Quote:
Originally Posted by pejc300
I've been in the hobby for my whole life. As much as some people in this thread like to say everything is predictable, it's not. I wish Lebron Topps Chrome PSA 10s would "come back down" to $500, like I used to pass on all the time. Thankfully, I have done very, very well in cards as a side hustle/hobby (enough that I could not work for the next several years and be fine).
Having said that, I'll confess I bought into the Kobe hype in February and bought several cards (trying not to make the same mistake I made with Lebron - thinking they'll come back down at some point but never hitting those bottoms again).
I'm down 50% on most of them which cost around, I don' know, maybe 10k total. I'm selling and taking the losses so I can reinvest into other things.
Examples would be Kobe Youthquake Chrome BGS 9. Bought for 3k, auctioning off this week and will probably go for $1200.
2003 Topps Chrome black refractor /500 BGS 9 - paid $2600, just sold for $1700 (after fees).
Lots of other cards like E-x, Topps base, etc.
I have no problems with this. I believe if I hold these cards for the next 5 years they'll go up past what I bought them for, but I'd rather have the money in hand now and reinvest. I should be able to recoup the funds in a few months.
I think everything is cyclical. Right now bass prism is in the dumps. Everyone is saying it was artificial and should never have happened. Guess what...in a few years (no idea when) the narrative will change again and bass prizm will be all the rage again. This happens all the time.
Mark the date and time. There will be a time when Zion bass prizm PSA 10s will be going for a few grand and people will say "remember when you could buy them for $400 and no one wanted them?"
If you have the luxury of holding some stuff, the buying opportunity right now is incredible.
I will FOREVER be grateful to Vegas Dave and Gary V. They changed the trajectory of my entire life. If it was not for them and other influencers, my cards would be worth 100x less than they are now.
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This is spot on! What Gary V, Ken Goldin and others like them have done to bring light to this hobby can not be understated. You don't have to like their methods or even agree with their opinion, but noone can argue they have brought major attention to this hobby and its helped with these insane moves we've seen in card values during the pandemic. I have been collecting cards for over 30 years now, and i would have NEVER bet in a million years cards would be valued what they are today. I was incredibly fortunate (I cant even lie and say I knew this was coming) to own some of the cards I owned at the ridiculous (by today's standards) prices that I owned them for. On top of that, I was cost nuetral on everything I owned already. So these gains have been massive. I have used this period to sell 75% of my items. I paid off my primary home, I bought a second home that was nearly $500K all from card sales. I would never have fathomed that I would sell some cards one month and the following month go buy a second house with cash. I dont care who you are, noone saw that coming. So love or hate the hobby for what its become, I will forever be grateful for what cards have given me, and the financial freedom I have becuase of them. I am down to about 9 cards and a couple unopened boxes that I will eventually sell off as well, but its been an amazing ride! This hobby has always ebb and flowed, and thats been healthy. Where blue chip players are concerned, holding and being patient has always been a wise move finanacially for most.