I loved LoTG's Exhibit sale but I also hated it. I have been into Exhibits for 30 years. There has been a run-up in prices over the last few years, especially on the giants--Ruth, Gehrig, Cobb--and to a lesser extent other first-rate HOFers. The Gehrig RC and the Ruth 23-24 should be worth tens of thousands. Ruth especially has been drawing strong prices for a few years now. This result on a 31-32 Ruth from Al's older auctions left me stunned:
I love the price increases on what I own but lament the increases on the rest!
Condition isn't something you can readily tie to a run up in price. The TPGs are
brutal on prewar Exhibits. So much so that to find a prewar card with a high slab # is somewhere between challenging and impossible. Collectors of these sets get the best they can and leave it at that, especially if the downgrade is a back issue on a blank-backed card.
There is also a growing appreciation among collectors for the rarity of some variations. For example, the no-background PC backs that LoTG sold are very scarce SPs, really tough. It can take years to find them in
any condition. The Ruth and Gehrig versions you expect to go into four figures but the prices on Waner, Faber, Sisler, Speaker, etc., and even Todt and Wilson were very strong. Those are the set guys trying to finish up. For those who don't know what I'm talking about
:
Regular version:
No background 'silhouette' version:
But you see that with every set with the SPs: if you chase the Salutations set you will pay far more for Hugh Mulcahy or Johnny Rizzo than the common version of Ted Williams in comparable condition.
The 1922 Eastern Exhibits are another example. The plain PC back versions that LoTG was selling are not Exhibit cards. They are mislabeled by the TPGs. They are postcards. Different stock than Exhibits with a different thickness, which is critical because you cannot vend cards of the wrong size and weight from an Exhibit machine. They foul the mechanism. So, the anonymous PC backs are really very scarce postcards. Collectors who've been into these sets for years know that they are much tougher than the typical EE. The bidding on them was very strong because the secret is out of the bag on them.
Moving to the late 1920s sets, again, the Ruth and Gehrig are in a league of their own, followed by Cobb, then the remainder.
The postwar versions of SPs include the imprinted backs and the PC backs, both of which have dedicated collector bases. Those prices were very strong because of rarity. Someone really locked horns over the PC back Mantle; I was amazed watching that card go over $2K.