Seven Card-Collecting Wisdoms From A Seven-Figure Card Collector
Recently I found myself listening to Episode 233 of the Lukas Tigers And Brons Podcast featuring the legendary card-collector Erik Myers. Myers is a 15-year veteran of the card industry who was discovered by a new wave of collectors through the inspirational yoda-like advice he offered up to Sasha Tammadon during January’s Dallas Card Show.
Myers’ story is fascinating for a number of reasons, not the least of which is the way he was able to will himself out of an unfavourable life situation by dedicating to a passion for sports cards. Starting with a $15,000 card-collecting bankroll, Erik has managed to build a 7-figure card collection consisting of some of the rarest and most south-after cards in the industry. But more inspiring than the size of his collection is the manner in which he built it, spreading knowledge and kindness to anyone who needed it, just as his own card mentor had done for him a decade earlier.
As I sat there, listening to someone who had accomplished so much during his time in the hobby, I knew there was no insight that I could offer that would bring you as much value as Erik could; which is why this week’s column is dedicated to the words of man himself: the seven best pieces of advice shared by the seven-figure collector.
7. The best time to begin buying cards for any given sport is 10-21 days after its season has ended. This timeline allows investors and flippers enough time to start looking for the next opportunity, often leading them to unload their holdings at discounted prices.
6. It's important to have two sets of cards: “grail” cards that will remain in your long-term collection for years to come, and cards whose purpose is either to make you more money or get you closer to those grails. Therefore, Myers recommends that before buying any card you should know exactly which set that particular purchase falls into and have a plan for when to book profits on the ones from the second category. Most importantly, once those shorter-term holds hit the price targets initially set for them, ensure not to get emotionally attached and simply book the ROI to flip into the next opportunity.
5. Speaking of selling, one of the biggest mistakes card investors make is trying to squeeze every last percentage-point out of each sale. Instead, if the comps for a given card are $3,000, don't hesitate to sell for $2800. Not only will this ensure you can sell quickly and move on to the next play, but it will build good-will and make you a collector people will want to do business with.
4. When investing in the upcoming HOF class participants, aim to sell 7-10 days before the ceremony in order to avoid the surge of supply that will undoubtedly hit the market around that time.
3. Undervalued cards of current players include Brooklyn's Big Three – who Myers believes will win the championship in 6 games – as well as LeBron autograph cards.
2. Even following the meteoric rise we’ve witnessed over the past year, according to Myers the most underrated cards in the hobby remain Kobe Bryant autographs. Erik believes this to be true for a number of reasons including that no star of Bryant's stature had ever passed at such a young age as well as the Chinese market valuing Kobe (and his lucky #8) above nearly all others.
1. Finally, and perhaps most importantly, Erik believes the key to success in the trading-card industry is building a collection you'd be happy to own even if it fell to zero. As the popular hobby saying goes: buy what you like. Do that, and regardless of the financial outcome, you'll have already won.
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For more card-collecting insight you can follow Erik Myers on Instagram.