The 1979-80 O-Pee-Chee case of hockey cards has once again been crowned the most expensive piece of unopened wax in auction history, thanks to the $2,520,000 paid Thursday night at Heritage.
That price comes less than a year after the case was originally offered in February.
At the time, it appeared to sell for $3.72 million before the winning bidder had a change of heart, failing to pay and placing the lauded find in limbo.
Heritage brought the case back to the auction block, this time hoping for a better outcome — seeking to prevent a repeat scenario thanks to the institution of a notice to prospective bidders requiring approval prior to the auction.
The case ended up selling for exactly $1.2 million less the second time around.
Considering the superlatives applied to the case, it’s only appropriate the collector treasure has a flair for the dramatic.
Its story begins with a good old-fashioned “find,” in a home in Saskatchewan, where the owner had stashed it along with other cards and boxes from the era received directly from a wholesaler.
After going through the stash and uncovering the O-Pee-Chee case, the finder thought little of it at first, considering it was clearly labelled “1980 HOCKEY BUBBLE GUM WITH CARDS,” a designation that appeared to date it to the year after Wayne Gretzky’s rookie card set.
It would prove to be nothing more than a stylistic misunderstanding.
The case was actually full of 1979-80 cards, famously home to Gretzky’s rookie card, the most famous and valuable in all of hockey collecting. Not only was there a chance of finding the coveted Gretzky rookie, but it’s estimated around 27 reside within the confines of the case, which houses a total of 16 boxes, each containing 48 packs.
The near-universal awe inspired by the very existence of the case, which the auction house dubbed “The greatest unopened find of the 21st century!” is a prime example of the allure of sealed or unopened wax boxes.
Particularly when it comes to older cards, the notion of a product remaining tucked away in its factory-made home, just as it would have appeared on store shelves or in the back rooms of retailers the year of its release, offers a unique piece of rare history.
Boxes (and cases) were meant to be opened. And usually they are, leaving sealed examples a rare memento. Not to mention one highly sought-after by collectors willing to pony up the big bucks. For a piece such as this, which is believed to be the only of its kind, that remains even more true.
Now comes the question: Will the new owner keep the contents of the case intact, preserving the historic find? Or strip it for parts, opening the case in the hopes of a major ROI?
That’s a decision only the winner can make, but a look into the possibilities reveal a tempting gamble for an enterprising hobbyist.
In a world where one was audacious enough to remove boxes, packs and cards from the case, a world of unpredictable value awaits. While it’s easy enough to place a value on a specific pack or card, the very nature of their veiled existence prevents any truly reliable measure of value. That’s because there is no way to know whether each card is in perfect condition or mangled beyond belief — two states which make all the difference on the secondary market.
Plus, the introduction of so much product would likely apply downward pressure on the price.
Still, to play out some of the possible scenarios, it’s easy enough to start with the 16 boxes, each certified by BBCE. An unopened example sold for $186,000 in 2023. Multiply that by 16 and you have $2.98 million of product — which would represent a profitable return for Thursday's winning bidder.
Next are the packs. Sealed and graded packs vary drastically depending on condition. PSA 10 examples have not sold publicly in years, and it’s unlikely to find a pack in such pristine condition anyway. Of the 501 graded by PSA, only seven have received the coveted PSA 10 designation.
However, PSA 9 examples are far more plentiful in comparison, with 251 appearing in PSA’s census. The most recent comparable sale was for $3,240 in September. Extrapolating from that price and multiplying by the 768 packs found within, we arrive at $2,488,320.
Less impressive than the unrealized value of the boxes. That doesn’t take into account the variance to be expected for the packs’ condition, as one would expect many to grade lower. In May a PSA 8 sold for $2,820 and a PSA 7 fetched $1,260.
Now for the fun part: The cards.
PSA has graded a total of 13,887 copies of Gretzky's rookie card. Of those, just two have been graded PSA 10. There are 95 PSA 9 examples, 824 PSA 8s, 1,416 PSA 7s and 2,156 PSA 4s (the most common grade).
Solely looking at the tantalizing possibility of the estimated 27 possible Gretzky rookies, this is where the value can become absurd. A PSA 10 sold for $3.75 million in March 2021. Multiplied by 27 that brings you to a ridiculous $101,250,000. But that’s essentially impossible.
Both because the influx of value would surely drag the value down, but also because it’s incredibly unlikely to see PSA 10s surface from this case — even if kept in perfect condition, as the cards are notorious for printing defects.
What if every Gretzky rookie was a PSA 9? The last sale of a PSA 9 came in September for $122,000. If all 27 were to receive that grade, it adds up to #3,294,000.
There are surely to be low grades mixed in, so it helps to review prices for PSA 8s ($15,000 in November 2024), PSA 7s ($5,000 in Nov 2024) and even PSA 1s ($381.20 in October 2021).
Add it all up, and the case represents a fascinating gamble for the new buyer.
Will Stern is a reporter and editor for cllct.