If you paid $485,000 for a PSA 8 1952 Topps Mickey Mantle in early 2021 would you sell it for a 139% profit or hang onto it a bit longer?
Collectable shareholders had to make that decision after the fractional shares platform received a buyout offer of $1.4 million for the copy that’s been trading on its platform.
In the end, they voted against it.
Shares were originally sold at $10 each and the card had been trading for a little under $24 per share.
Trading was halted pending the results of the shareholder survey but resumed after the offer was rejected. About 67 percent of the owners voted no.
The card has been one of the stars of the Collectable platform since its launch just over two years ago. While the majority of offerings are trading below their initial IPO, several others have generated significant profits.
The buyout offer may have been the result of the recent launch of another PSA 8 at Heritage Auctions. Current bidding on that card is just over $1.1 million and bidding is expected to go significantly higher before the auction closes next month.
The last PSA 8 sold at auction went for $1.56 million in February. Two others sold for over $2 million each in the latter half of 2021. Two months ago, an SGC 9.5 sold for $12.6 million at Heritage Auctions, setting a record for any sports collectible.
Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, the card would have returned approximately $26.62 net per share and an 11.19% premium over the last trade on Collectable’s secondary market.