Big Gary V fan. He has done wonders for the hobby.
The guy is worth like 200 million dollars. He won't be able to advance his net worth much buying trading cards.
He just sold his wine company I saw on CNBC to Constellation Brands after a year. He is a serial entrepreneur.
Why can't a guy with so much money at his disposal have fun buying cards? People forget these uber wealthy people are just human too.
Basketball cards are cheap compared to baseball. With the sneaker heads moving in to cards it was only a matter of time until they blew up in price.
When you see images of people wiping out big box retailers like Wal Mart and Target the second product hits shelves it doesn't take a genius to figure out the older good stuff is going to go up in value.
We are seeing an avalanche of new money come into cards. Long time collectors must realize that for a time this is different. This trend isn't going to die overnight. It is accelerating and at some point perhaps it runs its course but it isn't next week.
I just sold a card to someone who the mailing address was the PWCC vault. Investors are flocking to cards and they don't care that they missed the first wave and are in the buy higher category because the momentum is undeniable.
Picking a top in the card market is going to be impossible because there are no derivatives to slow it down or artificial supply like short selling and so as long as people are wanting the stuff there is no where to go but up in price. You can't have thousands upon thousands of new collectors dying to put money to work and have prices go down on the marquee athletes cards.
I think the hardest part is being a buyer near the bottom because your cost basis is low and so once a card starts moving you feel like wow this is awesome maybe I should sell but in reality you are in the midst of a super cycle and you were just early and need to ride the wave.
|