Are we seeing a fundamental shift with auction houses?

[Topnotchsy]

I just went through the latest REA auction which opened today. Over 4,000 lots, and only 41 of baseball memorabilia, which is largely made up of a number of tickets and a few programs. There are a few signed items as well.

With the explosion in card prices over the past couple of years (even as they have settled a bit, many are still many times more expensive than they were 3 years ago) it seems like we are seeing the auction houses much more heavily focused on cards rather than memorabilia. REA seems to be 95% vintage cards. Goldin is 95% modern cards etc.

I imagine a part of it is that memorabilia collectors are a bit less opportunistic around selling and there are fewer memorabilia items being sent to the auction houses, but I also imagine that for the auction houses, cards are an absolute gift. They take up almost no space, and the process of ID'ing and researching them is minimal/non-existent. It probably takes 5 minutes to create the listing for a Mantle 1952 Topps, and it sells as well or better than the best memorabilia out there, which requires research and a write-up that highlights the piece.

I don't know whether there has been an actual shift taking place, but wonder if some auction houses have decided that memorabilia isn't worth the look. It seems like a few are still more in the memorabilia game more heavily. Just based on my memory of recent auctions I think LOTG, Lelands and Grey Flannel still do a nice amount of memorabilia. Heritage always has some big items, but even there it seem to be more and more cards if I am not mistaken.

I'm curious to see what others think about this. I wonder if we are going to reach a time when some auction houses are basically card auction houses and a few others focus more on filling the void for memorabilia. I don't see why any auction house would turn down the easy money of selling cards though since the work is minimal, and the prices are strong.

[tazdmb]

This is just their “extra innings” auction that they do monthly since the boom last year. They just throw in items they think that are not worthy of the main auction next month. I wouldn’t fret until then.

[Topnotchsy]

Originally Posted by tazdmb

This is just their “extra innings” auction that they do monthly since the boom last year. They just throw in items they think that are not worthy of the main auction next month. I wouldn’t fret until then.

I hear that, though it seems to be a bigger trend than one auction. Hoping I'm wrong. It could be that the quantity of memorabilia hitting the market has stayed somewhat stable while the volume of cards and auctions has gone up, so they are just not as prominent.

I hope that's the case...

[perezfan]

Originally Posted by Topnotchsy

I just went through the latest REA auction which opened today. Over 4,000 lots, and only 41 of baseball memorabilia, which is largely made up of a number of tickets and a few programs. There are a few signed items as well.

With the explosion in card prices over the past couple of years (even as they have settled a bit, many are still many times more expensive than they were 3 years ago) it seems like we are seeing the auction houses much more heavily focused on cards rather than memorabilia. REA seems to be 95% vintage cards. Goldin is 95% modern cards etc.

I imagine a part of it is that memorabilia collectors are a bit less opportunistic around selling and there are fewer memorabilia items being sent to the auction houses, but I also imagine that for the auction houses, cards are an absolute gift. They take up almost no space, and the process of ID'ing and researching them is minimal/non-existent. It probably takes 5 minutes to create the listing for a Mantle 1952 Topps, and it sells as well or better than the best memorabilia out there, which requires research and a write-up that highlights the piece.

I don't know whether there has been an actual shift taking place, but wonder if some auction houses have decided that memorabilia isn't worth the look. It seems like a few are still more in the memorabilia game more heavily. Just based on my memory of recent auctions I think LOTG, Lelands and Grey Flannel still do a nice amount of memorabilia. Heritage always has some big items, but even there it seem to be more and more cards if I am not mistaken.

I'm curious to see what others think about this. I wonder if we are going to reach a time when some auction houses are basically card auction houses and a few others focus more on filling the void for memorabilia. I don't see why any auction house would turn down the easy money of selling cards though since the work is minimal, and the prices are strong.

You failed to mention Hunt, SCP and Huggins, all of whom sell far more memorabilia than cards. Heritage is still very strong as well.

That said... Mastro was the king of memorabilia, and they are long gone. Once formidable Lelands has dwindled drastically with their memorabilia offerings, and REA (in their last premier auction) had a pathetic assortment of memorabilia... the weakest I've ever seen from them. Goldin (more than any other) also seems to be solely obsessed with card offerings... including drastically overpriced modern stuff.

I know that Tom D. is no longer at REA, and perhaps that had something to do with their weak offerings. Such a disappointment... I traditionally bid on at least 20 lots, and "watch" another 20. In their last auction (premier- not monthly) I didn't bid on or watch a single lot. So was it a lack of decent consignments, or a purposeful emphasis on cards? Perhaps both?

I do know that memorabilia collectors hold on to the "good stuff" for life, and are far more reluctant to flip rare/expensive items than card collectors. And apparently lots of good stuff has simply dried up. Remember when Spalding Trophies, Oversized Teens Pennants and Game-used Flannels showed up in virtually every major auction? Not any more.

Also, the post office is doing no favors for memorabilia collectors, as their rates continue to skyrocket. As you said, cards are far easier and cheaper to ship. So it's probably a combination of all these factors.