As reported in Forbes.com, the 1915 Cracker Jack Ty Cobb (PSA Graded 9) sold this week for a cool $432,000 in a Heritage auction.
Read the rest of the article on how much above the pre-sale estimate it sold for. But it also came with a caveat that a big market correction is in order for other big-name vintage cards.
To me, it goes to show how volatile the market is in general for both vintage and modern high-end cards where the value seems to largely be dictated by the perceived rarity of the card, condition, and the hype on the player at that given time.
And like any auction bidding, sometimes the thrill of the bid can drive prices higher than what it might actually be worth.
It reminds me of how artwork is valued – very subjective but for the winning bidder, it’s totally worth the price they paid.