Memory Lane
acowa
Posts: 945 ✭✭
It always feels like the set registry has been here forever. I was doing a search and came across this post that made me laugh. It made me think back to waiting on the 1967 Topps set to "show up" as a part of the registry. The registry certainly has come a long way in a short time.
In the thread, I made a bold prediction that Joel Gabrelow (skylaneflyer)would get to 100% (talk about an understatement!)
Archived Post
I had always thought that the set took 3-4 years to build...but based on this post...I think it was quicker than that.
Regards,
Alan
In the thread, I made a bold prediction that Joel Gabrelow (skylaneflyer)would get to 100% (talk about an understatement!)
Archived Post
I had always thought that the set took 3-4 years to build...but based on this post...I think it was quicker than that.
Regards,
Alan
0
Comments
<< <i>I had always thought that the set took 3-4 years to build...but based on this post...I think it was quicker than that. >>
Yeah, he built it quick, but he lost over 50k when he sold it. Skylaneflyer's 1967 set building approach serves as a perfect example of what not to do when building a PSA graded set.
Regards,
Alan
Toppsgun figured out the numbers of Sky's 2002 auction. He should be able to provide you with the details. It is believed to be close to $50k. Sky himself came on the boards shortly after the auction and confimed that the results were lower than expected but mentioned that he had fun building it, etc.
John
Good Stuff,
John
Here's the link. He said he had proceeds of $50K+ ($63,000 actually paid for the cards)
Link to thread
Assuming that he had invested over $100,000 in the set would come to $164/card. Let's assume that the common PSA 9's (50% of the set) were all in the average of $200 (which based on my recollection is a stretch). I am also going to assume there's $20,000 in PSA 10's & Superstar 9's. This still would make the remaining cards average out to over $65/card! I don't recall the bidding being this bloody.
Dan and Jim probably have better estimates than mine...but a $50K loss seems really high to me.
Regards,
Alan
toppsgun
Veteran
Posts: 661
Joined: Jul 2001
Tuesday January 14, 2003 10:13 PM
People who bought early to rocket to the top of the Registry overpaid dearly for cards. For example, Skylaneflyer would overpay by a few hundred dollars for a 1967 1 of 1 PSA 9. Then when the 2nd copy of that card got graded and went up on ebay, he would bid it up to (nearly) his buy price on the first one, as if to justify it. That had the secondary effect of driving the #2 collector to a price higher than he would have liked to pay. In the world of stocks, that is blatant market manipulation.
Of course, he reaped the whirlwind to that strategy when he sold his set on Superior. He realized less than SMR and less than half what he had in the thing.
What's really funny is this: Cards that sold on Superior from his set are popping up on ebay and selling for a whole lot more.
If the information provided by toppsgun is accurate, it sure sounds like a 50k loss to me....
For what it's worth...I have seen pretty substantial bids lately on 1967 PSA 9's that would rival Joel's.
Regards,
Alan
Once again, my wisdom shows to one and all, just what a genius I am
I feel an editorial coming on
I assume you were contacted privately with the details. There were lessons learned from Sky's quest for the best 1967 set money could buy.
John
<I assume you were contacted privately with the details.>
You are correct. I guess it wasn't big enough to make the headlines in the local Atlanta papers.
Alan