Goldin auctions ended tonight with major price correction

[sebreg]

Originally Posted by Jay9Suited

Market is getting worn out with the same cards selling every few weeks. Jordan PSA 10's, Kobe Refractor RC's, Curry NT RPA's.. these are huge cards that should only sell a couple of times a year but are selling multiple times per auction.. Can't fault Goldin for accepting consignments on these as they aren't going to turn down $.. but it's making these rare, grail type cards feel readably available. Same thing happened with LeBron Exquisite RPA's the fall/winter of 2019. There were like 5-6 that came up for sale all ending around 200k.. a few months went by without any selling and the next to sell broke $1M.

People would then accuse Goldin of bottlenecking and artificially trying to control the market no? Personally I just think let supply and demand duke it out and let that determine things. The MJ has relatively high pop, when prices get astronomical it's bound to dig quite a few out more from the woodwork into the supply pool.

"Default to rare." Kobeeastcoast

That's usually a good hedge if one can imo, rare, aesthetically pleasing, goat cards. The higher the pop, the more vulnerable one is to supply floods.

[gameissued]

Yep, I had interest in the Luka Chronicles 1/1's too but seeing $30k as starting price was a bit steep. If it just started at a normal price I'm sure bidding would have gotten up eventually.

Originally Posted by hairyangryfella

Thing is, there have just recently been two rather huge selling prices of this item, and they appear to have gotten significantly less than those other platforms.

[tjforce]

Originally Posted by hairyangryfella

Was thinking of selling something through them and was told they don't use reserves. I'd be pretty pissed to have had it sell for what these went this round.

Who told you that? I've used a reserve through them in the past few months.

[k13]

Originally Posted by hermanotarjeta

Everyone is starting to plans vacations and trips for the latter half of the year - who has money left to spend on sports cards?

People who spend 100k on cards don't worry about money left over for trips...

[Orangejello727]

Originally Posted by k13

People who spend 100k on cards don't worry about money left over for trips...

Yes they do. Its odd but its true. The rent or live with parents yet buy and sell $100k cards. They are frugal on societal things but have no issues spending as much money on cards instead of buying a house.

its more common than you think.

[CitizunKane]

I was shocked to see the Dwayne Johnson go for so high. I love The Rock as much as anyone, but it’s a non-recognized college set of a non-player. $79k is a lot for what amounts to a non-autographed entertainment collectible. And yet my 2005 Bazooka Jay-Z and Christy Brinkley “rookies” sit on COMC at 30 cents.

[k13]

Originally Posted by Orangejello727

Yes they do. Its odd but its true. The rent or live with parents yet buy and sell $100k cards. They are frugal on societal things but have no issues spending as much money on cards instead of buying a house.

its more common than you think.

Yes I know these people too.

But they NEVER go on vacations. They don't have a car and won't.

Plus Vacations have not been cut off at all anyway. All the government workers have been going on vacations none stop.

[stevenbklyn718]

any way to tell me what luka 1/1 chronicles rookie was sold n if it sold as i have 2 of the other rookie 1/1 chronicles can’t seem to find it

[jzx1103]

There's one thing all these cards with significant price drops have in common. They all had an massive spike of 8x to 10x price increase on the previous sale within just a 1 to 2 month time period. Thats obviously unsustainable. It'll be interesting to see what the price will be the next time Goldin puts up the same cards up for sale.

[hairyangryfella]

Originally Posted by tjforce

Who told you that? I've used a reserve through them in the past few months.

Directly from Ken:
"We have not been utilizing reserves so you need to trust us that we are getting high prices"

[tjforce]

Originally Posted by hairyangryfella

Directly from Ken:
"We have not been utilizing reserves so you need to trust us that we are getting high prices"

Haha... "Trust" Ken.

Anyways, can confirm, I used a reserve in an auction in January after a member of Ken's team told me the card I was selling would do $50-60k + BP. It did $24k and is still in my possession because I (thankfully) required them to use a reserve.

I "trusted" the reserve, and it was the right move.

I will say, they did however do me right by paying for shipping to Goldin and then back to me after the card didn't sell.

So I wouldn't go as far as saying they are ripping people off, just that when it comes to significant amounts of money, 'trust' might not be the best route.

[15ncounting]

Originally Posted by mossoholic

These aren’t 1/1s or tough to find cards. There are only so many buyers spending over $100k for a single card. When you keep seeing the same big cards auctioned every time who is going to keep buying them all at higher prices?

couldn't have said it any better

[hermanotarjeta]

Originally Posted by k13

People who spend 100k on cards don't worry about money left over for trips...

Most of the guys spending 100k on cards aren't very wealthy.

Most of the people who are wealthy don't spend 100k on cards.

[Ericc5Bears]

Originally Posted by hermanotarjeta

Most of the guys spending 100k on cards aren't very wealthy.

Most of the people who are wealthy don't spend 100k on cards.

Not sure what your idea of "wealthy" is but if someone can spend 100k on pieces of cardboard there is a very high chance that person is wealthy.

[sebreg]

Originally Posted by Ericc5Bears

Not sure what your idea of "wealthy" is but if someone can spend 100k on pieces of cardboard there is a very high chance that person is wealthy.

Yeah the very basis of the logic seemed to undercut its own argument. My guess is they are more specifically referencing people who are overextending/overleveraging, but making the argument poorly. I think there are def a pool of wealthy buyers out there who are able to comfortably spend 100k on a card. Same as in luxury watches, art, cars, jewelry, etc. Most aren't buying 100k collectibles on credit haha.

[hermanotarjeta]

Originally Posted by Ericc5Bears

Not sure what your idea of "wealthy" is but if someone can spend 100k on pieces of cardboard there is a very high chance that person is wealthy.

Are you kidding? Most guys who are spending $100k on a piece of cardboard hoping to flip it for more are spending a high percentage of their net worth on this gamble.

The wealthy guys don’t bother with the inflated $100k cards. They are buying the million dollar plus cards. They can take the million dollar hit if cards go to nothing.

These $100k guys are just wannabes.

You can’t live in many places in the US on a barely over six figure a year salary.

Most of the guys buying common cards at that price range are waging their livelihood on it. Just like the guys who tanked the housing market in 2008, these newbie card guys are making these purchases on loans and money they can’t afford to lose.

[KhalDrogo]

Originally Posted by hermanotarjeta

Are you kidding? Most guys who are spending $100k on a piece of cardboard hoping to flip it for more are spending a high percentage of their net worth on this gamble.

The wealthy guys don’t bother with the inflated $100k cards. They are buying the million dollar plus cards. They can take the million dollar hit if cards go to nothing.

These $100k guys are just wannabes.

You can’t live in many places in the US on a barely over six figure a year salary.
Most of the guys buying common cards at that price range are waging their livelihood on it. Just like the guys who tanked the housing market in 2008, these newbie card guys are making these purchases on loans and money they can’t afford to lose.

How many people do you personally know that fit into this category?

[Orangejello727]

Originally Posted by Ericc5Bears

Not sure what your idea of "wealthy" is but if someone can spend 100k on pieces of cardboard there is a very high chance that person is wealthy.

Originally Posted by sebreg

Yeah the very basis of the logic seemed to undercut its own argument. My guess is they are more specifically referencing people who are overextending/overleveraging, but making the argument poorly. I think there are def a pool of wealthy buyers out there who are able to comfortably spend 100k on a card. Same as in luxury watches, art, cars, jewelry, etc. Most aren't buying 100k collectibles on credit haha.

This is where the logic is wrong. It makes every possible sense to purchase "invest" in expensive cards on credit. You do it because you dont have the liquid capital to do so. Thats the purpose of leveraging your equity for loans. Hence why most people are not in the position of buying 100k cards but still do so. If you can handle the risk, its the way to go and not a bad thing.

I can borrow upto $!m on a home equity LOC on my property at prime + 0.5%. Lets say that is 2.5% (currently it is around this rate). I can borrow $100k to throw into a card and pay 2.5% interest and sell it in a short time for more than the interest I pay on borrowing that 100k.

[hermanotarjeta]

Originally Posted by KhalDrogo

How many people do you personally know that fit into this category?

The Hero Sasha-T is a great example. I wouldn't call that guy wealthy, but he purchases $100k cards. I also know several that have the money but wouldn't even consider buying certain cards at today's prices.

[notfast]

Originally Posted by canuck

Goldin will promote your auction lot if you add 3%? Is it normal for other auction houses to charge the extra as well?

He’s saying Goldin always adds the 3% to the total sale as if a credit card was used to pay for item even if that sale wasn’t paid via credit card.

[sebreg]

Originally Posted by Orangejello727

This is where the logic is wrong. It makes every possible sense to purchase "invest" in expensive cards on credit. You do it because you dont have the liquid capital to do so. Thats the purpose of leveraging your equity for loans. Hence why most people are not in the position of buying 100k cards but still do so. If you can handle the risk, its the way to go and not a bad thing.

I can borrow upto $!m on a home equity LOC on my property at prime + 0.5%. Lets say that is 2.5% (currently it is around this rate). I can borrow $100k to throw into a card and pay 2.5% interest and sell it in a short time for more than the interest I pay on borrowing that 100k.

Out of curiosity, you thinking that is a good portion of folk buying the 100k+ cards? I would guess there are two groups, wealthy buying those cards and those who might not be traditionally considered wealthy but been in game awhile. The explosion in cards shot their card equity to the moon and now they can buy/sell/trade at those massive valuation amounts even if rest of their net worth beyond cards isn't huge.

[hermanotarjeta]

Originally Posted by sebreg

Out of curiosity, you thinking that is a good portion of folk buying the 100k+ cards? I would guess there are two groups, wealthy buying those cards and those who might not be traditionally considered wealthy but been in game awhile. The explosion in cards shot their card equity to the moon and now they can buy/sell/trade at those massive valuation amounts even if rest of their net worth beyond cards isn't huge.

When the housing market was hot before the crash in 2008, I knew people who owned 6 houses but were still making less than $100k per year with their day job. There was no way they could afford to buy all the houses, but they took loans to purchase to try to flip and pay back.

It's the irresponsible american way, but it's the main way people make big purchases like that, unless you are in the top 0.1% of wealthy in the country.

Just cause your neighbor drives a $100,000 tesla doesn't mean he has any money in savings. Chances are he is actually in debt.

Much like many of these newbie $100k card buyers.

You won't believe how many people buy things like stocks on margin.

[SupermanBrandon]

I love watching people comment on how "wealthy" people think and spend their money...yet they know absolutely nothing about being wealthy and what it means. Nor do they personally know multiple people that fit into that category.

[sebreg]

Originally Posted by hermanotarjeta

When the housing market was hot before the crash in 2008, I knew people who owned 6 houses but were still making less than $100k per year with their day job. There was no way they could afford to buy all the houses, but they took loans to purchase to try to flip and pay back.

It's the irresponsible american way, but it's the main way people make big purchases like that, unless you are in the top 0.1% of wealthy in the country.

Just cause your neighbor drives a $100,000 tesla doesn't mean he has any money in savings. Chances are he is actually in debt.

Much like many of these newbie $100k card buyers.

You won't believe how many people buy things like stocks on margin.

Gotta admit I am on wsb, I see how some of those apes burn thru their cash buying meme stocks on margin haha.

[k13]

Originally Posted by hermanotarjeta

Are you kidding? Most guys who are spending $100k on a piece of cardboard hoping to flip it for more are spending a high percentage of their net worth on this gamble.

The wealthy guys don’t bother with the inflated $100k cards. They are buying the million dollar plus cards. They can take the million dollar hit if cards go to nothing.

These $100k guys are just wannabes.

You can’t live in many places in the US on a barely over six figure a year salary.

Most of the guys buying common cards at that price range are waging their livelihood on it. Just like the guys who tanked the housing market in 2008, these newbie card guys are making these purchases on loans and money they can’t afford to lose.

90% of people make less than 100k and they live everywhere.