Sports memorabilia, once a niche market, has surged in value, with items that may have once gathered dust now commanding impressive prices. This trend has been accelerated by the pandemic, as people spent more time at home rediscovering old hobbies, including sports collecting, and as investors saw sports memorabilia as an alternative investment during inflation.

According to Chris Ivy, director of sports auctions at Heritage Auctions, the near-perfect condition and historic significance of the Mantle card ensured its high value. With the rise of digital collectibles like NFTs, the sports memorabilia market has expanded rapidly, growing from $5.4 billion in 2018 to $26 billion in 2021. Market Decipher predicts it could reach $227 billion within the next decade.

The card, dating back to 1952, belonged to New Jersey entrepreneur Anthony Giordano, who acquired it for $50,000 in 1991. Giordano was thrilled to see its value soar, with his sons following the auction’s final moments.

Sports collectibles have increasingly gained recognition as viable investments, says Heritage’s Derek Grady, comparable to fine art, rare coins, and artifacts. Mantle, a legendary switch-hitter and Hall of Famer, holds a special place in sports history as a Triple Crown winner and seven-time World Series champion.

For collectors, this card isn’t merely a piece of cardboard; as Oklahoma State professor and sports card collector John Holden notes, it’s akin to a work of art like a Picasso or Rembrandt, valuable in the eyes of those who treasure its history and rarity.