Comments

  • So here’s what they do now:
    Auction consignments
    Storage warehouse/vault
    Securities (pwcc stock)
    Financial analysis
    Insurance (could be Hundreds of millions)
    Banking (house accounts)
    Market analysis

    WOW!

    This is a very ambitious plan for growth.
    PWCC, and Probstein, have been benefiting from a boom market and strong economy.
    I hope Brent makes it work.

  • lawyer05lawyer05 Posts: 1,169 ✭✭✭

    thats awesome
    reminds me of the show Ozark

  • HighGradeLegendsHighGradeLegends Posts: 1,275 ✭✭✭

    @lawyer05 said:
    thats awesome
    reminds me of the show Ozark

    Ha!

  • jfkheatjfkheat Posts: 2,272 ✭✭✭✭

    I don't see collectors letting any one store hundreds of thousands or millions of dollars of their cards in a vault half way across the country from where they live. Especially at a 1% of value fee.

  • LOTSOSLOTSOS Posts: 1,059 ✭✭✭✭

    No you are right collectors most likely won't. But..... investors? Perhaps, I think that's more of their target audience.

    Kevin

  • GoDodgersFanGoDodgersFan Posts: 1,036 ✭✭✭

    You can call this a high end safe deposit box with additional benefits, such as consignment option, market analysis, and etc.

    Wish PWCC the best here. They are targeting the high end folks.

  • akuracy503akuracy503 Posts: 1,664 ✭✭✭

    Brent’s a smart guy I’m sure there are other benefits from creating this vault as part of his business model that will pay for itself in more ways than one.

  • djrdjr Posts: 1,368 ✭✭✭
    edited January 11, 2019 6:10AM

    .

  • People that can afford super high end can also afford safes. And they tend to self insure a lot of their assets

  • KendallCatKendallCat Posts: 2,169 ✭✭✭✭

    IMO this is not about providing storage and security for high end assets, and like another poster said people who have super high end cards have their own safes, safe deposit boxes, and insurance for their cards. The key thing that PWCC gains access to is information about cards and inventory and leverage over said cards.

    If people are storing their cards in their vault, and collectors paying those fees they are not holding 1990 Leaf and 1985 Donruss, guess who has a monopoly on that information regarding high end cards like 1933 Goudey’s, 1915 CJ’s, Mantles, T206’s... If PWCC has all of the info on top cards being stored they can contact their customers when certain cards are in demand, trending up in price... and encourage them to sell them through PWCC. Customers would not have to send them the card and risk loss or theft since PWCC already has it in their possession. Since they make money on transactions the more sales that occur and the higher the sale the more PWCC makes.

    Here is the other thing to think about. What if a collector/customer buys 2-3 large cards through PWCC and owes them $200-300k. Very easy for PWCC to help the customer move some of their other items to pay their bill. Could end up working out well for them, but if enough people don’t use the vault how would the loss hit them $$.

    KC

  • han_sotohan_soto Posts: 387 ✭✭✭
    edited January 8, 2019 11:36AM

    @lawyer05 said:
    thats awesome
    reminds me of the show Ozark

    lickety splits!

    “california’s made more mistakes than yogi berra reciting shakespeare”

  • akuracy503akuracy503 Posts: 1,664 ✭✭✭

    PWCC getting some good press lately

  • GoDodgersFanGoDodgersFan Posts: 1,036 ✭✭✭

    According to the article, the fees are the following:

    Collectors who store their cards must pay 1 percent of each card’s value, initially, up to $100 per card. PWCC charges an additional 0.5 percent for the first year of storage, then 0.25 percent in subsequent years, a fee that comes with insurance for each card in storage.

    Interesting to see how this plays out over the next few years.

  • giantsfan20giantsfan20 Posts: 842 ✭✭✭

    Not sure its a good idea to leave anything to another party Too often companies go broke etc and may have a hard time getting it back if at all.

  • 1970s1970s Posts: 1,848 ✭✭✭

    PWCC - ebay - The McDonald's of the sports card industry
    PWCC - vault - Enron

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