Today we have a deep dive into a Kobe Bryant Signed Ticket Stub that is IPOing on Otis Tuesday, June 22nd at 12 PM EST.
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Table of Contents
About the Asset
This is a signed, full game ticket from Kobe Bryant’s final game – where he scored 60 points against the Utah Jazz on April 13th, 2016. It is graded a PSA 3 / Authentic and Otis purchased it for $30,100 on March 29th. The data in Otis’ app is out of date — there are now 7 higher graded signed tickets, not 4, and I would expect more to pop up eventually.
About the Drop
This asset will drop on Otis at 12 PM EST on June 22nd for $31,700 but it is currently available in a VIP pre-sale. There is no retained equity. Otis has been scheduling their assets for trading around 30-60 days after the IPO funds and from that point it trades every day, weekends included.
Add IPO to calendar
About Kobe Bryant
We’ve written about Kobe a bunch here. The most detailed write-up was here. I recently wrote this when his sneakers dropped earlier this month:
“But you know who he is – a transcendent cultural figure whose tragic death has led to his memorabilia being even more desirable. I suspect that over the next generation, it’s going to be Jordan, LeBron and Kobe that stand above everyone else.”
Recent Sales and Current Valuation
As stated above, Otis bought their ticket for $30,100, and are pricing it at only a slight markup. Just before they bought it, a signed Authentic sold at Goldin for $40,590, making the Otis buy (graded higher) look like a relative bargain. Unfortunately, since then, two higher graded signed cards sold at Goldin on May 22nd, one PSA 5/Auto 7 that went for $16,800 and a PSA 6 that went for $19,200. One graded Authentic sold on Ebay May 17th for $10,100. More recently, an ungraded signed ticket sold for $12,500.
Given those two sales at Goldin, there’s no real way that a PSA 3 is currently worth more than around $10,000.
A signed ticket graded Authentic sold last Spring for $7,680, so there has been some minimal appreciation since then, but it looks to have peaked in March.
Growth Potential and Future Catalysts
The ticket stub market is an emerging and intriguing one and demand for specific games like this one could rise rapidly. With that, though, will be a flood to the market of similar items from people who have also saved them – the difference with this specific asset is that it’s signed, and unfortunately, there’s not going to be any more supply of Kobe-signed items. Despite the recent downwards trajectory, there is potential for rapid growth here.
Verdict
This asset is a recommended pass due to the valuation – it’s just so ridiculously overpriced based on the recent sales. I would keep an eye on it after it funds and trades to see if shares can be scooped up for cheap. It’s also worth keeping an eye on how the ticket stub market generally behaves in the interim.
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