It was hardly unpredictable. Still, after the frenzy over the rise of the Michael Jordan 1984 Star rookie card over the past few months — punctuated by record sales in nearly every grade — it was still very noteworthy to see a PSA 7 example sell for just $38,400 at Fanatics on Sunday.
There are 111 examples of the Star Jordan card in a PSA 7. Since the start of the calendar year, CardLadder shows 24 public sales at that grade.
The first three sales in 2024 clocked in at around $20,000 (three sales were recorded Jan. 19).
By late May, a private sale of a PSA 9 for $925,000 began to make waves as the card surpassed the highest price previously paid for the more widely accepted Jordan rookie card from 1986 Fleer.
Following the news of the watershed sale, a PSA 7 notched a new high of $50,400 on June 2.
While the card in a PSA 7 saw its ups and downs — the following month it sold for $30,000 — the climb began in earnest.
Another $50,400 sale for the PSA 7 in August seemed to suggest strong support, especially as it was followed by sales of $54,000 (Aug. 27), $62,000 (Aug. 31), $51,800 (Sept. 24) and, finally, a record of $68,320 (Sept. 28).
As questions surrounding the viability of the trend rose to the forefront — such as whether the card was experiencing a bubble? — that strength started to falter.
Since that record sale in late September, PSA 7 examples have sold six times:
- $51,700 (Oct. 9)
- $40,000 (Nov. 4)
- $55,000 (Nov. 5)
- $48,000 (Nov. 25)
- $43,200 (Dec. 5)
- $38,400 (Dec. 15)
Of course, it's too premature to suggest this trend represents the downfall of the card. After all, Sunday's sale would be a record prior to 2024. But it’s still fascinating to see the card drop nearly $30,000 (44%) in less than three months and after just a handful of sales.
Did Sunday’s buyer catch a falling knife? Or will the new owner prove to be a winner in the long run? The answer will not be apparent for a while, but one thing is clear, what goes up must come down (at least momentarily).
Will Stern is a reporter and editor for cllct.