Upper Deck President Warns: The Sports Card Market Is Being Driven by the Wealthy 10%
In a candid LinkedIn post that's getting attention across the hobby, the president of Upper Deck issued a sobering warning about the current state of the sports card market: it's being propped up by wealthy speculators, not everyday collectors—and that could be a problem.
The Warning from the Top
The Upper Deck president didn't mince words about what's happening in the market right now. Everything speculative is surging—stocks, Bitcoin, and trading cards are all riding the same wave. But there's a catch: this growth isn't coming from a broad base of collectors. It's being driven by the wealthy few.
According to the data cited in the post, 50% of all consumer spending in the United States is coming from just 10% of the population. That means rich people are essentially carrying the entire market—not just in cards, but across every consumer category.
In sports cards, when boxes are routinely costing $1,000 or more, something fundamental has shifted. You're not buying for the joy of collecting anymore—you're speculating. You're betting that what you buy today will be worth significantly more tomorrow.
This Time Really Is Different
The post acknowledges that sports cards have always had a speculative element built in. Collecting a rookie card and hoping that player makes the Hall of Fame? That's been part of the hobby forever.
But what's happening now is different in scale. The level of speculation and the amount of money flowing into the market isn't coming from passionate collectors building sets or chasing their favorite players. It's coming from wealthy investors looking for the next asset class that'll generate returns.
And here's the uncomfortable truth: when markets become this speculative, they become fragile.
Why This Matters to Regular Collectors
If you've felt priced out of the hobby lately, you're not imagining it. The economics have fundamentally changed.
The Barrier to Entry Is Higher Than Ever: When a single blaster box costs what a hobby box used to, and hobby boxes cost what a small vacation used to, casual collectors can't participate the way they once did.
It's Not About the Cards Anymore: For many participants, the actual cards are secondary to the investment thesis. They're not collecting because they love the sport or the players—they're collecting because they think prices will keep going up.
The Risk Is Real: The Upper Deck president's warning isn't alarmist—it's realistic. When a market is driven by speculative money from a small percentage of wealthy participants, what happens when that money moves elsewhere? When Bitcoin or stocks or real estate looks more attractive, where does that leave the sports card market?
What Happens When the Money Leaves
The post raises a critical question: if the wealthy 10% suddenly decide to bet on something else, what happens to sports cards?
We've seen this movie before. In the early 1990s, the sports card market crashed hard after a speculative bubble. Prices that seemed unstoppable came crashing down when the money moved on. Warehouses full of "valuable" cards became worthless overnight.
Could it happen again? The Upper Deck president seems to think it's a real risk. And when someone running a major trading card company is publicly expressing concern about market fragility, collectors should pay attention.
What Collectors Should Consider
If you're in the hobby right now, here are some things worth thinking about:
Are You Collecting or Speculating? Be honest with yourself. If you're buying cards solely as investments, understand that you're participating in a speculative market with real downside risk.
Can You Afford What You're Buying? Don't stretch your budget betting on future price appreciation. Buy what you can afford to lose, because speculative assets can lose value quickly.
Focus on What You Love: If prices drop, the collectors who bought cards they genuinely love will still have their collections. The speculators who bought solely for profit will be holding losses.
Understand the Bigger Picture: Your collection's value is tied to broader economic forces—wealthy spending patterns, alternative investment options, and market sentiment. Those forces can shift.
Be Prepared for Volatility: Markets driven by speculation are volatile by nature. Prices can go up fast, but they can also come down fast.
What do you think about the current state of the market? Are you collecting for love of the hobby or for investment returns? Share your thoughts below.
