May 22, 2020 - Sports

Sports card collecting is back

The Honus Wagner 1909 T206 — the world's most valuable card. Photo: Bob Chamberlin/Los Angeles Times via Getty Images

Collecting sports cards, a hobby and business that has spent the past few decades in a tailspin, has recovered much of its old glory in recent years. Still, even as revenues have skyrocketed back to the heights of its golden age, the big question remains — can it last?

The big picture: In the past five years, thanks to smarter licensing agreements between leagues and companies that help put a cap on production, the industry has begun booming once again. In fact, on Wednesday a Mike Trout rookie card sold at auction for a modern-record-tying $900,000.

  • Beyond licensing, though, kids who grew up collecting in the '80s and '90s are now adults with disposable income, and nostalgia is an incredibly powerful driver.
  • Taking it one step further, the pandemic has funneled a lot of 30-somethings back to their childhood homes, where boredom and curiosity have led to the unearthing of old collections, and the reawakening of a long-dormant hobby.

The backdrop: What began in the early 20th century as a way to boost sales of tobacco and bubblegum matured over the years into a business of its own, dominated by Topps, which introduced the first full set in 1952.

  • But through the latter half of the century, popularity gave way to overproduction, which eventually torpedoed demand. By the mid-to-late '90s, the billion dollar industry had become a shell of its former self.

What they're saying: "In the last decade there has been a shift toward exclusive relationships. All the major leagues have exclusive deals. That was a pretty seismic shift," Topps executive David Leiner told The Athletic.

Between the lines: Even if millennials have enough money now to make this a viable business again, what about their kids? Video games and technology have a pretty tight grip on kids' free time these days, and nostalgia can only go so many generations deep.

The bottom line: If this is the last stand for a wonderful hobby whose time has come, then so be it. We'll always have the memories of ripping open packs of cards, crossing our fingers for a rare find and thumbing through Beckett hoping we just hit it rich.

Go deeper: Baseball card collecting world rocked by scandal

Go deeper

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.