After gathering feedback from users over the last several weeks, fractional shared platform Collectable has begun selling off many of the assets on its platform.
Launched in 2020 with support from investors, Collectable offered users the chance to own shares of high value cards or memorabilia for as little as $5 or $10. The idea was that the items would grow in value over time and collectors could stand to profit. Sometimes it worked and offers were made and accepted by vote from shareholders. More often than not, however, some items were either stagnant or saw market losses and users saw the value of their investment decline.
Daily trading slowed and by late last year, Collectable stopped acquiring new assets.
CEO Ezra Levine left the company earlier this year and users began receiving emails asking for feedback on whether they wished to have the company liquidate certain assets on the platform. The response was apparently in favor and the frequency of those emails has begun to increase.
Over two dozen items from the Collectable platform are being sold this week at Heritage Auctions, according to Adam Katz of Vincent.
Here is a list of the assets from @CollectableApp in the upcoming @HeritageAuction auction starting tomorrow – I may have missed something so may not be a comprehensive list. pic.twitter.com/1dB6y4oyLk
— Adam Katz (@AdamKatzWriter) May 10, 2023
Some items now being auctioned have surpassed their initial IPO value while others appear to be likely to either sell for a loss or at an approximate break even point.
Trading has continued for assets that are still on Collectable’s platform. On Wednesday, only 20 of the 187 live assets showed an increase over their IPO.
On Tuesday, we reached out to Collectable for some insight on its future plans but hadn’t received a response by Wednesday afternoon.
Topps announced plans for another Bowman U branded product on Wednesday.
Yesterday, there was word of the first packed out autographs of the NBA’s top incoming rookie, Victor Wembanyama and women’s basketball sensation Caitlin Clark in Bowman U Inception. Now, Topps will follow that release almost immediately with Bowman U Chrome Basketball.
Boxes will have 24 packs with two autographs per box.
As promised during its industry conference earlier this year, Topps is also putting tennis cards under its Chrome brand on the market.
The product will include both current and former stars of the court. There will be standard Hobby and Lite boxes issued.
Sorry fans of the 1970s men’s game, but there are no Borg, McEnroe or Connors autographs.
Billie Jean King, Chris Evert and Martina Navratilova did sign for Chrome Tennis, which carries a 2021 release date and will be on the market next Wednesday.
Here’s the rarest Phil Mickelson rookie card. It’s one of the two 2002 SP Authentic Course Classics Gold Golf cards. It’s not autographed but includes a swatch of one of Lefty’s tournament used shirts.
This one was recently authenticated by PSA and the owners are billing it as the “rarest rookie card of any Hall of Famer.” They’ve even built a website around the card.
Mickelson was inducted into the World Golf Hall of Fame in 2012.
As we reported last week, there’s a change in management at Beckett. Kunal Chopra is out and Kevin Isaacson is in as Chief Executive Officer of Beckett Collectibles and the Beckett Group, which includes Southern Hobby Distribution. The company made the official announcement on Wednesday.
“Our company’s mission has been clear since Dr. (James) Beckett issued his first price guide,” Isaacson stated. “We create the very best products and services for collectors. I’m excited to help the incredible team at Beckett build on their long tradition of excellence.”
Daily fantasy sports and betting entity Draft Kings has launched sports card breaks.