Hello, Today we are looking into two pieces of the 1995-98 United Center Floor that will IPO at Collectable on Thursday, September 30th at 8 PM ET.
Table of Contents
’95-’98 United Center Game Used Hardwood Floor
About the Asset
This is pretty much what you think it is — two 4′ x 8′ pieces of the United Center Hardwood Floor dated to 1995-98, during the second part of the Chicago Bulls dynasty. They were two pieces directly in front of the Chicago Bulls bench and have been photomatched and authenticated. As Collectable mentioned a lot of the floor was cut up into smaller pieces and sold by Upper Deck so to have this large a piece is rare.
About the only comparable is the section of the Kobe Bryant Final Game Floor that Rally IPO’d back in March for $800,000 but has subsequently dropped to $610,000 in the secondary market (Rally paid $631,200 for it last October).
The consignor seems to have paid $325,000 for this.
About the Drop
This asset will drop on Collectable at 8 PM ET on September 30th, 2021 for $350,000. There is no retained equity. Collectable has been scheduling their IPOs for trading around 3 months after they fund, though recently some assets have been pushed back further than that.
Add IPO to calendar
Recent Sales and Current Valuation
As you can imagine, there aren’t a lot of comps to this.
Most recently, in April, Heritage sold a signed 6″ x 6″ piece for $3,120.
In February, Hunts sold an unsigned 12″ x 12″ section for $606, one of 223 pieces.
Last August, Goldin sold a 3″ x 10″ signed section for $4,800, one of 100 pieces made by Upper Deck.
Last February, a 12″ x 12″ signed section sold for $2,261 – 1 of those 223 originally unsigned pieces.
The asset at Collectable isn’t signed, it’s just a section of floor. If you extrapolate the 6″ x 6″ piece and cut the value in half for the lack of the signature, you can squint your way to a $400,000 valuation. But if you extrapolate the 12″ x 12″ section, it’s only $40,000 (though, obviously with a premium for having a bigger, intact section). There is a wide, wide error bar here, and I think it’s only fair to go with the amount the consignor paid – $325,000.
For what it’s worth, I don’t think Rally’s Kobe floor is a real comp, it’s just such a different type of memorabilia.
Verdict
This is a recommended pass — to be frank, this asset doesn’t do it for me and it’s hard to value properly. It’s just a piece of floor and it’s probably hard to store and display. This is exactly the kind of item that is worth what someone will pay for it, so if you’re investing, you have to hope for a buyout offer at some point — there’s not going to be a lot to gauge the market value.
