Are We Slaves To The Registry?

barrysloate · #1 04-21-2019, 04:04 PM

Thanks David, and I understand that you collect the way that makes you happy. I think the registry has caused prices on high end cards to increase so drastically that there are only a small number of people who can even compete for them. I collect VG-Ex to Ex not because I like to see flaws on cards, but because high grade cards are out of my range.

When I saw the 1932 U.S. Caramel Hornsby sell for $52,000, I was astounded. I understand chasing after a Wagner or a Plank or a 52 Mantle, because those are iconic cards and there are countless collectors who would like to own them. But in my 37 years in the hobby, nearly 30 of them as a full time dealer, I never once had a collector come to me looking for a U.S. Caramel Hornsby. That's an esoteric set, and while Hornsby was a great player, his cards are not as popular as Cobb or Matty or Wajo. That price was almost surely a product of two registry collectors going head to head until one of them blinked.

So yes, as you said the hobby has changed and many of us are scratching our heads and watching prices reach levels that we could never have imagined.

frankbmd · #2 04-21-2019, 04:29 PM

The concept of a 100 year old card looking near perfect is difficult for many of us to grasp. I saw the PSA 8 Wagner on display in Beverly Hills before the Sotheby’s auction where it was purchased by Gretzky and McNall. It indeed looked near perfect, but there was a problem with the card that was not disclosed at that time. Near perfect is not synonymous with untampered with and authentic. The genesis of the Registry began with the grading of that card.

If I had millions to invest (and I do not), and despite my love of the game of baseball, I honestly doubt that investing in near perfect 100 year old baseball cards would be my cup of tea. Call me crazy. That’s fine with me.

barrysloate · #3 04-21-2019, 04:32 PM

Okay, you're crazy.

Dpeck100 · #4 04-21-2019, 05:01 PM

Quote:

Originally Posted by barrysloate

Thanks David, and I understand that you collect the way that makes you happy. I think the registry has caused prices on high end cards to increase so drastically that there are only a small number of people who can even compete for them. I collect VG-Ex to Ex not because I like to see flaws on cards, but because high grade cards are out of my range.

When I saw the 1932 U.S. Caramel Hornsby sell for $52,000, I was astounded. I understand chasing after a Wagner or a Plank or a 52 Mantle, because those are iconic cards and there are countless collectors who would like to own them. But in my 37 years in the hobby, nearly 30 of them as a full time dealer, I never once had a collector come to me looking for a U.S. Caramel Hornsby. That's an esoteric set, and while Hornsby was a great player, his cards are not as popular as Cobb or Matty or Wajo. That price was almost surely a product of two registry collectors going head to head until one of them blinked.

So yes, as you said the hobby has changed and many of us are scratching our heads and watching prices reach levels that we could never have imagined.

I just looked at the Pop report and there is one with none higher. I use term the best and someone will say it is not the best but only PSA says it is the best but regardless the new owner can say they own the best example that exists. The price reflects that.

One of the comparisons I have drawn in the past is cards can be viewed as art. In a case like this while $52,800 may seem like a ton of money for a single card there are pieces of art that go into the hundreds of millions. Many pieces that are not exactly ones that most even find appealing looking.

Trading cards are relics of history and so in reality as you are aware all it takes is two people with a lot of dough that want to own something and the sky is the limit.

Quite frankly when I see what some modern cards sell for it is easier for me to understand this price than some of those. I think a huge percentage of card prices are bragging rights. Getting to say you own something very few can. There really is no utility that cards provide and they are simply objects to admire. With there being small differences in cards that grade in this range the one thing you can revert back to is the idea that it is the finest known copy and so to someone that is worth a lot. It is a balancing act for me at times paying high prices just for condition rarity and in reality it comes back to the ability to replace it in that grade and the fact that I want to have the #1 set. Only one person from each set can say they do and this does fuel prices no doubt.

When I used to show people my wrestling cards they would laugh. I would say laugh all you want this is the only PSA 10 so far that exists. Are you serious??? Yeah. OMG that is really cool. This is just how humans are.

Peter_Spaeth · #5 04-21-2019, 05:17 PM

On the subject of modern cards, there are some amazing threads on Blowout about altered high end cards that get past PSA and Beckett. Scary stuff.

Dpeck100 · #6 04-21-2019, 05:28 PM

Quote:

Originally Posted by Peter_Spaeth

On the subject of modern cards, there are some amazing threads on Blowout about altered high end cards that get past PSA and Beckett. Scary stuff.

I have seen those and it is eye opening. The modern market is less registry driven and more owning stock in a current player.

Look what happened with Tom Brady cards and Tiger Woods cards. You can literally own something that if they perform it can perform just like a share of stock. That is pretty exciting in reality.

Peter_Spaeth · #7 04-21-2019, 05:58 PM

Quote:

Originally Posted by Dpeck100

I have seen those and it is eye opening. The modern market is less registry driven and more owning stock in a current player.

Look what happened with Tom Brady cards and Tiger Woods cards. You can literally own something that if they perform it can perform just like a share of stock. That is pretty exciting in reality.

My smartest move ever was buying about 100 Tiger Woods rookie sets at $9 just before he (and they) took off. LOL I sold them for as much as $400 it was insane. My dumbest move ever was not buying the other 400 sets I was offered at the same price.

Dpeck100 · #8 04-21-2019, 06:01 PM

Quote:

Originally Posted by Peter_Spaeth

My smartest move ever was buying about 100 Tiger Woods rookie sets at $9 just before he (and they) took off. LOL I sold them for as much as $400 it was insane. My dumbest move ever was not buying the other 400 sets I was offered at the same price.

Congratulations!

That must have been incredibly fun as it was unfolding.

Peter_Spaeth · #9 04-21-2019, 06:04 PM

Quote:

Originally Posted by Dpeck100

Congratulations!

That must have been incredibly fun as it was unfolding.

I was dumbfounded what people were paying; the thing was the Tigers that came out of the sealed inner pack (he was on the bottom) usually had some corner wear so it wasn't like you could buy a set and be assured of a 9 or 10, not even close. But pay they did. To put it in perspective after his recent win they rebounded from worthless to the low 100s.

frankbmd · #10 04-21-2019, 05:29 PM

Spot on about bragging rights and the Registry.

Fortunately I am just fine with my paltry 6 figure collection. I never brag and rarely mention my collection to friends, who are uniformly disinterested. I�m sure some of them think I�m crazy as well, but they are kind enough to keep it to themselves. And I do enjoy the hobby.

Dpeck100 · #11 04-21-2019, 05:38 PM

Quote:

Originally Posted by frankbmd

Spot on about bragging rights and the Registry.

Fortunately I am just fine with my paltry 6 figure collection. I never brag and rarely mention my collection to friends, who are uniformly disinterested. I�m sure some of them think I�m crazy as well, but they are kind enough to keep it to themselves. And I do enjoy the hobby.

There are much worse things you can do with money. I started pouring money into cards after getting hit pretty good trading options in 2008. I wanted something that regardless of the direction of the value I still had something vs. an option contract that just went up in smoke.

You have to have some cards that have performed quite well and I have found that when people here about the increases that have occurred they don't think the idea of paying for a piece of cardboard is that silly anymore.

I love telling people about what has occurred in the high end baseball card market. I don't own any of it but to me it is awesome that you can buy something that is tangible and it can perform in a similar manner to stocks. I think it is really cool.

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