The Art and Economics of Value

The secret that few outside this niche understand is that the collectibles market has been quietly maturing into one of the most fascinating asset classes that I have been involved in. What continues to be dismissed as a hobby is now part of a global wave of hyper-financialization. Everything, from digital art to Pokémon cards, is becoming investable. As this happens, collectibles are no longer just things we own—they’re becoming instruments of speculation, culture, and identity.

But why are collectibles valuable to begin with?

At the core, I believe it’s a mix of emotion and economics. The emotional side is timeless: nostalgia, attachment, and the stories we project onto objects. The financial side is newer, rooted in scarcity, demand, and the psychology of ownership in an increasingly digital world. We’ve reached a point where people don’t just buy things to possess them; they buy them to express belief—in culture, in taste, and in the future appreciation of that belief.

Ultimately, value in collectibles is a mirror. It reflects what society cares about, what it remembers, and what it’s willing to pay for meaning. As we move deeper into a world where even sentiment can be tokenized, understanding how and why these objects hold value isn’t just about cards—it’s about understanding human behavior itself.

If value is built on emotion and economics, then scarcity is the bridge between the two. It’s what transforms cardboard into capital. But not all rarity is created equal and understanding the difference between true scarcity and manufactured hype is where real collectors separate from the crowd.

How Rare Is a Card, Really?

Rarity is the heartbeat of collectibles but the truth is, not all rarity is created equal. In every trading card set, there are cards that are objectively harder to pull. Modern sets often feature fan-favorite “chase” cards — alternate arts, secret rares, or ultra-limited inserts that can feel almost mythical when pulled. These cards sit at the top of the desirability pyramid, driving hype, content, and secondary-market speculation.

But here’s where it gets interesting: most modern cards aren’t truly scarce — at least, not in the traditional sense.

They’re (modern cards) well cared for, instantly sleeved, and shipped off to grading companies the same day they’re pulled. Every collector knows there’s financial upside in a PSA 10, so the modern market is flooded with high-grade examples of the same cards. What feels rare in the moment often becomes common in the data — and the illusion of scarcity fades when you look at population reports.

Yet that doesn’t mean modern chase cards can’t command serious premiums. In fact, many of them do. Popular cards from recent sets regularly sell north of $2,000 in PSA 10 (example) — proof that scarcity alone doesn’t determine value. Demand, narrative, and cultural resonance still rule the market. A beautifully illustrated, highly desired card from a beloved set can outperform far older and technically rarer cards simply because of how much mindshare it commands.

True scarcity, however, still lives in a different era.

Vintage cards, think the early Pokémon, Magic, and Yu-Gi-Oh releases, came from a time when no one thought of cardboard as an asset class. Kids played with them, stored them poorly, or lost them entirely. When those same cards survive in pristine condition today, that’s real rarity. It’s not about pull rates or limited print runs — it’s about survival and provenance.

Even modern “chase” cards, despite high populations, are still a product of controlled scarcity — the kind that’s engineered to drive excitement. They can spike in value as cultural artifacts, but true finite rarity — the kind that can’t be reprinted — belongs to the early days.

Interestingly, scarcity isn’t limited to single cards. Sealed product itself becomes a collectible when given time.

Booster boxes, Elite Trainer Boxes, and special collection sets act like “index funds” for an era. As time passes and those products go out of print, unopened boxes become relics of a cultural moment. Demand persists because people will always want to chase — to rip, to feel the thrill of discovery. And when supply disappears, prices compound exponentially.

Check out the price of Evolving Skies Price over the last 4 years 

Ultimately, defining rarity means looking beyond what’s written on a pack or a pull-rate chart.

There’s raw rarity, defined by pull odds. Graded rarity, defined by population reports. And sealed rarity, where time and demand transform ordinary product into cultural artifacts.

In the end, rarity only tells part of the story. What truly determines a collectible’s value isn’t just how rare it is — but how it exists in the market. Whether a card is graded, sealed, or raw can completely change its financial behavior, its appeal to collectors, and even how time treats it as an asset.

Graded vs. Sealed vs. Raw: Which Holds Value Best?

When you’re building a collection, there are really three main formats to consider: raw, sealed, and graded. Each one has its own risk profile, emotional appeal, and financial behavior. Personally, I lean heavily toward sealed product because it offers a level of price stability and long-term appreciation that often outpaces the volatility of individual cards. But each format plays a role — and understanding how they differ is key to building a balanced portfolio in this asset class.

Sealed

Holding sealed product is, in my view, one of the most efficient ways to participate in the collectibles market. The best thing about sealed product has to do with its gradual, compounding appreciation — driven not by hype cycles, but by time and supply decay. Once a set goes out of print, supply becomes finite, while demand rarely disappears, at least for good sets. People will always want to rip packs, chase hits, and relive that same rush, especially for highly chased sets and set that offer things like god packs . That’s what gives sealed product its staying power.

The other major advantage is that sealed behaves like an index fund for an individual set itself. You’re not really betting on one specific card to hold value you’re holding exposure to all of the cards within a given set. The volatility of any single card is diversified across the box as a whole.

Other pros include liquidity (high-demand sealed products move easily in private sales or auctions) and the preservation of potential — the unknown inside the box still has psychological value. The “what if” factor drives a lot of collector behavior and the gradual appreciation in the box itself.

Of course, sealed collecting isn’t without its cons. These boxes take up space, require careful storage, and can be a pain to move. If damaged, they have the chance of losing value.  Still, for patient investors who understand cultural demand cycles, sealed collecting is one of the most stable long-term strategies in the space and the one I lean on most heavy.

Raw

Raw cards represent the soul of collecting. There’s something deeply satisfying about flipping through a binder filled with raw copies — the artwork, the texture, the nostalgia all remain intact and unfiltered by plastic. Raw cards are where collecting and investing overlap most naturally.

Financially, raw cards do appreciate over time, especially for older sets and clean copies that could eventually be graded. But for most collectors, the purpose of a raw card isn’t to flip for profit — it’s to own and build up a good collection. The best way to think about it: graded cards are investments; raw cards are collectors items.

Still, there’s strategy involved. If a raw card is in excellent condition and shows strong centering, corners, and surface quality, sending it for grading can unlock a significant upside. But if the card is off-center, scratched, or poorly cut, grading can be a waste of both time and money. Understanding that distinction — the ability to spot a gradable card — is an advanced skill that separates professionals from casual collectors.

Graded: The “Perfection Premium”

Graded cards sit at the intersection of emotion and financialization. They’re collectibles turned into assets — assigned a numerical score that quantifies condition and desirability. A PSA 10 or Beckett Black Label represents perfection, and perfection commands a premium.

This is where the “perfection premium” becomes very real. The difference between a PSA 9 and a PSA 10 isn’t just one point — it can be a 3x or 10x price gap. That’s because high-end collectors and investors are paying for assurance. They want the best, and in a market where reputation and bragging rights matter, a PSA 10 becomes both a financial and social flex.

However, grading isn’t always a winning move. The process is slow, expensive, and not every card comes back with the grade you expect. Grading also introduces opportunity cost — money and time locked up for months that could have been deployed elsewhere. For modern cards with massive print runs, unless it’s a top-tier chase or a culturally relevant hit, the economics of grading don’t always justify the effort.

My Approach

In my own portfolio, I hold a mix of sealed and graded — the two poles of the collectible spectrum. Sealed product gives me the security of time, while graded cards give me exposure to peak demand and honestly I just LOVE displaying grails. Raw cards, on the other hand, are what I keep for myself in a personal binder — most of the cards that remind me why I started collecting in the first place.

At the end of the day, you’re not just collecting cardboard — you’re collecting belief and culture. Belief in an IP, in a community, in a cultural moment that will still matter decades from now. Whether you choose to hold sealed boxes, gem-mint slabs, or raw binder sets, the key is to collect with intention. The highest returns — financial or emotional — always come from conviction.

The information in this article is for educational and entertainment purposes only and should not be considered financial advice. Collectibles and alternative assets carry risk — always do your own research and consult with a qualified financial professional before making investment decisions.