“The Card” is a deep dive into the history of the world’s most valuable baseball card -- a T206 Honus Wagner produced from 1909 to 1911. New York Daily News staffers Michael O’Keefe and Teri Thompson coauthored “The Card” in 2007, the same year that the finest example of the Wagner card sold for $2.8 million.
The authors do a fine job at producing a very readable book that can appeal to a broad audience. At first blush, people who are interested in reading books about baseball cards may seem like a niche audience. But this particular baseball card has received enormous publicity for decades, making it culturally and historically relevant. A T206 Wagner is not only held at the New York Metropolitan Museum of Art, but also at the New York Public Library. Less surprisingly, another version of the card has been on display at the National Baseball Hall of Fame in Cooperstown, New York.
A bit of background is in order. Honus Wagner -- alongside Babe Ruth and Ty Cobb -- was one of only five former players inducted into baseball’s inaugural Hall of Fame class in 1936. The T206 Honus Wagner has been the most valuable baseball card on the planet since 1933, when it was first listed in price guides at $50.
The high value stems largely from a limited print run. Production estimates range from 60 to 200. The reason for the limited circulation has never been entirely agreed upon. Most likely, Wagner objected to the compensation offered by American Tobacco Company or he objected to his affiliation with the sale of cigarettes.
In the mid-1980s -- 50 years after the initial $50 estimated price guide value -- one specific version of the T206 Wagner emerged mysteriously into the hobby at a Long Island memorabilia shop. This discovery became the finest and most valuable Wagner in existence and would later sell at auction for the aforementioned $2.8 million.
The coming out party for this version -- essentially the Mona Lisa of baseball cards -- was a 1991 auction. At that time, NHL legend Wayne Gretzky and Los Angeles Kings owner Bruce McNall bought the card for $451,000. Because of the jaw-dropping purchase price and the high profile of the buyers, the popular press ran wild with the story. Media coverage amplified the card’s mystique, credibility and value. Ever since, it has commonly been referred to as the Gretzky T206 Wagner.
The two key questions that the book seeks to answer is whether the Gretzky T206 Wagner was altered, and if so, by whom? It’s not a spoiler to mention here that the book’s authors surmise that the Gretzky T206 Wagner was modified into its pristine condition, an act which is strictly forbidden in the hobby. The number one suspect is Bill Mastro, who not surprisingly has had the most financial incentive to do so. Mastro has owned or auctioned the card many times.
Suspicions about the Gretzky T206 Wagner card include:
The authors do a fine job at producing a very readable book that can appeal to a broad audience. At first blush, people who are interested in reading books about baseball cards may seem like a niche audience. But this particular baseball card has received enormous publicity for decades, making it culturally and historically relevant. A T206 Wagner is not only held at the New York Metropolitan Museum of Art, but also at the New York Public Library. Less surprisingly, another version of the card has been on display at the National Baseball Hall of Fame in Cooperstown, New York.
A bit of background is in order. Honus Wagner -- alongside Babe Ruth and Ty Cobb -- was one of only five former players inducted into baseball’s inaugural Hall of Fame class in 1936. The T206 Honus Wagner has been the most valuable baseball card on the planet since 1933, when it was first listed in price guides at $50.
The high value stems largely from a limited print run. Production estimates range from 60 to 200. The reason for the limited circulation has never been entirely agreed upon. Most likely, Wagner objected to the compensation offered by American Tobacco Company or he objected to his affiliation with the sale of cigarettes.
In the mid-1980s -- 50 years after the initial $50 estimated price guide value -- one specific version of the T206 Wagner emerged mysteriously into the hobby at a Long Island memorabilia shop. This discovery became the finest and most valuable Wagner in existence and would later sell at auction for the aforementioned $2.8 million.
The coming out party for this version -- essentially the Mona Lisa of baseball cards -- was a 1991 auction. At that time, NHL legend Wayne Gretzky and Los Angeles Kings owner Bruce McNall bought the card for $451,000. Because of the jaw-dropping purchase price and the high profile of the buyers, the popular press ran wild with the story. Media coverage amplified the card’s mystique, credibility and value. Ever since, it has commonly been referred to as the Gretzky T206 Wagner.
The two key questions that the book seeks to answer is whether the Gretzky T206 Wagner was altered, and if so, by whom? It’s not a spoiler to mention here that the book’s authors surmise that the Gretzky T206 Wagner was modified into its pristine condition, an act which is strictly forbidden in the hobby. The number one suspect is Bill Mastro, who not surprisingly has had the most financial incentive to do so. Mastro has owned or auctioned the card many times.
Suspicions about the Gretzky T206 Wagner card include:
- Its progeny. Why is the lineage of something so valuable so unclear prior to 1985?
- Its condition. How are the edges and corners of a 100-year-old tobacco card so crisp?
- Its rating (8 out of 10) from a widely respected authenticator. Does a conflict of interests exist between professional authenticators and sellers?
With this many red flags, why have people been content to look away?
The book explores this, but here’s my take: A rising tide lifts all boats. When the Gretzky T206 Wagner sets a record at auction, the rest of the hobby goes along for the ride. Everyone’s assets increase in value. There’s a “Party on!” mentality.
Another problem is that markets of all kinds are difficult to regulate. Just as corporate bonds are graded by S&P’s and Moody’s, the condition of baseball cards are graded by PSA and Beckett. In both examples, the seller pays the rating agency. Conflicts of interest abound when the seller pays for a rating.
What I like most about “The Card” is that it forces the reader to think critically while covering a topic I found to be pretty fascinating. Even if you don’t think a book about a baseball card sounds very appealing, you still might like a book about the hobby’s darker underbelly. This is a nice piece of investigative work.
Favorite Line:
Beckett doesn't take any ----. Jim Beckett has been honest his entire life. He could have manipulated the market with his price guides and made a fortune, but he never did. He's one of the few honest guys in this business.
The book explores this, but here’s my take: A rising tide lifts all boats. When the Gretzky T206 Wagner sets a record at auction, the rest of the hobby goes along for the ride. Everyone’s assets increase in value. There’s a “Party on!” mentality.
Another problem is that markets of all kinds are difficult to regulate. Just as corporate bonds are graded by S&P’s and Moody’s, the condition of baseball cards are graded by PSA and Beckett. In both examples, the seller pays the rating agency. Conflicts of interest abound when the seller pays for a rating.
What I like most about “The Card” is that it forces the reader to think critically while covering a topic I found to be pretty fascinating. Even if you don’t think a book about a baseball card sounds very appealing, you still might like a book about the hobby’s darker underbelly. This is a nice piece of investigative work.
Favorite Line:
