Record sale of #1/1 Michael Jordan/Kobe Bryant Logoman card a surprise, shows rise of modern cards, strength of hobby
The hobby has hit Hollywood.
According to businessman Kevin O’Leary, who appears on the hit TV show “Shark Tank,” he teamed up with Matt Allen and Paul Warshaw to purchase the highest-selling sports card of all time. O’Leary made his announcement on CNBC on Monday.
The trio of investors purchased a 1-of-1 2007-08 Upper Deck Exquisite Collection Dual Logoman Autographs Michael Jordan and Kobe Bryant card for a record $12,932,000 in Heritage Auctions’ Summer Platinum Night Sports Auction over the weekend.
The card, which is graded a PSA 6, surpassed a 1952 Topps Mickey Mantle SGC 9.5 that had fetched $12.6 million in August 2022, also through Heritage Auctions.
The 2007-08 Upper Deck Exquisite Collection Dual Logoman Autographs Jordan and Kobe card features the stunning signatures of two of the game’s greatest players. The Logoman patch of Jordan is gold, worn during the 1996-97 campaign, the NBA’s 50th season.
Joe Orlando, Heritage Auctions executive vice president of sports, was surprised the Jordan-Kobe card took in nearly $13 million.
“I would be lying to you if I told you I thought this card was going to break the all-time record,” Orlando said. “We all understood how desirable and unique the card was when it came in for consignment, but the $12.9 million result was surreal. I think most observers felt the same way. From a company perspective, it always feels great when we are able to help deliver a record price for the consignor.”
Orlando noted that Heritage now owns most of the price records for major categories such as game-worn jerseys, game-used bats, Type I photos, tickets, vintage cards, signed vintage cards, modern cards, and all sports cards.
“From a hobby perspective, it shows how much this industry is evolving and how strong the market is for elite items, regardless of category or era,” Orlando said. “The best of the best continues to separate from the rest of the pack. The most surprising part of this is just how quickly the gap closed between vintage and modern. The hard line that used to exist between those two segments no longer presents an obstacle when it comes to potential value. Quality, over age, rules.”
The Jordan-Bryant card was produced in the modern era, while the 1952 Mantle and Babe Ruth’s “Called Shot” jersey racking in $24.12 million—a record price for any type of sports memorabilia—are both vintage pieces.
Regardless of the category or era, Orlando stresses sales like this are terrific for the entire hobby. It isn't a modern vs. vintage clash.
“It raises more awareness about collecting,” Orlando said. “I don’t think of it as one versus the other at all. It draws more attention to the entire space, and that is good for everyone involved. What it does indicate is that a collectible’s attributes, such as popularity, quality and scarcity, are far more important than sheer age. A collectible can be from the distant past or relatively new, and if enough people want it, the price will reflect the level of demand. For a very long time, the ceiling for modern cards was limited. I think it is safe to say that it is no longer the case. Supply and demand impact all types of collectibles, and more universally than ever before.”
UPPER DECK MASTERPIECE
Upper Deck President Jason Masherah loved seeing the rare Dual Logoman card attain a record-breaking price.
“It’s super impressive, but when you kind of break down some of the stuff that people have talked about, being the only dual-signed Kobe-MJ Logoman, you kind of understand,” Masherah said.
Back in 2007 when the card was produced, Masherah was an NBA brand manager at Upper Deck. Eighteen years later, it’s hard for him to recall specific cards he handled. However, he did deal with the now-record-breaking Jordan-Kobe card.
“Exquisite was always a very tough product to put together, because you’re trying to put together the best product you can with the best checklist and the best players and trying to find game-used memorabilia for each of the players, and then get them to actually sit down and sign the card,” Masherah said. “That product was always harder to put together than any other product. It goes right down to the last minute until its release; you never know which cards are going to come in and go into the product.”
Masherah does remember an interesting tidbit about the 2007-08 Upper Deck Exquisite Collection set.
“When we put that product together, that product was hand-packed,” Masherah said. “Specifically, when we’re hand-packing it, we always make sure that we have all the Logoman cards to make sure that they go into the product.”
Prior to the sale of the 2007-08 Upper Deck Jordan and Kobe card, a 2003-04 Upper Deck Exquisite Collection Gold LeBron James Rookie Patch Auto (RPA) card held the record for the highest-selling basketball card of all time. That James card, numbered to /23 and graded BGS 9 with a 10 autograph, went for $5.2 million in April 2021.
Seven of the top 10 selling basketball cards have been produced by Upper Deck. Six of the cards are from the Exquisite Collection.
“I think the reality remains that Upper Deck makes the highest quality, most valuable cards in all the world,” Masherah said. “When we see these auctions, it just continues to reinforce that. Hopefully, we’ll be able to continue that legacy as we move forward.”
WHAT'S NEXT?
When the 1952 Topps Mickey Mantle SGC 9.5 sold for $12.6 million in 2022, it took three years for another card to topple that price. The sale of the Jordan-Kobe Dual Logoman could accelerate the industry and there could be another record-setting card selling sooner rather than later.
What that card could be, no one knows.
“It’s hard to imagine another modern card eclipsing this one anytime soon, since this one is so highly regarded in that world,” Orlando said. “On the other hand, there are some iconic vintage cards out there that would clearly surpass this price point, in my opinion, if they came to market. The problem, of course, is that most of those cards remain in such strong hands. In the collectibles market, records can only be broken when owners are willing to let go of their prized possessions. There is an emotional component to collecting that can make it very hard to sell, even when presented with the potential for massive returns.”
The Jordan-Kobe sale shows that when a rare card or piece of memorabilia comes up for auction, collectors might only get one shot at acquiring it. According to O’Leary during his interview on CNBC, the card may never be available again for sale during his lifetime.
“I think when you see these just extremely rare items, it’s going to continue to escalate over time when they come up; they just don’t come up very often,” Masherah said. “You’d see the same thing if one of the [1979] O-Pee-Chee [Wayne] Gretzky’s came up. Who knows, if a PSA 10 [1952 Topps] Mantle came up what that might go for.
“We’re in a really unique situation where the card market is strong, the economy is strong, and there’s a lot of eyeballs on the industry right now.”