Memoribilia have no intrinsic value — and so unlike stocks, bonds and real estate— do not generate cash. Their value is extrinsic, i.e. based on appearance and/or what it could be sold for, which may not be its intrinsic value.
In the case of vintage cards you have pictures printed on cardboard. The intrinsic value of cardboard is $0. A T206 Honus Wagner sold for $7+ million. It’s extrinsic value is $7,000,000.
In options the greater the extrinsic value the greater the risk.
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