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Hmmm...let's see. Which would I rather have: a signed piece of cardboard that's barely over ten years old from a guy who's barely over thirty years old, or a really nice house?
Wow, that is a tough choice..... |
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$312k to the person who bought it might be like you spending $312.00 Scale of economy. I had to get over that hurdle too being in the private aviation industry. That's a sweet card and if anything, it helps bolster the sports card industry even further. |
I think the most interesting part of that article is that the second highest price for a signed card is 50k for a signed Ruth. Crazy by comparison. That was probably also a 1 of 1, even if it wasn't marked as such. If I could have had either yesterday for the same price not knowing what this would sell for I easily would have picked the Ruth.
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Agree with the OP. It's stupid money. Manufactured scarcity is meaningless. And LeBron probably has signed hundreds if not thousands of cards.
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The game used card market is one I never understand. This buyer could have bought LeBron's game used jersey from Game 1 of the 2016 NBA Finals for a fraction of the price ($52,591.99). A regular season jersey could be bought for below $5,000.
http://auctions.nba.com/iSynApp/auct...24#bid-history |
"The card was sold to a basketball card collector only two months ago for an undisclosed sum. That collector told ESPN.com that he was motivated to buy the card after James won the NBA title. He said Goldin convinced him that he could immediately flip it for a much higher price."
Does a quote like this from the article make anyone else nervous given Goldin's association with Maestro and the number of times his name appeared on the documents? |
Here's what I found shocking:
"The highest price previously paid for any James item was the $95,000 venture capitalist Bill Lee paid for a 2003-04 card of James' from Upper Deck's Exquisite Collection, which retailed for $500 a pack. The card that sold Sunday morning was pulled from Upper Deck's Ultimate Collection set, which were sold for $125 a pack with only four cards in a pack." Somebody has the gall to sell a new pack of cards for $500??!??!!!? |
Old saying there's a sucker born everyday
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Very surprised by some of these responses. You guys act like the guy who bought it is some average joe who spent his life savings on it, which is obviously not the case. Clearly some millionaire who has all kinds of cash to throw around. I also thought people had more understanding for modern card collectors. I've always been a vintage guy, but I'm sure some of the modern collectors wonder why in the world we buy cards of guys that we'll never see play or have the oppotunity to idolize. I do agree on how ridiculous it is that this card goes for 6 times what an entire game used jersey goes for... I'd take the jersey over this card any day of the week
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And as someone already said, it's not like LeBron hasn't signed hundreds of thousands of items before. What is the difference between this "manufactured" card "product" and something signed by James during his rookie year?
I guess $300,000 is the answer. That's just stupid -- and doesn't matter how much money you have.... |
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As a baseball card collector with a collection going from present day back to Old Judge and a baseball autograph collection with examples to the 1870s and other memorabilia, I have yet to grasp the allure of manufactured memorabilia and inserts and the understanding of why they sell for so much more at times than other available and appealing pieces of memorabilia .
But I figure like all collections it is a matter of taste and wants. I always wonder however will they ever recoup their money if they try sell it . |
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But in this day and age, I think the saying should be, "There's a sucker born every second." Val |
I say, "buy what you like, like what you buy, and leave the rest for everyone else."
If I had $300,000+ to spend on this hobby, it wouldn't be used to purchase a modern card of LeBron James. However, my acquisitions, whatever they might be, would likely be viewed upon as wasteful spending by a great many people. |
Waste.
I wouldn't say he's a sucker or it's a waste of money, that's just ignorant. Sure, may be a waste for us but to them I'm sure it's pocket change.
Amazing the card sold this much without the patch even being game used. |
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qft |
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Lebron has an exclusive with UD, panini had an exclusive with the NBA. He hasnt signed anything in uniform in a hot minute. |
I'm not going to go into whether the Lebron card is actually worth 300+K too much. Like most everyone else, I think the card went much too high. I think the somewhat analogous comparison would be how much a complete Lebron James rookie game used uniform that he signed would go for. It seems reasonable to assume that the signed rookie uniform should go substantially more than the card.
Back to the card. It's not just any signed Lebron James card. It is a signed ROOKIE card. I don't want to get into a debate on why rookie cards should be much more valuable than other cards for a player. Let's just say that's the reality. (And I'm not going to go into those cases either where the card manufacturer issues the rookie card YEARS after the player's rookie reason. Not going there. Also not going into those cases where the jersey on the card wasn't even that player's jersey or wasn't truly game worn.) I don't collect modern cards or modern rookie cards. However, from what I can tell, in a player's rookie year, there are tons of different cards that are released. Therefore rookie card collectors look for that player's "best" rookie card. (You can often try googling this: What is <player name> best rookie card?) Typically, these are the characteristics that go into the player's best rookie card: (1) Manufactured scarcity: the lower the print # the better (I know ppl hate this, but that's the way it is.) (2) Is there an auto on the card? (Extra points if the player signed on the card rather than on a sticker that is put on the card.) (3) Is there a game used patch on the card? Extra points if the patch is multi-color/jumbo-size, has laundry tag or logoman, etc. Cards issued by a major manufacturer (e.g., Topps/Bowman, etc) are more valued than from a minor vendor. TPG grade and eye appeal also play a smaller part. Therefore, this card has some of the top characteristics that say that this is probably one of the top LBG rookie cards if not the top one. Again, whether this means the card is worth 300+K is another story ... |
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And those $500 exquisite packs from 03 now go for about 10k. If you can find one. |
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I'll second Charlie there.
One of the reasons that modern cards don't interest me is that they really are just a kind of gambling. Cardboard slot machines. There has always been some tomfoolery involved in baseball cards: think of the Goudey Lajoie; just skipping a number to get the kids to buy more cards is pretty sneaky. But, as far as I can tell, this is all that modern cards have become. As for whether they'll hold their value, I don't know. But most collectibles that are made to be collectible are junk (think about things like the decorative plates that they sell on QVC). Vintage cards (this is actually a nice crossover point for another thread) weren't made to be collectibles, at least not in any modern sense, they were made to be children's toys. Bike spokes and all that. Now, it's permissible to think that adults shouldn't spend money collecting children's toys, but if there is a problem with it, it's not the same one as buying lottery tickets from Upper Deck. |
I think the discussion over if the card is worth the price is similar to those asking if a PSA 10 63 Rose is really worth the 700k or whatever it sold for. For one it's irrelevant what we think, it was worth it to the guy who won it, and worth almost as much to the under bidder. It's a 1 of 1, and LeBron's most sought after rookie card. Or one of them. There are thousands of 63 Rose's out there, and perhaps 100s of thousands of LeBron rookies. But only one PSA 10 and only one 1 of 1 logoman auto.
I'd still rather have the signed 33 goudey ruth for 50k. But I wasn't bidding on either. |
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You guys were all over Golden auctions on the Wagner going 'below' estimate.
im assuming the lebron card blew away their estimate... |
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As for 1/1s, I disagree. The LeBron is a 1/1 due to artificial, manufactured scarcity. Topps could print a million Jeter rookies and put a red dot on one of them and it would be a 1/1 too. So what? And Rose is one of 30 or so graded Mint. I would bet anything if you cracked out the 10 and the 25+ 9s you could not reliably pick out the 10. So again, so what? The 10 is an artificial grade and if it's a 1/1 that is, to me, artificial as well. |
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so when talking thousands and thousands of dollars...maybe the winning buyer was willing to 'overpay' by 1-3 percent to win the card....to me thats just market price ...we expect to lose 5-10% on any card we buy at a huge auction and sell the next week in an auction. Now on private sales i can see someone 'overpaying' when no one else would pay within 50% of what a guy paid to pry a card out of someone's hands...but still time will tell. but again in a fair auction...noone is going to be paying 50% more than the market due to all the under bidders.....in a private deal , all you have is the seller saying 'i already have someone offering X for the card' thats not as legit as seeing a real bid in an auction.. |
I would never suggest to someone how he should spend his money, but if the buyer of the James card expects to redeem his investment at some point, I think he runs the risk of disappointment. I don't think that cards that are highly valued because of a contrived limited supply (like one of one) will retain their value over time. It's my guess that at some point collectors will recognize that there is little difference among autographed rookie cards of LeBron, or anyone else for that matter.
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when you do a private deal you have no way to know if someone else is even willing to bid close in a hysteria situation if thats all it was.. |
George Carlin hit the nail on the head:
“Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?” |
I'm sure the guy who bought the James card said to his family and/or friends, "Sometimes you gotta say WTF" :D
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Since manufactured scarcity is meaningless, does that apply to leaf Graziano, caramel McKinley and Lindstrom, and Goudey Lajoie? In my opinion these are all the same as the LeBron 1/1. Short produced to keep people purchasing their products. The only difference I see is the level of transparency.
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You can take it off your list. I will keep it on mine. It IS a manufactured scarcity. |
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And to get back to the point of this post, I firmly believe that each of these examples were created for exactly the same reason in each case. To increase sales and build customer base. |
I don't believe in moral relativism. Just because someone thinks something is true doesn't necessarily mean it's true in objective reality. Same goes for money: just because you have the means doesn't mean that the money wasn't wasted.
What this autographed James card is lacking that the other things mentioned in the post have is HISTORY. The fact that for $300,00 I can buy single signed autographed baseballs of the first five members of baseball's hall of fame and still possibly have money left over for something signed by George Washington or Alexander Hamilton defies logic. That is why I called it stupid. There should be no memorabilia of any current player in any sport that should sell for over Quarter of a Million dollars. We can quibble if it should have sold for $5,000 or $25,000 because that still is in the realm of the plausible. But remember, this was not a buy it now. There was at least one more buyer who kept pushing the price up and up and wound up being the under bidder at somewhere around $240,000.... |
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I think an earlier poster hit the nail on the head when he referred to people buying expensive modern cards as almost a form of gambling. There are virtually no card shops to go and buy cards at anymore, the game for selling modern cards is now in the hands of the Breakers. All you have to do is see how prominently the Breakers and the Breakers Pavilion have grown over the past few years at The National and you may begin to see how the modern card market has morphed over say the last decade or so. Because of all the different products and subsets churned out by the card companies, not very many people still try to put together modern sets anymore. Back in the day when Topps had the monopoly on baseball cards, they put out one main set that everyone would try to collect. Nowadays a new product comes out, and then a week or two later another one, then another one, and so on. So which set does a collector focus on, and then what about the subsets and auto and game used cards and so on that may also be attributed to s specific set? It is impossible to collect everything anymore and finish sets due to the short prints and manufactured rarities they often include.
Still, it is also foolish to think badly of someone for paying so much for this LeBron card. As others have already stated, the buyer paid what he wanted and had the money so, he's to put him down for doing what he wanted. Now whether or not someday he'd be able to sell that same card and make a profit.....that is an entirely different story altogether, and who knows. Whether someone values something because it is a manufactured rarity or a rarity because so few still exist, that is just a personal perception and belief. Collectors collect because they want to and, if they perceive something is rare or generally unavailable, they tend to want it all the more. The manufactured rarities are here to stay though, at least for now, and are actually being embraced by the card manufacturers because they've learned that is what drives the people who buy cards from the Breakers. When you start selling packs of cards for $20, $50, $100, $500 or even more, a pack, the average collector, let alone kid on the street, is probably not going to have that kind of money. The Breakers were the solution to the situation caused by rising card prices. Instead of a collector spending $500 on a single pack of cards, and more likely getting nothing of equal perceived value in return, a Breaker would buy the entire case and then sell individual chances at say teams or divisions for a fraction of the $500 single pack price, something much more affordable to the average collector. Say a collector spent $75 for their spot and ended up with cards only worth a perceived value of about $50. That is a lot easier pill to swallow than paying $500 for a single pack and only getting a $50 card in return. Plus, in watching the Breakers open the case live on the internet, they'll likely see that someone else got a big card, or two, that could be sold for well over the $500 pack price. Here's where the gambling aspect comes into it. Add to that the excitement of watching the packs being opened live on the internet and you have people getting hooked, just like going to the casino. I know for a fact that those Breakers who try to sell their spots through Ebay have to be careful that everyone gets something for the spots they purchase in a Break. If not, even Ebay considers that a form of gambling and will pull the auction if they are notified of it. In a lot of cases, the people who "hit" these big cards from the Breaks turn around and then immediately sell them online for a lot of money. The shocker to me then is, who exactly is buying these cards that makes people see they can get money off these what are mostly modern, manufactured rarities? I've heard rumors that the card manufacturers themselves may even be behind some of these secondary market purchases, so as to keep the conceived market for these modern cards as high as possible, and to therefore keep the public thinking these cards are worth more than they may actually be. This then allows the card manufacturers to continue to justify the high prices they charge and ultimately makes them more profits. It isn't shilling but, if it were to be the case, it would certainly smack of market manipulation Heck, we've even had some breaks run through this site looking to sell older sets. Tell me that of you who have purchased spots in such vintage Breaks, were you not doing so on the off chance that you would be lucky enough to hit one of the big cards in a set for a fraction of its regular value? Of course you were, and if so, how is this really any different than gambling or buying lottery tickets? BobC |
For $300k you could probably get Lebron himself to come to your house and give you a reach around.
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Modern cards are all about money. Outside of building a basic set it's what drives people to buy product, bust packs, etc. Of course vintage cards have become the same way, but when they were produced they weren't, and that to me differentiates real value and artificial value. At least until someone makes a good argument that I'm wrong. :) |
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The billionaire could afford a gold toilet too -- that's just called hedonism and gaudy decadence... |
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Mark Medlin |
Sorry, Mark, but your analogy doesn't apply here because this is a baseball card forum. We are all buyers and sellers of baseball cards. I would not try to justify anything hobby-related to the layman.
However, I didn't call the buyer of the card stupid -- I called the decision stupid. I have a bat signed by HOFer Frank Thomas during his rookie season. I will gladly accept $300,000 from you. I take PayPal. |
Scott,
Just to be clear - I already posted I wouldn't buy the card for that. No desire. But I don't pretend to know what is the right or wrong thing for another to do with their money. I also couldn't come close to affording the card. But to say that this card is a bargain for 50,000 and that card was cheap for 100,000 and that one is overpriced for 200 and that one is crazy for 300k is all subjective. The true value, as I posted earlier is what the value of the raw material is - about 160 bucks a ton. Anything beyond that is merely subjective and for each individual buyer to determine if they are satisfied with their purchase. I only took exception to your comment because you stated that even a billionaire should struggle with paying 300k for this. Who knows, maybe is a birthday gift for a 10 year old kid from a wealthy relative. I know many times I have spent way too much money just to see my kids smile (think American Girl Store). But I can't begin to know or understand what any other person may deem as a bargain and I just feel it's a little presumptuous for us as a collective group of hobbyist to uphold one person spend 1000 bucks while berating another for spending 300k. They are both the same - just perspective is different. We can surely easily put ourselves in the shoes of the smaller purchaser, but lose scope when comparing the high end purchase. |
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Best regards, Larry |
Paying for stuff that others think is overpriced or not reasonable happens all the time...to each their own
no one would of bought any time shares if they were worried about getting good value etc. |
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I hear Lebron bought the card personally because he wanted to start a PC of his best cards. Maybe he is manipulating his card values to be more than MJ's?
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A thought-provoking thread...good reading.
I continue to believe that folks should not be criticized for how they spend their money and that the buyer of the James card has assumed a significant downside risk. It may well be that cards of manufactured scarcity from the 1930s also pose a downside risk but it seems to me to be a lesser risk and for a different reason -- aging (and so on) of we baby-boomers. |
First, there was the $700,000 Rose rookie card; now the $300,000 LeBron card.
Ok, Forum: what's next? |
whats next? a 250K 1977 burger king lou pinella.
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Sure, people have every right to waste their money any way they please, but I'm sorry, $tupid is $tupid! The so-called, self-proclaimed "legends" of today will fade, and pale in comparison to those icons who have lasted the test of time. Ten years from now LeBron will blend right into lesser players, while Cobb, Ruth, Gehrig, Mantle, Williams, Wagner, Jackson, Hornsby, etc. will never do so in our lifetimes! Sorry, but I find this purchase offends me when I think of the many much better cards I could have bought with that sum. This transaction is best summed up as tragic! But to each his own, Larry |
I've been watching basketball for decades and in the context of his time I would rate LeBron right up there with the guys on your list. ESPN ranks him 3 incidentally.
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LeBron is definitely one of the greatest basketball players of all time. The issue I have is the final hammer price of the item versus the relative newness of the item and the faux scarcity of the item (as opposed to, say, LeBron's only diamond-encrusted championship ring with the Cavs).
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This made the news, even up here in Canada, so I think it is ultimately good for the hobby.
I am no one to judge so I have no problem if someone can afford to pay what they did for this card. There are too many unknowns to consider before saying this was stupid wasted money. |
I agree with those who suggest that LeBron will go down as one of the all-time greats. Nevertheless, I can't see this card retaining such high value.
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Waste.
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I respectfully disagree, a ton. LeBron's legacy will never fade. He's an All-Time great right now. And really, the purchase offends you!? Are you kidding me?! Oh, I'm sorry they didn't ask you first for your thoughts and what cards you wanted. Lol smh |
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As I stated, while I certainly don't pretend to dictate to others the manner in which they may waste their money, I don't think the particular verb chosen is anything other than completely appropriate. Some things are matters of opinion, others are of fact--evidence, knowledge and analytical ability are often determinative as to which is which. So, who's kidding who? Best regards, Larry |
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