Those who don’t know how big sports cards are these days are living under a rock. Just this month, a pair of PSA 10 graded 1986-87 Fleer Michael Jordan rookie cards netted $738,000 each in an auction. That insane price was definitely unheard of just a year ago, when the price a small fraction of that amount.
This isn’t new to Ken Goldin, owner of Goldin Auctions. His company is primarily involved in auctioning prized sports memorabilia ever since its establishment in 2012. From a start-up capital of $800,000, Goldin has cultivated the company’s worth to over $100 million last year.
"There's never been a time like this in the history of the business," says Ken Goldin, who has sold sports trading cards for four decades. "I would bet that for every person who wanted a Michael Jordan rookie card in 2019, there's 100 [now]." https://t.co/Rw2lx0Lp2B
— CNN (@CNN) February 12, 2021
The recent surge of the card market has positioned Goldin Auctions at the forefront of this lucrative market. The question is what Goldin’s next move will be in this new environment where sports cards are more in demand than ever.
Enter The Chernin Group
Just recently, a majority stake in Goldin Auctions was sold to The Chernin Group for $40 million. The said company, which was founded by Peter Chernin in 2018, is a known investment advisory firm in the United States that focuses on sectors related to entertainment, technology, digital media, and sports.
Notable personalities counted among this group’s investors are Dallas Mavericks’ owner Mark Cuban, Mark Wahlberg, YouTube star Logan Paul, and the Brooklyn Nets’ Kevin Durant.
In an interview by Bloomberg, Goldin said that this recent investment by The Chernin Group will help his company to be the top dog in the booming card market. He also noted that it’s impossible for those living outside the United States to buy cards. When this problem is solved, another explosion will rock the card industry, Goldin added.
What does this mean for the card market?
Goldin’s statement and his plans to take the company worldwide will help open the card market in countries that have a high potential for growth. Some of these include China, South Korea, Japan, and Denmark, among others. This will help create a way for buyers in these countries to source cards and fuel the industry’s growth further.
If this plan is realized, the card industry will expand further by introducing this hobby to consumers in these countries. As a result, the market crash everyone is fearing will be staved off for a substantial period.
It remains to be seen how Goldin Auctions will pull this plan off. For card fans, though, this is certainly a welcome development.