1948 Babe Ruth Type 1 Photograph

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Today we have a deep dive into a 1948 Babe Ruth Type 1 Photograph that is IPOing on Collectable Sunday, June 27th at 8 PM EST.

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About the Asset

The first sports photograph to win the Pulitzer Prize, this is a 1948 Photo of Babe Ruth in his final appearance at Yankee Stadium, just a few months before his death. The photo was taken by legendary photographer Nat Fein and is known as “The Babe Bows Out.” There’s a lot more in this link that Collectable posted. Fein signed and inscribed this particular copy.

This has been authenticated by PSA/DNA as a Type 1 Photograph and as a refresher, a Type 1 photograph is defined by PSA as: “A 1st generation photograph, developed from the original negative, during the period (within approximately two years of when the picture was taken)”. Type I photographs are the originals and the most valuable. I’ve found at least 4 other signed Type 1s of this photo and at least 4 other unsigned Type 1 copies.

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  • Projected future growth
  • Asset class ROI, volatility and risk statistics
  • Detailed valuation with recent sales
  • Our verdict

About the Drop

This asset will drop on Collectable at 8 PM EST on June 27th for $49,500, but it is currently available as an “Exclusive” for certain members. There is $13,640 in retained equity, leaving $35,860 in shares. Collectable have been scheduling their assets for trading around 60 days after the IPO funds and from that point it trades every weekday.

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About Babe Ruth and Nat Fein

We’ve written about Babe Ruth previously – see here for the most comprehensive writeup. One of the greatest and most famous baseball players (and athletes) in American history, he is getting a little more play in the press currently due to the exploits of Shohei Ohtani – the first real two-way player since Ruth a century ago.

Nat Fein is best known for taking this particular photo – it did win the Pulitzer, after all. But he was a well-regarded photographer outside of that and was not specifically a sports photographer. He has a big enough profile on his own to be notable, but mostly because of this photograph.

Recent Sales and Current Valuation

This exact copy was purchased from SCP Auctions for $25,686 in April.

[Detailed Valuation for Insiders Only]

Category Strength

The sports memorabilia category had a -8% ROI in Q1 2021.

Subcategory Strength

[Insiders Only]

Growth Potential and Future Catalysts

There is room to grow in the photograph market, but I’m not sure how that applies to photos that aren’t tied to famous cards – the way the previous Collectable offerings have been. This photo falls under a different category that isn’t really going to cross over to the sports cards collectors — it’s just straight memorabilia, and not one that is likely to see any kind of meaningful bump. Ruth’s market is mature and his relevance will only decline with time.

Verdict

[Full Evaluation for Insiders Only]

Be advised that most recent Collectable IPOs, especially the sports memorabilia ones, are falling (some around 25-30%) immediately upon entering the secondary market. In fact, 15 of 17 sports memorabilia IPOs and 22 of the last 24 overall have declined (some substantially) since opening.

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Author

Adam Katz

Adam Katz

Adam is a lawyer and real estate investor with a finance background. His diverse job experience includes stints in a MLB front office, a major global law firm and the real estate investment fund he co-founded. He is bringing his well-honed research and valuation skills to the world of fractional investing. Born and raised in San Francisco, he currently lives in Brooklyn with his dog, a pit bull mix named Beaux.

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