explains that some investors saw inflation coming. So they turned to sports memorabilia as an alternative to the stock market or real estate investing, particularly among those of Generation X or older millennials.
“There is a limit to what you can watch on Netflix during the pandemic. So these people were finding the hobbies they had left behind, and clearly collecting sporting goods was one of them,” notes Ivy, who is noticing more calls from potential sellers.
Add to that the interest of wealthy collectors abroad and you have a perfect storm to make these items particularly attractive, insists Ivy.
“We saw price increases that led to greater media coverage. I think it created a ripple effect, he says. I think the pandemic has added fuel to that fire. »
Before the pandemic, the sports collectibles market was valued at more than $5.4 billion, according to an interview with David Yoken, founder of Collectable.com, by Forbes in 2018.
In 2021, this market reached 26 billion according to research firm Market Decipher, which predicts the market will explode to reach 227 billion in 10 years. She attributes this rise to the market for NFTs, or non-fungible tokens, unique virtual objects that cannot be replaced or copied.
Sports cards are particularly in demand. As people spent more time at home, they took the time to rummage through their old boxes and potentially find hidden treasures like old comic books or sports legend cards.
This lure of quick cash from items that gather dust at Mom and Dad’s house has proved irresistible, notes Stephen Fishler, founder of ComicConnect, who has witnessed the market’s rise and profitability.
“The world of modern sports cards has gone absolutely crazy,” he says.
Mantle’s map dates from 1952 and is believed to be one of the few that is in near-perfect condition. The sale enabled Anthony Giordano, the New Jersey waste management entrepreneur, who bought it at a collectors convention in New York in 1991. Its purchase price at the time: $50,000!
An ambidextrous hitter, Mantle won the Triple Crown in 1956, three MVP All-American titles, and seven World Series. The Hall of Fame died in 1995.
“Some would say it’s just a baseball card. Who cares ? After all, he’s just a Picasso or a Rembrandt. It’s a work of art for some,” says John Holden, professor of sports management law at Oklahoma State University and amateur collector.
As with works of art that have no intrinsic value, the value is in the eyes of those who want to acquire it, he observes. Or rather, in the wallet.
“Value is what the market is willing to attribute to it”, he concludes.
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