New Technology World

NEW YORK (AP) — A mint-condition Mickey Mantle baseball card sold for $12.6 million on Sunday, setting a record for the most expensive sports memorabilia ever in a market that has grown exponentially profitable in recent years. rice field.

A rare mantle card surpassed a record that was just posted a few months ago. Diego is his $9.3 million for the jersey Maradona wore when he scored the controversial “Hand of God” goal at his 1986 World Cup soccer tournament.

It easily surpassed the $7.25 million for a 100-year-old Honus Wagner baseball card that recently sold at a private sale.

And last month, the boxing heavyweight belt that Muhammad Ali regained in 1974’s “Rumble in the Jungle” sold for nearly $6.2 million.

These are all part of the burgeoning sports goods market.

Prices are rising not only for the rarest items, but also for items that may have been gathering dust in garages and attics. However, some are sold at auction houses.

Due to its near-perfect condition and its legendary subject matter, the mantle card was destined to be a top seller, said Chris Ivy, director of sports auctions at Heritage Auctions, which made the bid.

Some see collectibles as a hedge against past years of inflation, while others rekindle childhood passions.

Mr. Ivey said wise investors were watching inflation progress. As a result, sports memorabilia has become an alternative to traditional Wall Street investments and real estate, especially among Gen X and older millennials.

“There is very limited Netflix and ‘Tiger King’ that people can watch[during the pandemic]. So they’re getting back into their hobbies, and collecting sports was obviously part of that,” said Ivy, noting an uptick in calls among potential sellers.

In addition to the interest from wealthy overseas collectors, there are confluence factors that have made sports collectibles particularly attractive, Ivey said.

“We’re starting to see some growth and higher prices, which has led to media coverage. And I think it’s all based on itself,” he said. , I think really added gasoline to that fire.”

Before the pandemic, the sports memorabilia market was estimated at over $5.4 billion, according to a 2018 Forbes interview with Collectable.com founder David Yoken.

According to research firm Market Decipher, that market will grow to $26 billion by 2021, and the market will grow astronomically to $227 billion within a decade. This is a digital collectible with a unique data encryption fingerprint.

Sports cards were particularly in demand as people spent more time at home and the opportunity to hunt for potential treasure troves of childhood memories, such as old comic books or small stacks of bubblegum cards featuring marquee sports stars. rice field.

According to ComicConnect founder Stephen Fishler, the temptation to make money on something that might be sitting in your childhood basement is irresistible.

“In a nutshell, the modern world of sports cards is crazy,” he said.

The Mantle Baseball card dates from 1952 and is widely recognized as one of the few baseball legends in near-perfect condition.

The auction made a substantial profit for New Jersey waste management entrepreneur Anthony Giordano, who bought it for $50,000 at a 1991 New York City show.

A switch-hitter, Mantle won the Triple Crown in 1956, was the American League MVP three times, and won seven World Series titles. Hall of Famer he died in 1995.

“Some might say it’s just a baseball card. Who cares? It’s just a Picasso. To others it’s just a Rembrandt.” John Holden, an amateur sports card collector, said:

Like a work of art with no intrinsic value, when it comes to sports cards, the value is in the wallet of the beholder, or potential bidder, he said.

“Value is what the market is willing to support,” Holden said.

_____

Follow Bobby Kyna Calvin on Twitter. http://twitter.com/BobbyCalvan

Copyright 2022 The Associated Press. All rights reserved.

.