The Market, Investing & 2020 Renaissance

By the end of this chapter, you will have a comprehensive understanding of the trading card market’s evolution since the 1980s and the ability to analyze record-breaking sales data. You’ll gain insights into auctions and auction houses — their influence on the industry and the psychology behind consumer bidding behavior.

This chapter positions trading cards as a legitimate alternative investment asset and explains how professional grading has enhanced market credibility. You’ll also develop essential skills for analyzing secondary-market data and using research tools to evaluate how athlete performance and cultural relevance impact market demand.

Key topics include:

• The role of auctions and auction psychology
• Insurance strategies for protecting trading card investments
• A comprehensive analysis of investment pros and cons
• An introduction to fractional investing concepts
• Market trends driving the popularity of fractional investing

Additionally, you’ll explore how major auction results influence secondary market valuations and learn to build frameworks for making informed investment decisions in this dynamic marketplace.

Trading Card Market Evolution: 1980-Present

Over the past 45 years, interest and market demand for trading cards have experienced significant fluctuations. Here are key moments that significantly impacted the industry:

1980 to 1988: 📈
Foundation and Early Expansion

The trading card industry experienced steady, consistent growth during this period as the market began to mature beyond its traditional boundaries. A significant number of new manufacturers entered the competitive landscape, breaking the longstanding dominance of established companies like Topps. This era saw the introduction of premium card sets with higher quality printing and innovative designs, laying the groundwork for the collectibles boom that would follow. The increased competition drove innovation in card design, packaging, and marketing strategies.

1989 to 1993: 📈📈📈
The Great Expansion

This period marked an era of dramatic and unprecedented growth in the trading card industry. Cards became widely available in mainstream retail locations far beyond traditional hobby shops and sporting goods stores. The market diversified significantly beyond sports cards to include entertainment properties, comic book characters, and pop culture phenomena. Major retail chains began dedicating substantial shelf space to trading cards, and the concept of cards as collectible investments gained mainstream acceptance among consumers.

1994 to 2000: 📉📉
Market Disruption and New Competition

The Major League Baseball strike of 1994 dealt a significant blow to sports card collecting, as fan interest in baseball waned during the work stoppage. Simultaneously, the rise of video games and the emergence of online stock trading in 1996 provided consumers and collectors with exciting new forms of entertainment and investment opportunities. These alternative hobbies began to compete directly with trading cards for both time and disposable income, leading to a gradual shift in collector priorities and market dynamics.

2001 to 2008: 📈📉
Uncertainty and Stagnation

The September 11th attacks in 2001 created widespread uncertainty and economic anxiety that extended into the collectibles market, including trading cards. Consumer confidence remained shaken, and discretionary spending on hobby items declined. The collecting market remained largely stagnant throughout this period until it was further destabilized by the major stock market crash of 2008, which significantly impacted collectors’ disposable income and investment appetite across all collectible categories.

2010 to 2019: 📈
Professional Grading and Social Media Renaissance

This decade witnessed a fundamental transformation in the trading card market driven by two key factors. The increased acceptance and standardization of professional grading services provided collectors with trusted authentication and condition assessment, creating more confidence in high-value transactions. Simultaneously, the widespread adoption of social media platforms enabled collectors to connect globally, share their collections, and participate in online marketplaces and box breaks. These technological and service improvements created a steady, sustained rise in market values and collector participation.

2020 to 2021: 📈📈📈
The Pandemic Boom

As people worldwide found themselves confined to their homes during the COVID-19 pandemic, many turned to nostalgic hobbies and collectibles to pass time and find comfort. Both longtime collectors and completely new enthusiasts began exploring trading cards with renewed passion. The combination of increased free time, stimulus money, and limited entertainment options created a perfect storm that drove unprecedented demand and price increases across virtually all card categories. We explore this era more in depth below.

2022 to 2023: 📉
Market Correction and Exodus

Following the highs of the pandemic boom, the secondary market experienced a sharp and widespread correction in card values. Many cards that had reached astronomical prices during 2020-2021 saw significant decreases in market value. This dramatic shift caused many of the newer collectors and speculative investors who had entered during the boom to exit the hobby, leading to reduced demand and continued price adjustments across multiple card categories.

2024 to Present: 📈
Stabilization and Pokémon Resurgence

The trading card market has entered a phase of steady, sustainable growth as it stabilizes following the pandemic-era boom and subsequent correction. Among the most notable developments is the extraordinary rise in interest and value of Pokémon cards, which have reached unprecedented levels of mainstream popularity and collector demand. This renewed enthusiasm is fueled by millennial nostalgia — especially among those with increased purchasing power — and a genuine appreciation for the game’s timeless appeal across generations. A striking indicator of the market’s resurgence came in August 2025, when the 2007–08 Upper Deck Exquisite Dual Logoman autograph card featuring Kobe Bryant and Michael Jordan sold for $12.932 million.

The Biggest Card Sales of All Time

Over the past four to five years, the trading card industry has experienced unprecedented growth, with numerous record-breaking sales across both modern and vintage cards. Here are the Top 10 highest-selling trading cards of all time, regularly updated to reflect the latest market records.

1. $12.932M USD — 2007-08 Upper Deck Exquisite Collection — Dual Logoman Autographs #DL-KM Kobe Bryant Michael Jordan 1/1 PSA 6 (Aug. 2025)
2. $12.5M — 1952 Topps #311 Mickey Mantle SGC 9.5 (Aug. 2022)
3. $10M — 2006-07 Upper Deck Exquisite Collection — Dual Logoman Autographs #DL-ML Michael Jordan LeBron James 1/1 raw (Oct. 2025)
4. $7.25M — 1909 T206 Sweet Caporal Honus Wagner SGC 2 (Aug. 2022)
5. $7.2M — 1914 Baltimore News Babe Ruth SGC 3 (Dec. 2023)
6. $6.6M — 1909 T206 Sweet Caporal Honus Wagner SGC 3 (Aug. 2021)
7. $5.9M — 2009 National Treasures / Rookie Logoman Autograph #206 Stephen Curry 1/1 PSA 8 w/ 10 auto (Jul. 2021)
8. $5.275M — 1998 Pokemon Japanese Promo Illustrator Holo Pikachu PSA 10 (Jul. 2021)
9. $5.2M — 2003-04 Upper Deck Exquisite Collection / Gold #78 LeBron James #/23 BGS 9 (Oct. 2021)
10. $5.2M — 1952 Topps #311 Mickey Mantle PSA 9 (Jan. 2021)

For a more complete list with additional details on each card check out Tracking the Most Valuable Cards Ever Sold.

Auction Houses

Many of these record-breaking sales involve extremely rare cards, including some that are one-of-a-kind or one-of-one. These transactions have been facilitated by major sports memorabilia auction houses such as Goldin, Heritage, Pristine, Leland’s, Robert Edwards, Classic and eBay.

The high-end sports card market is currently so robust that even prestigious, world-renowned auction houses like Christie’s and Sotheby’s have begun offering sports cards as part of their collections.

Psychology of Auctions & Collecting

Often in auctions, bidders develop a strong attachment to an item or a sense of ownership before they actually own it. This can lead them to subconsciously value the item more highly and bid higher than they initially intended.

Humans generally tend to overvalue items they perceive as being in very short supply or unlikely to be available again. Additionally, when bidders feel an auction item could be theirs, their brains release dopamine, a chemical associated with the anticipation of a reward. These factors likely contribute to the staggering prices being paid for sports trading cards recently.

You’ve heard the expression “a rising tide lifts all boats”? This applies to trading cards as well.

For example, shortly after the $1.8 million sale of the O-Pee-Chee Wayne Gretzky PSA 10 rookie card a few years ago, many of Gretzky’s cards, especially from the early 1980s, increased in value by as much as five times. When a card becomes so valuable that it prices out most collectors, they turn to the next best options.

Price Guides, Book Values. What Are My Cards Worth?

Determining the value of your trading cards is not as straightforward as it might seem. Here are several methods collectors and investors use to assess their cards’ worth:

1. Beckett Media: Beckett publishes several monthly magazines that include price guides. They also offer digital subscriptions to these magazines and online price guides. While Beckett provides comprehensive listings of virtually every card in existence, their pricing updates may not always meet the needs of today’s collectors.
2. eBay: Checking “completed items” on eBay is a useful way to see individual sales information and get a closer picture of what a particular card is selling for at a given time. eBay also offers excellent historical data. However, keep in mind that auctions ending at odd times of the day may attract fewer bidders, potentially affecting the final sale price. Generally, auctions ending between 9:00 PM and 11:00 PM in the relevant regional market tend to perform better. For items with worldwide appeal, aligning the auction end time with the Eastern Time Zone is advisable.
3. Card Ladder: This new app excels at collecting completed sales data from eBay and other online marketplaces. It tracks historical sales data and displays the information on a graph for easy reference. Card Ladder is owned by PSA.
4. Gem Rate: GemRate is a website that offers in-depth insights into trading card grading trends. It tracks and reports the number of cards graded by leading grading companies – PSA, Beckett (BGS), SGC, and CGC. By providing data on daily, weekly, and monthly grading trends, GemRate serves as a resource for collectors eager to stay informed about the latest grading statistics.
5. Auction House Results: For high-end and extremely rare cards, checking auction house results is beneficial. Most major auction houses allow you to set up a free account to search their extensive sales history databases.

Cards graded by the four major grading companies (PSA, SGC, BGS, and CGC) are easier to price accurately because their condition is not in question.

Cards as Alternative Investment Assets

The trading card market is increasingly being recognized as an “art for the new generation.”

Many enthusiasts describe trading cards as “cultural assets,” a term that encompasses nostalgia, design, style, and scarcity.

For those who prefer not to invest in stocks or real estate but have a passion for sports, trading cards offer an exciting way to follow their favorite teams and players while investing in athletes. Collecting trading cards is akin to building a dream fantasy sports team, where the value of the cards fluctuates over time based on player performance.

Due to the unpredictable nature of sports, the trading card market remains dynamic and vibrant. Whether you collect future Hall of Famers or rookies just starting their careers, there is always a risk regarding how a player’s career will unfold. However, with higher risk comes the potential for higher rewards, especially for collectors (or investors) who conduct thorough research and identify undervalued players or cards.

As discussed in the chapter on the cultural impact of trading cards, major investment firms are now incorporating high-end trading cards (and related companies) into their portfolios, investing tens of millions of dollars.

Other factors that attract investors to trading cards include values driven by scarcity, demand, popularity, player performance, and player relevance (such as media presence, social media activity, reality TV appearances, and documentaries).

Insuring Your Collectibles

As we discussed in the previous chapter on grading, protecting your collectibles through proper insurance coverage is a crucial aspect of responsible collecting that many enthusiasts overlook. Having adequate insurance protection can mean the difference between a minor setback and a devastating financial loss.

Standard homeowner’s or renter’s insurance policies often provide limited coverage for collectibles and may not account for their true market value. Specialized collectibles insurance considers the unique nature of these items, including their fluctuating values and the expertise needed to properly assess and replace them.

When exploring insurance options for your collectibles, there are several critical factors to evaluate:

Documentation and Appraisal

Have your collectibles professionally appraised by certified specialists every 3-5 years, and maintain detailed records including photographs, purchase receipts, certificates of authenticity, and condition reports. Store this documentation separately from your collection, preferably in cloud storage or a safety deposit box. This thorough documentation is essential for both insurance claims and establishing value.

Choose Specialized Coverage

Standard homeowner’s insurance provides minimal protection for collectibles, so consider a collectibles-specific policy or scheduled personal property endorsement. Look for “agreed value” or “guaranteed replacement cost” coverage that protects against theft, damage, loss, and mysterious disappearance. Some insurers specialize in specific types like fine art, coins, or trading cards and offer more comprehensive protection.

Storage, Security, and Maintenance

Implement proper storage with climate control, UV protection, and appropriate materials, while installing security systems or using safes for high-value items. Many insurers offer discounts for these protective measures. Review your coverage annually, monitor market values, and update your policy when acquiring new pieces or when items appreciate significantly in value to ensure adequate protection.​​​​​​​​​​​​​​​​

Advice

Fractional investing is an innovative and exciting way to enter the trading card market. This concept emerged as some of the rarest and most sought-after high-end cards reached astronomical values in recent years.

The idea is that you can own a small piece (or shares) of an extremely valuable trading card or piece of memorabilia. For example, the firm Rally purchased and then offered shares of a 1979-80 Topps Wayne Gretzky rookie card in Gem Mint PSA 10 condition. Only two copies of this card have received a grade of PSA 10. Previously, only up to two individuals could own this card in such pristine condition.

Rally made shares of this card available at $40 per share, allowing 1,633 investors to own a piece of the card before all shares sold out.

Like stocks, investors can choose to sell their shares or purchase more if available. Additionally, there may be opportunities for the card to be bought out in full. At that point, the investors vote on whether to sell or not.

The major players in this space include Rally, Collectable, and Alt.

As you might expect, this type of investing has significantly impacted the secondary market for super high-end cards.

2020 Pandemic and The Current Market

This chapter continues our exploration of 2020, COVID-19, and the trading card market.

Let’s begin by examining the market spike of 2020 and 2021. In this lesson, we will discuss the factors that contributed to this spike and the reasons why the market and interest in trading cards surged dramatically during the COVID-19 pandemic.

In our previous chapter on eBay, we observed the immense sales growth in the hobby in 2020. We also noted how many athletes and celebrities began collecting and sharing their treasures with their legions of fans on social media.

A new, growing, and younger collector base drove auction prices for extremely rare and high-end cards to unprecedented heights. Even at the grassroots level, big box stores were selling out of packs of cards across North America.

With more new collectors and more time on their hands, there has been a significant increase in interest in online content related to trading cards.

One of the most significant indicators of the market’s current state is the attendance at the National Sports Collectors Convention (or The National) held annually in late July. The last four shows have recorded all-time consecutive attendance records, even higher than 1991, the year many consider the absolute peak of collecting.

It’s clear that the COVID-19 pandemic has impacted all our lives, some parts permanently. The business world has also changed significantly, in some ways for the better and in others for the worse. The sports trading card industry is no different. Collectors had seen a steady rise in the overall market for three to four years leading up to “the day sports shut down” on March 12th, 2020.

In the weeks following March 12th, there was a brief dip in the secondary market as collectors were uncertain about the future. With no sports on TV, no fantasy sports to follow, no sports gambling, and people stuck at home, things began to change. General sports fans, who weren’t necessarily collectors, discovered box breaks on social media. These same fans, while spring cleaning, found their old cards and wondered, “What’s card collecting like these days?”

With extra time and, in some cases, extra money to spend, these general sports fans got their fantasy and gambling fix from sports trading cards.

When you think about it, what are you doing as a sports card collector? You’re essentially putting together a team of your favorite players (like a fantasy team), “betting” on the future of young players by investing in rookies and young stars and opening a pack of cards is somewhat like buying a lottery ticket.

Mainstream Media Recognition Signals Trading Card Industry Maturity

The trading card industry has gained significant mainstream financial media attention, with both Bloomberg and CNBC producing comprehensive coverage that highlights the sector’s remarkable transformation. This level of scrutiny from premier business news outlets represents a pivotal moment for what was once considered a niche collectibles market.

The fact that major financial broadcasters are dedicating substantial airtime and resources to trading card analysis demonstrates the industry’s evolution from a childhood hobby into a legitimate alternative investment class. This mainstream recognition validates the market’s growing sophistication, increased liquidity, and expanding investor base.

When established financial media platforms cover trading cards alongside traditional investment vehicles, it signals that the industry has achieved a new level of credibility and market maturity. The coverage reflects not only the substantial monetary values now associated with premium cards but also the development of professional grading services, auction houses, and trading platforms that have institutionalized the market.

Below are two comprehensive market reports from 2021 that capture this transformative period in the industry’s development:

• https://www.bloomberg.com/news/videos/2021-06-11/the-trading-card-asset-class-video
• https://www.youtube.com/watch?v=WJ6oqMfYtHY

Conclusion

The trading card market has undergone remarkable transformation since the 1980s, reaching unprecedented heights during the 2020 pandemic when COVID-19 lockdowns created perfect conditions for market explosion. Sports fans with extra time and money discovered box breaks on social media and rediscovered old collections, driving auction prices for rare cards to astronomical levels with record-breaking sales becoming commonplace and mainstream media like Bloomberg and CNBC covering the phenomenon. This evolution has been supported by innovative fractional investing platforms like Rally, Collectable, and Alt, which allow multiple investors to own shares of single high-value cards, democratizing access to previously unaffordable collectibles. Traditional price guides and book values have struggled to keep pace as cards now function as legitimate alternative investment assets with values determined by auction results and market demand rather than historical pricing models. The National Sports Collectors Convention has recorded consecutive attendance records higher than the legendary 1991 peak, demonstrating that the current market represents a fundamental shift in how trading cards are perceived, valued, and traded as modern investment assets.

—

Next, Chapter 8: Digital Collectibles, Emerging Markets & NIL