KEVIN DURANT AND MARK CUBAN INVEST IN THE TRADING CARD INDUSTRY
Ken Goldin of Goldin Auctions has built his business selling trading cards of Michael Jordan, Patrick Mahomes and the like. In recent news, the sports-industry mogul is selling a majority stake in Goldin Auctions, which has caught the eye of Kevin Durant, Mark Cuban and beyond. The share is being purchased by Chernin Group, an LA-based investment firm. Below, we’ll detail who is involved in the transaction and how this will affect sports card breaks and more.
It’s no secret that the trading card industry is booming, from vintage baseball cards to football packs. Chernin Group is looking to get a piece of the pie with this latest $40 million investment. Chernin leads a group of investors including Mark Cuban, Owner of the Dallas Mavericks and basketball star Kevin Durant.
So, are basketball packs and trading card box breaks the future of the sports memorabilia industry? Gross revenue for Goldin Auctions would say so. The company generated more auction sales in January ($36 million) — than it did in all of 2019, when it brought in $27 million.
“We have something the hobby has never had before,” Goldin mentioned in an interview. “All of a sudden, we’re cool. We’re part of pop culture.”
Being a cool part of pop culture is always a good place to be, and investors aren’t slow to capitalize on the current opportunity that is presenting itself in the trading card industry. The market has a growing interest in contemporary players and new sports. Needless to say, it’s not just about cheap baseball card packs anymore. Fleer basketball cards are taking over as some of the most popular trading cards at the moment with football packs right behind them. This comes as no surprise as Goldin recently sold a Patrick Mahomes rookie card for $861,000!
Goldin and the Chernin Group expect the market to thrive for years to come, but Mark Cuban knew this a long time ago. After all, he did kick off his career with a simple trading card business. One thing is for sure, with an influx of new buyers from all around the world, interest in sports card breaks is only primed to grow.