The $4 Million Babe Ruth card (image courtesy Heritage Auctions).
A 1914 Babe Ruth rookie baseball card sold a few weeks ago for an astronomical price of $4,026,000. You might think the seller was very happy with that, but probably not. That price represented a $3 million loss from what it was purchased for just two years ago. The price from December 2023 was $7.2 million. It was the third highest price ever paid for a baseball card, trailing only a Mickey Mantle rookie card that sold for an even more astonishing price of $12.6 million in 2022 and $7.25 million paid for a Honus Wagner card. The Mantle card makes the $7.2 million spent for the Ruth card almost seem like a bargain. If I owned the Mantle card I would not try to sell it now.
This is almost certainly the largest ever loss on a baseball card, probably any trading card, ever. The natural question is, “what happened?” This one isn't so easy to answer.
The problem isn't the card itself. It is of major importance, at least in terms of baseball card collecting. There is no more iconic figure in the history of baseball than the “Sultan of Swat,” Babe Ruth. He was not only arguably the greatest player but also likely its greatest personality. He was no teetotaling, clean-cut, milquetoast personalty and the fans (at least most of them) loved him for it. However, when this card was printed in 1914, Ruth was but an unknown minor league pitcher, pitching for the Baltimore Orioles, not the current major league team but the International League Baltimore Orioles of long ago. This Baltimore News card is the first Babe Ruth baseball card ever published.
Why then did it lose $3 million in value in the last two years? Discussions on sports card collector sites have speculated about various possibilities, such as card condition, but the most cogent explanation is that it was never worth $7.25 million in the first place. Collectibles of all sorts have experienced great price inflation in recent years. In 2023, after emerging from the period of Covid isolation, money often flowed too freely. Even the stock market has seen prices inflate to extreme levels, with its sustainability in question. The issue may be that it was swept up on a tide of optimism and giddiness that couldn't last. It reminds us of the Jerome Kern rare book sale in 1929, just before the stock market crash. Kern sold his books for the peak “Roaring Twenties” prices, with the buyers left with books that took 20 years to recover their 1929 prices.
Is there a lesson in this? Of course there is. Will we learn it? No. We never do. Maybe for a little while we do, but when the next “bubble” comes along, we will jump in. It's human nature. It's why the government can sell billion dollar lottery tickets that everyone buys and no one wins. We dream big. Paying $7 million, or even $4 million for a 2 5/8” x 3 5/8” piece of cardboard with a picture on it is ridiculous. This operates much like a Ponzi scheme. It works so long as someone else will pay even more for what you purchased. When you're the one who holds the merchandise when no one is willing to pay more, you are the inevitable loser. Many people made some serious money on the way up, while one person took a beating in the end. Tread carefully. Never, never, never pay more for a baseball card, a book, or anything else than you can afford to lose. S*** happens. Be prepared.
Aste Bolaffi, June 17-18: Galileo Galilei. Dialogo sopra i due massimi sistemi del mondo tolemaico, e copernicano. Firenze, 1632
Aste Bolaffi, June 17-18: Saverio Manetti. Storia naturale degli uccelli. Firenze, 1771-76
Aste Bolaffi, June 17-18: Fortunato Depero. Depero futurista. Rovereto, 1927
Aste Bolaffi, June 17-18: Nicolas Visscher. Atlas minor sive totius orbis terrarum contracta delineat ex conatibus. Amsterdam, circa 1649-95
Aste Bolaffi, June 17-18: Andreas Vesalius. Anatomia. Addita nunc. Antiquorum Anatome. Venezia, 1604
Aste Bolaffi, June 17-18: Tristan Tzara and Salvador Dalì. Grains et Issues. Parigi, 1935
Bonhams, June 14-23: Franklin D. Roosevelt Presentation Gold Pocket Watch. Estimate: $20,000 - 30,000
Bonhams, June 14-23: Presentation Copy of the First Issue of the Lincoln Douglas Debates Signed by Abraham Lincoln in Pencil to a Sangamon County Illinois Republican. Estimate: $150,000 - 250,000
Bonhams, June 14-23: A Senate Resolution Signed in the Tense Days After the Union's Humiliating Defeat at the First Battle of Bull Run. Estimate: $80,000 - $120,000
Bonhams, June 14-23: Seven Passages to a Flight, an Artists Book with a Story Quilt by Faith Ringgold, the Publisher's Own Copy. Estimate: $80,000 - 120,000
Bonhams, June 14-23: A New Charter for Virginia, A Response to the First Armed Rebellion in the American Colonies. Estimate: $15,000 - 25,000
Bonhams, June 14-23: Earliest obtainable printing of the Bill of Rights. Estimate: $8,000 - 12,000
Bonhams, June 14-23: Edward Curtis Orotone. Estimate: $7,000 - 9,000
Bonhams, June 14-23: Owned by Jacqueline Kennedy Onassis: A Butter or Dessert Plate from FDR's State Dinner Service. Estimate: $3,000 - 5,000
Bonhams, June 14-23: An Early Large-Format Plan of the City of Washington. Estimate: $1,500 - 2,500
Bonhams, June 14-23: Containing the First Map to Name the Hudson River. Estimate: $20,000 - 30,000
Bonhams, June 14-23: America's First Major Novelist, a Complete Chapter in Autograph Manuscript by James Fenimore Cooper. Estimate: $15,000 - 20,000
Bonhams, June 14-23: The Only Full-Length Book by Jefferson, with the Justly Famous Map. Estimate: $12,000 - 18,000
June 25, 2026
Doyle, June 25: Houdini's biography, boldly signed. $3,000 to $5,000.
Doyle, June 25: A volume from Abraham Lincoln's library, signed just before heading to Washington for his inauguration. $20,000 to $30,000.
Doyle, June 25: A very early Confederate recruiting manual belonging to the chief commissary in Lee's Army. $600 to $800.
Doyle, June 25: Rare hand-colored lithographs of the life of Napoleon. $20,000 to $30,000.
Doyle, June 25: The "Holster Atlas" of the American Revolution. $5,000 to $8,000.
Doyle, June 25: Jewish ceremonies in fine hand-colored engravings. $7,000 to $10,000.
Doyle, June 25: A very rare work on Turkish military costume. $1,000 to $1,500.
June 25, 2026
Doyle, June 25: The most important illustrated work on the Mexican-American War. $10,000 to $15,000.
Doyle, June 25: The finest illustrated book on Afghanistan. $10,000 to $15,000.
Doyle, June 25: Henry Justice Ford St. George rescues the Princess from the horrible Dragon. $2,000 to $3,000.
Doyle, June 25: A rare work of Prussian Army uniforms under Frederick William II, with exquisite hand-colored engravings. $800 to $1,200.
Doyle, June 25: Lenny Bruce typed letter signed to a Village bohemian during his obscenity trials, with a manuscript note and drawing. $300 to $500.
Doyle, June 25: Schiff's scarce Shanghai Sketchbook. $300 to $500.
Doyle, June 25: The first accurate published representation of the American flag. $2,000 to $4,000.
Old World Auctions (June 17): Lot 123. Celebrate 250 Years of Independence with Original Stars and Stripes (1790) Est. $1,400 - $1,700
Old World Auctions (June 17): Lot 20. Keulen's Spectacular Chart of the World Featuring California as an Island (1728) Est. $12,000 - $15,000
Old World Auctions (June 17): Lot 42. Schedel's Ancient World Map with Fantastic Humanoid Creatures (1493) Est. $14,000 - $17,000
Old World Auctions (June 17): Lot 591. Matching Set of 3 Stunning Globe Gores of Eastern Asia from Coronelli's 3.5 Foot Globe (1688) Est. $5,500 - $7,000
Old World Auctions (June 17): Lot 9. Speed's Popular World Map with Allegorical Representations of the Elements (1651) Est. $14,000 - $17,000
Old World Auctions (June 17): Lot 168. First Separate Map of Kansas & Nebraska Territories (1854) Est. $5,500 - $7,000
Old World Auctions (June 17): Lot 43. Only Macrobius Map with Britain Attached to Europe (1515) Est. $800 - $950
Old World Auctions (June 17): Lot 250. Rare Map of Boston and One of the Earliest Maps of the Revolutionary War (1775) Est. $2,000 - $2,300
Old World Auctions (June 17): Lot 79. Schenk's Uncommon Map Featuring Two Figurative Title Cartouches (1696) Est. $1,200 - $1,500
Old World Auctions (June 17): Lot 681. Hand-Colored Image of the Annunciation to the Shepherds (1502) Est. $800 - $950
Sotheby's Book Week 2 June - 9 July
Sotheby’s, June 25: Smith, Adam. The Wealth of Nations, on its 250th anniversary. $180,000 to $250,000.
Sotheby’s, June 17: Fontana, Lucio. Concetto Spaziale. 1967. Leporello en papier doré. Bel exemplaire signé. €4,000 to $€,000.
Sotheby’s, June 25: Fitzgerald, F. Scott. "So we beat on, boats against the current, borne back ceaselessly into the past”. $150,000 to $200,000.
Sotheby’s, June 25: Washington, George (as First President). Washington decries “an ostentatious imitation, or mimickry of Royalty” in his Presidency. $250,000 to $500,000.
Sotheby’s, June 17: Lope de Vega. Rare manuscrit autographe signé de la préface dédicatoire de "El Cardenal de Belen" (le cardinal de Bethléem), pièce composée en 1610. €40,000 to €60,000.
