BERKO: How memorable is investing in sports memorabilia?
Dear Mr. Berko:
An old neighbor began collecting baseball memorabilia in the early 1990s and died last year at 83. My husband and I enjoyed his baseball “trophy room,” where he kept his substantial collection of autographed baseballs, autographed bats, baseball cards, signed and framed photographs of old baseball players (Bob Feller, Mickey Mantle, Joe DiMaggio, Satchel Paige, Warren Sphan, etc), every World Series ticket stub from 1971 to 2002, a first base bag from every major league team, original hats, jerseys, gloves and more.
And because my husband and I are die-hard baseball fans, we could listen to his stories over and over again. His son came down from Boston to settle the estate and offered to sell us his father’s collection. He said it was valued at $90,000 and that we should make an offer if we wanted it. We would like to buy this collection if we could get it at a good price (someone suggested $45,000 cash, which should be the wholesale price), because we believe it could grow in value and because we are avid fans of the Cleveland Indians. What do you think?
B.R., Columbus, Ohio
Dear B.R.:
A very wise man once advised Giorgio Armani: “Stick to your knitting,” and that was the best piece of advice he ever received. So perhaps your husband should stick to his knitting and forget about buying that collection.
Though I know nothing about baseball memorabilia, it’s quite possible that some of those items, or many, could be fakes. Interest in autographed sports memorabilia has declined significantly over the past decade and prices have been falling steadily. Baseball cards that sold for $200 or $600 in the 1990s now bring a pittance of their previous prices. And autographed photos of famous players sometimes go begging for a bid.
Though I know someone who owned a baseball autographed by Satchel Paige that recently sold for $9,500, the buyer was a member of the Cleveland Indians organization for whom it may have been purchased. Lots of old sports memorabilia seem to have lost their cachet, and collectors who would swim in hot lava to buy such items have cooled their heels.
One reason is the recession has crimped the purses of many collectors whose active interest supported the values of mid-priced collectibles. The other reason is the “fake market.” It seems that there are more faked baseball cards, autographed photos, autographed balls and bats out there than the real thing.
Today’s technology can make a faux 3-carat diamond, a Rolex Presidential or a designer dress that looks as square as the real thing. That same technology reproduces a Ty Cobb or Nap Lajoie baseball card that appears as authentic as the real McCoy, so you must also be a forensic anthropologist to divine the real thing.
Most investors wouldn’t purchase an Old Masters painting unless it’s authenticated, nor should you consider the neighbor’s collection unless it’s also authenticated. Your neighbor’s son should call an authentication company to value those pieces.
I only know of one company in this business, though there are certainly many, and they answer to James Spence Authentication (www.Spenceloa.com). In the future, if you ask an athlete to sign a napkin, a baseball, a program, etc., have a photograph taken of you with that athlete as he or she is affixing a signature. This will verify the authenticity.
However, who is to say your picture wasn’t Photoshopped?
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