Sports cards reel in big bucks

Sure, trading stocks is cool and all, but have you tried trading your old sports cards? 

What happened: This week, an unopened case of hockey cards rumoured to have more than two dozen rare Wayne Gretzky rookie cards sold for $5 million at an auction. The splashy sale is the latest example of the growing popularity of the US$44 billion sports trading card market. 

• Single cards like a 1952 Mickey Mantle have fetched as much as $12.6 million at auction. Even new cards like a 2017 Patrick Mahomes have brought in north of $4 million.

Catch-up: The pandemic didn’t just breathe life into sourdough baking, it also springboarded the sports card business. In 2020, a trading card was sold every two seconds on eBay, and unlike other collectibles, such as NFTs, trading cards have kept up momentum post-lockdowns. 

Why it matters: As more sports-loving investors get into the market, sports cards are continuing to trend closer to becoming a pretty legitimate alternative asset class similar to fine wine and art — which have long been considered relatively safe long-term investments.

Big picture: Companies like Tom Brady-backed Alt and Fanatics are working to establish sports cards as a mainstream alternative asset class, with platforms that protect users from fraud, offer secure trading, and provide real data-driven valuations for cards.—LA