Steph Curry: Memorabilia Minter
Watching memorabilia gain value, Sotheby's may be going public
Cultured is a newsletter by Otis that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more.
🗞 STORIES OF THE DAY
The making of Steph Curry memorabilia
Steph Curry broke the record for career three-pointers Tuesday night. Memorabilia collectors are already excited about the potential to buy up items from the game.
Game-worn jerseys are some of the most valuable sports memorabilia. Curry’s jersey from the game could go for upwards of $500,000, according to experts. The game ball? $250,000.
The spectacle of the event adds to the value: it happened at Madison Square Garden, and previous champs Ray Allen and Reggie Miller were both there to witness it.
Our Take: This is a rare opportunity to see the gears of the sports memorabilia machine start to turn.
It’s pretty uncommon to be able to watch items gain value in real time. Curry is already beloved by collectors — a rookie trading card sold for more than $600,000 last year. Add in the cultural weight of breaking the three-pointer record and you have a golden moment for minting valuable sports memorabilia.
Sotheby’s may be going public…again
French billionaire Patrick Drahi is in talks to take Sotheby’s public. He bought the auction house in 2019 for $3.7 billion, ending 3 decades of public trading.
While the auction house is more than 300 years old, it has recently reinvented itself as a tech platform for NFT and streetwear sales.
Combined with a strong market for luxury goods, Sotheby’s has brought in around $6 billion in auction sales, as well as around $1.3 billion in private deals.
Our Take: Hypebeasts have given Sotheby’s a new life as a streetwear/NFT hub, making this a great time for the company to go public.
The auction house’s sales this year total more than $7.3 billion, thanks to an “influx of younger, tech-savvy collectors.” Sotheby’s has seen older painting sales drop, while hip categories like NFTs and streetwear have skyrocketed. Public investors want to see a strong future in their investments, and Sotheby’s is delivering.
✨ AROUND THE INTERNET
An early David Bowie demo for “I Want Your Love” is going up for auction. The 65-year-old record is expected to fetch up to $16,000.
We finally know what Adidas is up to in the metaverse. The brand is effectively creating a fan club where members who buy NFTs get access to special merch drops.
KD 🤝 NFT — Kevin Durant is the new face of Coinbase, the massive crypto exchange platform. He’s going to be working with the brand to raise awareness for its NFT offerings.
A massive collection of nearly 3,000 beer cans is up for auction in Louisiana. Beer cans can be a big business — cans from the Great Depression can go for upwards of $20,000 if they’re in good condition.
Gamers can now buy NFTs that let them become a part of S.T.A.L.K.E.R. 2. Owners of the tokens can create a likeness of themselves, which then becomes an NPC (non player character) in the game.
Weekend listen: Kehinde Wiley chats with The Art Newspaper about his new show at the National Gallery and the influences behind his work.
Kehinde Wiley’s In Search of the Miraculous, 2020
