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.
Sotheby’s Shelf Life: Books, Manuscripts and Works on Paper from the Library of Stanley J. Seeger and Christopher Cone 25 June – July 7
Sotheby’s, July 7: Ludwig van Beethoven. Autograph sketches for the overture "Die Weihe des Hauses", op.124, [1822], UNPUBLISHED. £150,000 to £200,000.
Sotheby’s, July 7: Jane Austen. Pride and Prejudice, 1813, first edition, 3 volumes, contemporary half calf. £50,000 to £70,000.
Sotheby’s, July 7: Walt Whitman. Leaves of Grass, Brooklyn, 1855, first edition, first issue, original green cloth, the Doheny copy. £50,000 to £70,000.
Sotheby’s, July 7: Binding—Sangorski & Sutcliffe—Omar Khayyam. Rubaiyat, London, 1872, third edition, in a magnificent jewelled Peacock binding. £15,000 to £20,000.
Sotheby’s, July 7: George Eliot. Middlemarch, Edinburgh and London, 1871, first edition in the original parts. £20,000 to £30,000.
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Hassall (Joan) A large collection of over 300 original woodblocks of engravings for various books, v.d., with Hassall's engraver's glass water-globe (Qty) - Est. £10,000-15,000
Forum, July 9: Eragny Press.- [Bradley (Katherine Harris) & Edith Emma Cooper], "Michael Field." Whym Chow, Flame of Love, one of only 27 copies, inscribed by Bradley, the rarest book from the press, 1914. - Est. £3,000-4,000
Forum, July 9: [Moore (Thomas Sturge)] [Wood Engravings], 71 wood-engravings printed by David Chambers from the original blocks, the only set on Japanese Hosho paper, from an edition of 5 sets, [1970]. - Est. £3,000-4,000
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: La Fontaine (Jean de) Contes et Nouvelles en vers, 2 vol., engraved plates after Eisen, fine early 19th century blue morocco, gilt, by Bradel l'ainé, Amsterdam [Paris], 1762. - Est. £2,000-3,000
Forum, July 9: Erotica.- Prostitution.- Pretty Women of Paris (The); Their Names and Addresses, Qualities and Faults..., [Paris], privately printed at the Press of the Prefecture de Police, 1883. - Est. £3,000-4,000
Forum, July 9: Vale Press.- Ricketts (Charles) & Lucien Pissarro. De la Typographie et de l'Harmonie de la Page Imprimée…, [one of 216 copies], bound in dark blue morocco tooled in gilt, by Sarah T.Prideaux, 1898. - Est. £1,000-1,500
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Martin (John) Illustrations of the Bible, complete set of 20 mezzotints, good impressions, rarely found in early states, [c.1831-1835]. - Est. £1,000-1,500
Forum, July 9: Golden Cockerel Press.- Four Gospels of the Lord Jesus Christ (The), one of 500 copies, Mary Gill's copy, Waltham St. Lawrence, 1931 with a signed proof of engraving on japon numbered 10/10 (2) - Est. £5,000-7,000
Forum, July 9: Boccaccio (Giovanni) The Decameron, 3 vol., vol.1 extra-illustrated by John Buckland Wright with c.150 erotic original drawings in pen & ink and pencil, 1886 [extra-illustrated c.1940]. - Est. £10,000-15,000
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Cox (Morris) Collection of Gogmagog Press Books, 35 vol., rare complete collection of printed books issued by the press, limited editions, most signed by Cox, 1957-83. - Est. £10,000-15,000
Forum, July 9: Wynkyn de Worde.- [Terentius Afer (Publius)] [Comedie...], [Paris, Josse Badius: sold in London by Wynkyn de Worde, & others], [15 July 1504]. - Est. £4,000-6,000
Forum, July 9: Mosley (James) Ornamented Types. Twenty-Three Alphabets from the Foundry of Louis John Pouchée, 2 vol., one of 10 copies for presentation, from an edition of 210, 1992-93. - Est. £1,000-2,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Inundation papyrus. P.Michael 4, the ‘Inundation papyrus’, a geographical account of the Nile near Canopus, in Greek, remains of two columns from a manuscript scroll on papyrus, Egypt, second century CE. £12,000-18,000
Forum, July 16: Book of Hours, use of Sarum, manuscript on vellum, 6 full-page miniatures, with famous Middle English inscriptions, Southern Netherlands for the English market, [c.1430]. £30,000-50,000
Forum, July 16: Qu'ran, Arabic manuscript on burnished, stencilled, and gold-flecked paper, 447ff., Sultanate Gujarat, Ahmadabad, [after 1411 but no later than 1442]. £15,000-20,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Turner (William). A New boke of the natures and properties of all wines that are commonly vsed here in England, rare first edition of the first English book on wine, By William Seres, 1568. £20,000-£30,000
Forum, July 16: Spenser (Edmund). The Faerie Queene. first edition, Printed [by John Wolfe] for William Ponsonbie, 1590. £30,000-40,000
Forum, July 16: Shakespeare (William). The Comedie of Errors, extracted from the first folio, Isaac Jaggard and Edward Blount, 1623. £15,000-20,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Fleming (Ian). Casino Royale, first edition, signed presentation inscription from the author, 1953. £40,000-60,000
Forum, July 16: d'Agoty (Jacques-Fabien Gautier). Anatomie de la Tête, first edition, Paris, chez le Sieur Gautier, 1748. £10,000-15,000
Forum, July 16: Martial Arts.- Lee (Bruce). 'Praying Mantis style' Kung Fu book, containing numerous annotations, diagrams and graphs in Bruce Lee's hand, c. 1960. £50,000-70,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Warre (Capt. Henry James). Sketches in North America and the Oregon Territory, first edition, rare hand-coloured issue, 1848. £30,000-40,000
Forum, July 16: Norie (John William). The Marine Atlas, or Seaman's Complete Pilot for all the principal places in the known world..., 1826. £30,000-50,000
Forum, July 16: Mao Tse-tung.- Kim Il-sung.-[Note book for visitors from China to Korea], signed by Mao and Kim, [Beijing, 1954]. £10,000-15,000
