Buyer of Record-Breaking $13 Million Sports Card Revealed: Kevin Olirri on Syndicate Investment

Record-Breaking Sports Card Acquisition

• 💎 A record-breaking sports card, featuring Michael Jordan and Kobe Bryant, sold for $12.9 million, marking the highest price ever paid for a sports card.
• 🤝 The buyer, Kevin Olirri, revealed he is part of a three-person syndicate formed to avoid competing with each other and to collectively own the asset.
• 🔍 Olirri's partners in the syndicate are Matt Allen (nicknamed 'Shine'), who conducted the research, and Paul Warshaw, a legend in the hobby who introduced Olirri to it.

Investment Strategy and Asset Class

• 📈 Olirri has been observing the sports card asset class for three years, drawing parallels to investments in contemporary and modern art, particularly rare pieces by artists like Pollock and Warhol.
• 💡 He views sports cards as an alternative asset class with the potential for extraordinary capital gains, despite it being a thin market.
• 📊 The syndicate's approach is analytical, with Olirri focusing on the numbers while his partners are experienced hobbyists.

The Syndicate's Acquisition Process

• 🌐 The purchase was made collaboratively via Zoom, with one partner in Spain and another in Miami, while Olirri was in Miami.
• 🌙 The group stayed up until 3:00 AM on a Saturday night to secure the card, with Olirri's wife initially considering the purchase 'too crazy'.

Sports Cards as Institutional Investment

• 🏦 Olirri believes the market is becoming institutional in nature, attracting hedge funds and high-net-worth individuals.
• 🔒 These cards are stored in vaults and are digitally shared, with their value appreciated through digital images rather than physical viewing.
• ⌚ He compares the market to that of collectible watches, like F.P. Journe, noting that rarity drives appreciation and resilience against recessions.

Portfolio Allocation and Future Outlook

• 💰 Olirri anticipates the card will not come to market again in his lifetime and plans to include it in an index with his partners.
• 🔗 The card is viewed similarly to Bitcoin, Ethereum, and gold holdings, representing a significant allocation (potentially 5% or more) within his portfolio.
• 😄 Despite the serious investment nature, Olirri finds the hobby and the people he meets within it to be more fun than other asset classes.