Nice to be rich...but that doesn't mean efficient.

VitoCo1972

Now, I'll start this by saying that rich people don't have to worry about money, but typically are not rich because they wrote a bunch of checks....but I do question if there is a better way to go about putting together big-high grade sets than doing them piecemeal. Here is my personal story from last Sunday, then I'll lay out some financial figures.

Last Sunday a near-complete set of 1975 Topps Red Sox in PSA 9 was listed on eBay. I had been wanting to do this set for a long time so I put in snipes on most of the cards that were over SMR. I won exactly 0 of them. I was completely amazed. Then, today I looked at the Registry and it seems that Don Spence won every single one of those cards for the overall 75 Set that he is doing. Now, I'm not angry or upset, but it did get me to think how I would put together a high grade vintage or near vintage set if I had the money.

Lets assume that he has to pay SMR value on every card that he buys for that set (which I believe is 660 cards). My guess is that he would be paying roughly $40-45K to complete it in PSA 9/10. For the sake of argument, let's say he would have to pay $25K. If he would be paying $25K for that set, why wouldn't he do the following instead:

Hire someone for 3 months at a total of $10,000

This person, would go out and buy you the nicest 10 raw sets available on the market for 1975 Topps. My guess is that you could have them for about 7K. Then, you would have him cull through all of these sets and pick out the nicest 4 examples of each card and submit them to PSA under the $5 Special (I'm sure for that many cards - and for Don Spence - he'd be paying $5/card INCLUDING insurance). That submission with shipping would cost you about 15K.

So up until now, he would have spent 10K to hire a guy, 7K for raw cards and 15K for PSA submission. That's 32,000 - which is more than he would have spent doing it piecemeal - BUT. Because he still had the guy employed, that guy would also be responsible for having the 6 RAW SETS and 3 EXTRA GRADED SETS sold off. Wouldn't you think 3 PSA 6/7/8 sets (at worst - remember - these were carefully picked out) of 75 Topps would bring about $20K back to him plus say $1K for the raw sets? In essence, he would be saving himself a fortune AND still have the nicest set on the block - AND wouldn't have to DO ANYTHING himself (which is what all rich people want, no?)

Am I crazy with this theory? Isn't this exactly what you would do if you had almost unlimited funds to buy cards?

EDITED: to change title of the thread to be more respectful.

tnspro

No, if money was no object your scenario seems like a heck of a lot of work. Finding someone I trust to do all that work for me? If money is not an object, I want, what I want and I want it now! I don't think I would care to wait months for all that to happen.

Now if I had (semi) limited funds and was doing this for profit, your idea is not bad.

perkdog

Agree with tnspro, it is a great theory/plan but honestly if money is no object you put a high bid in that nobody is going to match and move on to the next project without having to wait and deal with subbing the cards. Much easier to get what you ultimately want right this second!

Stone193

<< <i>Nice to be rich...but that doesn't mean smart. >>

Give the rich guy a little more credit.

mike

TNTonPMS

I want it all and I want it now , not now . . . right now

otwcards

<< <i>Give the rich guy a little more credit. >>



Why give a rich man credit? He can pay in cash like the rest of us!

hofautos

what makes you think you would get one of every card in psa 9/10 buying just 10 sets??
I don't think those odds are good....theory shot.

Stone193

<< <i>

<< <i>Give the rich guy a little more credit. >>



Why give a rich man credit? He can pay in cash like the rest of us! >>

Now that's funny!

theczar

when you see des1728 bidding time to call it a night. i did enjoy this bid though. it helps to have some restraint and patience once in a while

I got smoked in a bidding war

Revenge of the Czar

VitoCo1972

<< <i>what makes you think you would get one of every card in psa 9/10 buying just 10 sets??
I don't think those odds are good....theory shot. >>



I disagree. I think for near-vintage sets - there are a lot of high grade binder sets available. I saw a couple 76's on this board in the past month. With the appropriate research and commitment, I feel like this is very doable....

Now, to the point that people are making about the "smart" title of the thread...you're right. I will change it to inefficient. I really do however feel like this is doable. I also think submitters like 4SC etc. prove that it would very easy to break even as a collector or come out slightly in the red by submitting a ton of material, keeping the best of the best and selling off the rest - the model works for them to make a profit - why couldn't a collector use the same model to offset some of his investment? If you were the collector it'd be like you were a drug dealer who was taking part in his own product. They sell to pay for their own habit. I feel like someone with almost unlimited capital could build a major league collection this way - especially with the name recognition and reputation that Mr. Spence has.

But to the point that people want the world and they want it now - I have no retort. Just seems to me that the thousands saved could lead to other purchases - stocks/bonds/property/money for future generations of your family...just trying to get people thinking.

hofautos

I just say that no one could find 10 1975 raw sets in 3 months time, that the nicest cards of each of the 10 sets were submitted would realize a complete set of psa 9 or psa 10s....JMO

cohocorp

i think there is value to the "chase". there is a sense of accomplishment with buying and building a set piecemeal. no fun buying the set as a whole. interesting concept you have vito regarding buying ten raw sets.

p.s. what the heck am i doing up at 2:40 in the morning?

VitoCo1972

<< <i>I just say that no one could find 10 1975 raw sets in 3 months time, that the nicest cards of each of the 10 sets were submitted would realize a complete set of psa 9 or psa 10s....JMO >>



I agree with you that the odds of finding 660 PSA 9/10 is tough - but if you get 575 9's and 10's and then only have to purchase the remaining 10% piecemeal - you're still making out way better doing it this way.


Actually, I wouldn't even hire one guy for this project. If I was him, I would just make the owner of 4SC an offer he couldn't refuse. Buy them, keep them in business - take their best material and have them operate in the red for as long as you want and probably still lose less money than you do per year buying individual cards on eBay and major auction houses.

nightcrawler

I don't really get this thread... all your suggestions seem to make more sense for the not so rich man, as someone already pointed out.

Why should the rich guy go through all that BS to build a set??? Not that it wouldn't be fun, but it would also be fun for the guy that can't afford the PSA set.

Most rich people I know, got that way because they do everything themselves, and for the most part... they are on a higher intelligence level.

otwcards

<< <i>Most rich people I know, got that way because they do everything themselves, and for the most part... they are on a higher intelligence level. >>



Except for the ones "smart" enough to be born into the right family. Many of them seem to have everything done for them and can't do much of anything on their own without screwing it up. I don't know if that means that they are of higher intelligence, but it sure bodes well for their chances at being President...

Buccaneer

<< <i>
Most rich people I know, got that way because they do everything themselves, and for the most part... they are on a higher intelligence level. >>



Quoted for truth. To imply otherwise is simply ridiculous.

Don Spence bought the last card he needed to complete the 1949 Bowman Master Set from me. He put in a bid that made sure he got it. With the number of sets he is building, it is very effecient to bid to win and then move on to the next project.

lsutigers1973

Just to throw my .02 in, I do not think any one that can afford a 1952 Mantle in PSA 10 is really too concerned about $40-50k.

Mickey71

The problem with the whole scenario is this: I've went through many sets even 75's and there are very few 9 worthy cards let alone 10's. You could have 100 sets and submit the best ones and still would not complete the set in PSA 9 and 10.