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The Market for Collectibles: Sports Edition

Why you should hang onto your baseball card collection

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The market for collectibles boomed at the beginning of the pandemic, as people with money to spend found a new hobby buying, selling, and trading. With millennials entering their high-earning years, they’re investing in memorabilia the same way their parents and grandparents collected art and Royal Doulton figurines (IYKYK). It’s helped take the sports collectibles industry from a $5.4 billion-dollar market pre-pandemic to $26 billion in 2021. Some predict it’ll grow to $227B within 10 years. Others worry it’s due for a recession-fuelled correction.

Here are some of the eye-popping numbers fuelling the recent rise…

£7,142,500: Diego Maradona’s “Hand of God” jersey

In May, Sotheby’s in London auctioned off the kit Maradona wore when he scored the most infamous goal in World Cup history. (Or “goal”, if you’re a Three Lions supporter.) Originally valued at $5-$7.5M, the jersey sold for $9.28M (£7.1M), becoming the most expensive piece of sports memorabilia ever sold.

Until it wasn’t…

$12.6M: 1952 Mickey Mantle card

A 70-year-old baseball card became the first sports collectible to break 8 figures at auction last month. Previously purchased for $50K in 1991 — a then-record for a ‘52 Mantle card — this marked a 25,100% rise in value! Of course, value’s relative. Back in 1952, that same card came in a pack for a nickel. And it came with a stick of gum.

Some cold water on your high hopes before you go digging for that shoebox of musty Topps cards: condition is everything, and Mickey was in great shape for his age.

$208K: A Legendary LeBron James Moment

Even virtual memorabilia is shattering records. In 2021, the same NBA Top Shot NFTs that originally traded for a few bucks apiece shot up to a record $208K for a “Moment” of the King dunking over the Kings.

It’d turn out to be a high-water mark for the Top Shot market. Blame the #cryptocrash, sure. But whether you’re talking art, sports memorabilia, NFTs, or any other collectible, the same age-old truth applies: they may be worth whatever someone’s willing to pay for them, but that doesn’t mean the price’ll keep going up.

#baseball cards #collectibles #investment #LeBron #Maradona

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How To Tell If We’re In A Recession

And other dubious lessons from the past

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Are we headed for a recession? Depending who you ask, the answer’s either definitely yes, hopefully not or, we’re already in one.

The National Bureau of Economic Research (the group responsible for answering that question) says we’re not. Yet. At least not according to their “official” predictors, which include unemployment rates and spending habits.

But those aren’t the only methods economists have used to predict economic downturns.

You’re wearing those… again?

Alan Greenspan came up with the idea that men’s underwear sales could signal a recession, back when the former Fed chair was just a consultant. His thinking? Sales of gitch dip when guys have less money for “unnecessary” expenses.

Popping bottles, popping economy

Champagne sales pop when the economy’s up. And, more drinking at home — even the premium stuff — signals some belt-tightening.

If you trust this indicator, good news, because bubbly’s popping off lately. Cheers!

Short skirts and skinny ties

The “hemline index” was first introduced during the Great Depression: shorter skirts = stronger economy. Ties supposedly get skinnier during lean times, too.

Neither was an especially good indicator then, and they’re even worse now, since skirts and ties have been eclipsed by sweats and hoodies, thanks to hybrid offices and WFH.

From your lips to the economy’s ears…

Coined by Leonard Lauder (Chairman Emeritus of Estée Lauder), the “lipstick index” says we’re more likely to treat ourselves to small luxuries when times are tough.

Reports of the index’s death have been greatly exaggerated. Allegedly debunked in 2009, when lipstick sales declined by 10%, Covid masking mandates were thought to have killed it for good.

But this index has the staying power of a Revlon red! According to one market research group, lip makeup revenues climbed 48% year-over-year in the first quarter of 2022.

Now, it’s the fastest growing makeup category of 2022!

Watch out for goths as well: the darker the nail polish, apparently, the darker the economic outlook.

Market crash to diaper rash

The theory: parents looking to save cash, change their kids’ diapers less, leading to rising rash cream sales.

All butts, no glory.

Less green, more green thumb

The Great Recession saw a rise in gardening from people hoping to save on grocery bills. (Coupon use is another popular signal.) Just remember to wear long sleeves while you’re elbow deep in the dirt… Mosquito bites increased in ‘08 as the bloodsuckers moved into recently foreclosed homes.

The macro takeaway? If you squint hard enough, you can see recession signs everywhere, right next to the signs that the economy is on the ups.

Our takeaway? There’s opportunity everywhere, no matter what economic cycle we appear to be in. So, keep your eyes trained on THAT.

#economy #Financial Literacy #indicators #investment #recession

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The Economics of Emotions

Shopping is a Mind Game

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We may think of ourselves as savvy shoppers, but emotions play a bigger role in our spending habits than we might realize. From stress spending to FOMO, here’s a closer look at what’s happening in our brains when we shop.

Money can buy happiness

Do you use shopping as a mood booster? You’re not alone. Over half of Americans say they’ve participated in “retail therapy”, and studies have shown shopping can have a lasting positive impact on our mood. It can even reduce feelings of sadness, and help us feel in control when we’re overwhelmed.

Of course, that’s not the whole story…

The thrill of the hunt

Shopping floods our brains with dopamine, just like hearing your fave song or seeing your crush. But here’s the secret — it’s not the purchase that’s getting you hyped, it’s the build up. That rush can be addicting.

So, use your brain’s love of anticipation to your advantage! Saving up for a major purchase actually feels better than buying it right away on credit.

Say no to FOMO

Giving ourselves more time to anticipate a big purchase doesn’t just feel better, it also helps us make better decisions. Whether it’s a limited-time sale or hot meme stock, the idea of missing out sends our lizard brains into everyone-for-themselves mode. Back in the day, this helped our hunter/gatherer ancestors stay alive.

Today, it’s a recipe for buyer’s remorse.

Stress encourages us to impulse buy

Oh, and what’s the #1 source of stress? Money. Ahhhhh. So, stress-spending can get you caught in a feedback loop of impulse purchase → guilt and regret → more stress. Next time you’re feeling stressed, opt for a healthier outlet, like meditation or exercise. See if you’re still even thinking about that panic purchase once you’ve distracted yourself with something else.

~~Don’t~~ Do shop angry

This doesn’t mean you should Hulk up before hitting the mall, but shopping while angry made it easier for research participants to stay focused on what they were shopping for, making them more satisfied with their purchases as a result.

Look, but don’t touch

Handling an item lets us take it out for a mental test drive. It also makes it difficult for us to imagine letting go. The takeaway here: don’t take it away 🤣

When you’re out shopping, keep your hands to yourself!

#emotions #Financial Literacy #FOMO #money #shopping

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LeBron Makes Bank

Minute by Minute

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LeBron James just signed a two-year, $97.1 million guaranteed contract extension with the L.A. Lakers. This makes him the highest-earning player in NBA history… and the first player to surpass half a billion dollars in career earnings.

He’s an 18-time All Star, and a 4-time NBA champion and MVP, so just how valuable are his minutes on the court ?

Wealthie does the math on this mega-contract:

Each NBA team plays 82 games per season. (This doesn’t include playoff games. Those cost extra. And, in 19 years of play, Lebron’s only missed the playoffs 4 times.)

82 games in a season, means LeBron will now earn… about $592 000 per game. Alright, alright, alright!

And with 48 minutes in a game… King James is racking up $12 333 per minute.

Per second?! LeBron’s sweeping $205.55 into his piggybank every second he’s on the court.

But that’s just the beginning. Because LeBron can make it rain even harder. He’s a business owner, a celebrated philanthropist, and an investor. He’s smart about his money. So, let’s say he takes some of this new money, invests it in the S&P 500, and then doesn’t touch it for 20 years.

Let’s do that math.

Historically, the S&P 500’s averaged an annual return of 7.3%. Looking at this return, here’s how LeBron’s minutes of play might stack up:

One minute of play, invested: $12,333 → $50,473
One full game, invested: $592,000 → $2.4MM
LeBron’s full contract, invested: $97.1MM → $397.4MM

Hey, we can’t all be LeBron. Or Serena. Or Warren… Buffett. But we can make our money work the same way theirs does.

We’re gonna take a $12 333 minute to think about it!

#basketball #investing #money #sports #stock market

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The Cost of Becoming a Supervillain

The Straight Economics on Menacing Your Nemeses

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It’s not easy being a supervillain. Just when you think you’re going to make that big score, in swoops some meddling do-gooder to send you back to square one. Or, worse, a supermax prison. Sometimes though, it pays to break bad. Here’s a closer look at the costs of evildoing.

£4 million: Underground lair

An impenetrable mountainside fortress may *look* cool, but good luck getting the pizza guy to deliver… Standard advice says you shouldn’t spend more than 30% of your income on housing, so you may need to steal a crown jewel or two to afford this Bond villain’s paradise. For those supervillaining on a budget, why live inside an active volcano when you can live next to one for as low as $10,000 on Hawaii’s Big Island?

$16,000: Blofeld swivel chair

The black leather swivel chair famously used by Donald Pleasence’s Blofeld fetched $16,000 at auction in 2014, but you can find your own vintage version for £1,323. Just try to limit the sprees with your new black card. Studies show we’re willing to spend up to 100% more when paying with credit.

$163 million: Your own “death ray”

That’s the price tag the US Navy shelled out for its “megawatt-class laser” superweapon. Doomsday devices don’t come cheap, so shop around. And, since we typically buy with our emotions, maybe sleep on that death ray purchase before pulling the trigger. (Good advice for after you buy, too!)

Up to $1MM+: Shark tank

Dangling your arch nemesis over a tank of hungry sharks is going to cost you an arm and a leg (sorry): anywhere from $15,000 to $1 million. Planning to put your death trap on credit? Use a tool like this one to calculate how long it’ll take to pay off, and make sure you’re holding enough cities hostage to cover your monthly payments. Otherwise, you’ll face an equally terrifying foe: compound interest charges. Between this and the annual upkeep for saltwater tanks, you may find a snake pit’s more economical. Do the deep work and be honest about the kind of supervillain you want to be.

And remember, with death traps, it’s a vibe.

#economics #Financial Literacy #Minions #money #supervillains

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The Economics of the NBA Draft

From overnight millionaire to overnight cautionary tale.

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With the 2022 NBA Draft in the rearview, a handful of teenage hoopers have become overnight millionaires. In recent years, the Association’s held mandatory financial literacy classes to give incoming rookies a crash course on everything from budgeting basics to spotting shady investments. But much like lottery winners, that hasn’t stopped NBA stars from blowing it all—and then some.

We’ve mixed the cautionary and the heartwarming.

Ben Simmons: Exotic pets

The 2016 1st overall pick banked $6 million before playing a single NBA game, then dropped $10K of that on a pair of Savannah cats. Simmons was forced to give up the designer pets after they became too much of a headache. Ironic, since Ben was “given up” a few years later when he proved too much of a headache for the Sixers!

Harrison Barnes: A “really nice bed”

You can’t put a price on a good night’s sleep. Barnes finally made his childhood dream of owning a “nice bed” come true after being drafted by the Warriors, saying that mattress shopping felt “like Christmas” after years of counting every penny.

Jalen Rose: $15K on a phone

Yes, you read that right. The former lottery pick spent his entire rookie contract, including $15,000 on a sapphire crystal phone with 24/7 concierge service. It’s supposedly “the Rolls-Royce of phones” — but Rose never even used it.

Shaquille O’Neal: Millionaire → $80K in debt 💸

Shaq signed a million-dollar endorsement deal leading up the ‘92 draft. By the time Orlando picked him #1 overall, it was all gone. So, where’d it go?

3 Mercedes-Benz (1 for him, dad, and a “little” Benz for mom) = $500K
Jewelry, clothes, pager (ask your parents) and cell phone = $100K
Taxes + agent fees = $400K+

Michael Carter-Williams: Nothing

On the advice of his mom/manager, the promising Philly point guard lived off endorsement deals while putting every cent of his rookie contract into a trust fund that he couldn’t touch for three years. It was a smart move, especially since the former Rookie of the Year wound up getting hurt and has bounced around on a series of smaller deals ever since.

The takeaway? Always listen to your mom!

#Financial Literacy #money #NBA #paycheque #rookie

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The Cost of Building Jurassic Park

Crunching the numbers on the world’s most dangerous amusement park

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Jurassic World: Dominion has hit the theatres, and JP merch is flying (velociraptor-style) off the shelves. It’s got us curious about how much it would cost to bring Jurassic Park to life, IRL. Is this a decent investment opportunity?

The jury’s out, or eaten, so you be the judge:

$331.2 million: Cost to buy Isla Nublar

At 14,080 acres, Isla Nublar – home to the original JP and, later, Jurassic World – is roughly half the size of Disney World, giving dinos plenty of room to stretch their legs and wings.

According to OfficialETA’s, “The Price of Paradise” tool, a similarly-sized private island off the coast of Costa Rica will run you $331.2 million. If you’re willing to downsize, the 800-acre “shovel-ready” Golfito Bay can be had for a bargain $17,500,000.

$1.2 billion: Construction costs

John Hammond (aka Richard Attenborough) spared no expense building the original JP. Neither did Jurassic World’s Simon Masrani (aka Irrfan Khan). The new InGen CEO spent an estimated $1.2 billion on concrete and materials alone to build his new-and-improved park — about what it cost Disney to complete Animal Kingdom.

$2 million (or more): Liability insurance

New Jersey’s fantastically dangerous Action Park is the stuff of legend. It got away without liability insurance. Gene Mulvihill, “The Walt Disney of New Jersey” figured it was cheaper to pay injury claims out of pocket — his own. That was the ’80s, and times have changed. In 2020, $100M-worth of coverage cost Six Flags $2 million in premiums. It’s safe to assume Jurassic Park’s payments would be higher, since the prior claims history is a determining factor for insurance premiums, and there are pretty hefty claims/eatings that date back to 1993.

$300+ million: Cost of dino food, annually

One area where you don’t want to scrimp. As one of the world’s largest zoos, the San Diego Zoo spent $281,273,000 in 2021 to feed and care for 12,000+ animals across 650+ species. The fictional Jurassic World only features 20 species of dinos (cloning isn’t cheap!), but we’re rounding up to be safe. A well-fed dino dines on fewer guests.

#business #dinosaurs #Hollywood #Jurassic Park #money

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The Business of Web3

News from the future of the Internet

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The heady days of Crypto are feeling more like a massive migraine in June 2022. Coins, such as Bitcoin and Ether, once thought to be the new oil, have been on a lurching decline in recent weeks.

The dips keep on dipping.

The Damon/McGregor-fuelled ad campaigns, the arena naming, the requests by mayors to be paid in Bitcoin – are these now just quaint memories from a bygone era? More importantly, does the #Cryptocrash throw cold water on the future of Web3?

We feel you, and no. Crypto may be one part of the dream for a new, better internet, but it’s far from the only part. So, consider this a break from the doom and gloom. Here’s what else is making headlines in the wide world of Web3.

The Weeknd’s After Hours tour is finally happening, now brought to you by Binance

Web3’s Got Soul: Ethereum’s co-founder introduces the idea of “soulbound tokens”

Pride Month celebrations come to the metaverse, proving Web3’s not just for crypto bros

Read on…

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The Weeknd became the latest chart-topping megastar to hop aboard the Web3 train after tapping Binance as the official sponsor for his After Hours Til Dawn tour. It’s the “first global concert tour to integrate Web 3.0 technology for an enhanced fan experience.” Okay, coolcoolcool, but what does that mean exactly?

A few highlights: The tour will collaborate with Toronto-based “creative incubator”, HXOUSE on an NFT collection, and virtual ticket stubs will grant attendees access to commemorative NFTs and other brag-worthy one-of-a-kind experiences. According to The Weeknd, “There are so many possibilities with crypto and I think this is just the beginning.”

A little louder for Kanye in the back.

Complex | June 3, 2022

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It’s the future of the Future of the Internet, according to Ethereum co-founder Vitalik Buterin: non-transferable NFTs, called “soulbound tokens” (or SBTs for short). You may know a version of these from WoW (World of Warcraft, mom and dad). Buterin believes SBTs could act as a sort of “extended resumé, issued by your university or your employer, or gifted to you at an event. SBTs would make it tougher for scammers and identity thieves to fake credentials. It’s all meant to give people ownership over their digital selves, while moving Web3 away from its current Gold Rush mentality of pump-and-dump crypto schemes and Bored Apes.

Insider | May 25, 2022

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For the first time ever, Pride Month is coming to the metaverse, thanks to a limited-edition NFT avatar drop, and a weeklong celebration happening at The Sandbox, a decentralized virtual gaming platform that’s partnered with everyone from Snoop Dogg to The Smurfs. Called #MetaPride, the groundbreaking event was designed to combat the fact that an estimated 81% of Web3 participants are currently white men. “We believe that Web3 can only scale if diversity and inclusion are rooted in the foundation of what is being built,” explained People of Crypto Lab co-founder, Simone Berry.

A new online world that better reflects the diversity of our offline world? That’s definitely worth celebrating.

BusinessWire | May 31, 2022

#Bitcoin #crypto #Ethereum #investing #web3

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My kid wants $100K sneakers for the Metaverse. Is there a Universe where this makes sense?

A perplexed parent’s guide to NFT footwear.

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Virtual sneakers with six figure price tags. Is this really a thing?

You bet your bottom Bitcoin it is. Not just a thing, but an exploding (and highly volatile) market. Nike recently sold a pair of NFT sneakers for $134,000. Nike’s move into the Metaverse was in collaboration with RTFKT (pronounced “Artifact” — we got you), a digital-only sneaker brand that’s pioneered the recent revolution. Asics, Gucci, and other big names are all dipping an 8-bit toe into this futuristic and, yes, super confusing new market.

Still don’t get it. What’s the point of shoes that you can’t actually wear?

Maybe ask that question to thousands of sneakerheads who have been buying sneakers as a collectible commodity for more than a decade. Just like a limited edition pair of Yeezys, NFT shoes get their value based on hype and scarcity. Think of NFT technology as a way to certify uniqueness and ownership in the virtual world. So, you’re not buying an easily-duplicated image of a shoe, you’re buying a specific pair. This matters for bragging rights, and also for resale purposes.

So this is about investment, not fashion?

Actually, it’s about both. Kind of. You may think you can’t “wear” NFT sneakers, but companies like RTFKT are betting big on the fact that next gen consumers (ie, your kid) will care as much about their digital personas as their physical ones — and that they’ll suit them up accordingly. Going to a concert in The Metaverse? You’re not going to show up naked. Gamers already pay good money (estimated at about $40 billion a year, as of 2020) to outfit their in-game avatars. Now, future cross-pollination between fashion brands and video games will mean that your Grand Theft Auto avatar can escape the cops in the latest kicks.

So, back to your child, and their footwear demands. No problem. If your kid starts investing $10 a week now, at an expected annual rate of 6%, those shoes should be theirs in under 48 years!

#fashiongoals

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The Economics of Being Tom Cruise

40 years in Hollywood by the Numbers

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Tom Cruise is one of Hollywood’s biggest stars. But, with Top Gun: Maverick, he’s accomplished something he’s never done before — a $100-million-dollar opening weekend.

We know, we know, that can’t be right, can it? The same guy who’s had a #1 movie at the box office for five consecutive decades? The one who turned “Show me the money!” into his personal mantra?

It’s true.

TC’s been labeled one of Hollywood’s “last true movie stars”, but he hasn’t been all that successful at bringing in opening day crowds. Before his record-setting Memorial Day weekend, cracking that $100-million barrier was mission impossible for Cruise. And, before you ask, nope, none of the Mission Impossible movies came close, despite the franchise raking in a combined $1.15 billion USD at the domestic box office, and over $3.5B worldwide.

What’s taken so long?

For starters, Cruise famously turned down Iron Man. If you want to dominate ticket sales in the 21st century, it pays to be a superhero. Six out of the top 10 best opening weekends feature one or more of Marvel’s greatest heroes.

It’s also a sign of the times. In the mid-‘90s, Cruise made history as the first actor to tally $100MM+ in five consecutive releases. (He beat that streak with seven straight in the early 2000s.) But that $100-million mark isn’t what it used to be. In the last 10 years, 45 movies have hit $100M on opening weekend alone.

This week, Top Gun: Maverick became the #64 film to do so since 2002.

And Tom’s about to cash in

Cruise was reportedly “only” paid $13 million for the long-awaited Top Gun sequel, but savvy negotiating stands to net him 10x that from ticket sales, thanks to something called “first-dollar gross.” This means Tom is getting a cut of the movie’s total box office revenue, not just the profits—starting on day one. So, out of your $12 ticket, $2.40 of that is going straight to TC. In other words, we’re all in Tom Cruise’s pocket.

Show him the money, indeed.

#business #economics #money #movies #Tom Cruise

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Yes, We Mind the Wage Gap

Gen Z wants to shrink the wage gap by… talking.

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It’s 2022 and you can ask a woman her age but you still can’t ask how much she makes. Most of us would prefer to talk about anything other than money. We’ll choose marital trouble, mental health, addiction, sex, race, religion, and politics before we’ll wade into salary talk.

Why does this matter? Silence around money — encouraged by the wealthy since the Golden Age — feeds a wage gap of between 60 to 89 cents on the dollar.

The Wage Gap isn’t news. We’ve lived with it for as long as women have worked. We know, for example, that racialized women bear the brunt of the inequality, earning an average of 59.3% of the average white male salary. But even school girls experience a gendered wage disparity. According to the Girl Guides of Canada, young women 12-18 earn almost $3 less per hour than boys at summer jobs.

Not only does this make us want to talk about money… it makes us want to scream.

If present trends continue, according to the World Economic Forum, it will take the world about 267.6 years to reach wage parity.

Hannah Williams wants to move that date up a few hundred years. The 25-year-old TikToker recently took to the streets to ask her fellow Washingtonians two simple questions: What do you do? And how much do you make? The series (@salarytransparentstreet) has gone viral. Williams hopes her project will break down the social stigma around money talk, and move us toward addressing pay inequality.

Will it work? It’s working! Williams’ project is part of a growing movement focused on real change. New data shows that about 40 percent of Millennials and Gen Z talk to coworkers about what they earn. Compare this to 19 percent for Baby Boomers.

This spring, New York passed a law requiring employers to disclose salaries on all advertised jobs. And even companies who aren’t forced into transparency would be smart to consider it. The job posting site Indeed Canada recently revealed that posts that include salaries attract 90 percent more applicants.

That’s something worth talking about.

#economics #equality #Financial Literacy #summer jobs #wage gap

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SpongeBob’s Road to Real Estate

A Pants-Wearing Sponge Cleans Up in the Housing Market. Here’s the Takeaway.

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Against all odds, everyone’s favourite sea sponge is doing quite well for himself: he owns his own home! Say what you will about SpongeBob’s fashion, food, and career choices, this kid’s captured a milestone that’s a dream for many. And he’s not just captured that milestone, he’s slayed it.

SpongeBob’s hollowed-out pineapple home is allegedly worth $18 000 000 — almost 3X what Drake paid for his Toronto manse. Consider the view: “This post-modern tropical gem features 360-degree ocean views and three stories of nautical luxury,” boasts a video on SpongeBob’s official YouTube account.

Okay, so how did he do it, and what lessons can we soak up from this real estate rockstar?

Millennial Bob: A fiscally savvy thirtysomething

Thanks to a glimpse fans once got of his driver’s license, we know SpongeBob was born on July 14, 1986 — so, he’s a millennial at age 35. Those who grew up watching SpongeBob SquarePants may find it hard to believe that he’s been more disciplined with his finances than the majority of us, but hey, crazy things happen under the sea. Let’s consider that Bob may be a financial wizard, and deconstruct his money moves.

He’s a famously devoted fry cook — some say the world’s greatest — at the Krusty Krab, Bikini Bottom’s favourite fast-food joint. Work ethic? Check! Income? … inconsistent. In one episode, according to Spongepedia, Bob claims to make under ten cents a year. In another ep, we learn that he pays his boss, Mr. Krabs, $100 an hour for the privilege of working. We’ve seen him pocket an envelope of cash on payday, so he does get the occasional haul, but really Bob’s the original gig worker.

The Takeaway

He’s been side hustling since he was 12— jouster, chef, lifeguard, lawyer, the list goes on. Bob started early, put time to work in his favour, and probably learned a thing or two about compound interest along the way.

Is he investing? Probably. He’s sure invested a lot of time over at Mrs. Puff’s Boating School, where he’s failed to get his boating license 1 258 058 times. Silver lining? He’s saving money on gas and boat payments, and likely making that money work for him in the markets.

And finally, Bob knows a deal when he sees one. Submerged “land” is considerably cheaper to buy than its above sea equivalent. In Canada, a man recently listed two lots, “presently underwater,” for the bargain price of $99,000.

Is this the investment property to sink your savings into? We prefer drier. But hey, location, location… floatation!