Rare Video Games Are Attracting Top Dollar
Last month we wrote about the strength in the sports card market and how blue chip sports cards may actually be a better investment than blue chip stocks, at least over the last decade.
The Daily Mail says data from PWCC—which manages the largest trading card auction venue in the world, shows the index of the top-performing 500 cards had a return on investment of 216% since 2008 compared to 135% for the S&P 500.
"The market's just on fire," PWCC director of business development Jesse Craig told the DailyMail.com.
Another corner of the collectors world that is on fire is the market for rare video games. Driven by nostalgia and a flood of money, the last few months has seen record prices paid for video games.
In July, a copy of Super Mario Bros. brought a winning bid of $114,000 and set a new record for the most ever paid for a video game. The video game, which is the first in the popular Super Mario Bros. series, was one of the first variants produced after Nintendo began sealing the games in shrink-wrap in 1985.
"The demand for this game was extremely high, and if any lot in the sale could hit a number like that, it was going to be this one," Heritage Auctions' Director of Video Games Valarie McLeckie said.
With just over four months having passed since the copy of Super Mario Bros. set a new record, it was easily topped by a $156,000 winning bid last Friday for a sealed copy of 1990's Super Mario Bros. 3. Heritage Auctions said 20 bidders were trying to acquire the video game following an opening bid of $62,500.
This particular game is a rarity for the way the word "Bros." is printed on the front cover, slightly covering Mario's famous white glove. This particular cover indicates it's the earliest version of Super Mario Bros. 3 that was produced.
"We couldn't be more pleased about breaking the world record for the second time in the same year," McLeckie said. "That said, it's no surprise that another Mario game, which so many of us grew up with, would set the new bar.
It's not just Super Mario Bros. games attracting top dollar. A Pokémon "Red Version" for Nintendo's GameBoy auctioned for $84,000 last week, marking a record price for a Pokémon title and more than four times the pre-sale estimate. At July's auction, 27 bidders attempted to acquire a copy of Mike Tyson's Punch-Out!! before it ended up selling for $50,400.
With virtually every asset soaring in price, who knows which nostalgic item from your childhood will be the next hot collectors item.
Are you unhappy with your current trading software? TrendSpider is offering 50% off on ANY plan for the rest of the month!
Plus, TrendSpider will give you an additional 10% off if you provide your cancellation receipt from another charting service.
Home prices continue to surge. Following a 5.8% annual jump in August, home prices jumped another 7% annually in September, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. September's jump marks the largest annual gain since September 2014 as home prices are now nearly 25% higher than their 2006 peak. Phoenix, Seattle and San Diego saw the largest home price appreciation as Phoenix and Seattle saw an 11.4% and 10.1% increase, respectively, year-over-year.
McCormick acquires Cholula Hot Sauce. McCormick & Company announced it has agreed to acquire the parent company of Cholula Hot Sauce from L Catterton in an $800 million cash deal. "The acquisition of Cholula accelerates McCormick's growth opportunities within our condiment platform and broadens our portfolio in the hot sauce category with the addition of the Cholula brand," McCormick CEO Lawrence E. Kurzius said. "Hot sauce is an attractive, high-growth category and, as an iconic premium brand, Cholula is outpacing category growth."
Home Depot settles data breach. Home Depot agreed to pay $17.5 million to settle a probe into a 2014 data breach that caused 40 million customers to have their payment card data compromised. As part of the settlement, Home Depot is required to hire a chief information security officer as well as improve its security procedures and training. Home Depot said it has taken steps to improve its security since the incident and is "glad to put this matter behind us."
Big date looms for Nikola. Nikola founder and former chairman Trevor Milton will soon be able to sell his shares as the lock-up period ends on December 1. Milton is Nikola's largest single shareholder and owns about 85 million of the company's 360 million shares outstanding. Speaking with CNBC's Jim Cramer yesterday, Nikola CEO Mark Russell said "Can't comment for Trevor, of course. But we believe that as we execute on our milestones and on our business plan, we're going to reward our long-term focus shareholders. That's our focus, is on the long-term."
JPMorgan Chase hit with fine. JPMorgan Chase has agreed to pay $250 million following a "pattern of misconduct" in its asset and wealth management division. The Office of the Comptroller of the Currency didn't provide many details but said JPMorgan's internal controls were "deficient" and have since been corrected. "For several years, the Bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities," the OCC said.