Record-setting case of 1979-80 hockey cards back at auction after failed sale

Originally sold for $3.72 million in February, case of O-Pee-Chee likely features many Wayne Gretzky rookie cards

Cover Image for Record-setting case of 1979-80 hockey cards back at auction after failed sale
The case contains 16 boxes, each of which hold 48 packs of the O-Pee-Chee Hockey cards. (Credit: Heritage)

A sealed case of 1979-80 O-Pee-Chee Hockey wax boxes, purported to sell for a record-shattering $3.72 million in February, is now back on the auction block at Heritage after the buyer failed to pay for the item.

Billed “the greatest unopened find of the 21st century,” the case is the only one of its kind ever found. It contains 16 boxes of 48 packs of cards from the set, which derives its value from the highly coveted Wayne Gretzky rookie card.

One of the two PSA 10 examples (out of more than 13,285 graded by PSA) sold for $3.75 million in a private sale in 2021. This case could hold around 27 possibly pristine Gretzky rookie cards, according to estimates.

The story of the find was tantalizing — a true collector’s fantasy — as the consignor wasn’t even aware he owned the case until quite recently, only discovering the case after a “recent accounting” of a trove of boxes at his home in Saskatchewan, where he had stored cards from the era for decades after buying them directly from the wholesaler, according to the original lot description.

But things got complicated after CBC reported the high bidder, an Ontario real-estate agent named Jack Arshawsky, was having second thoughts.

"I'm not so passionate about it as I've seen, like, other people in the sports collecting world, like how they're so into it, and it's like their lives kind of revolve around it," Arshawsky told CBC.

He also claimed he had attempted to make contact with the rapper Drake, NHL team owners and the family of the “The Great One” to inquire as to their interest in the case.

CBC reported the change of heart first came after Arshawsky listened to an interview with an auction house representative in which the underbidder was described as extremely upset over failing to win the auction.

Arshawsky told CBC he paid $3 million of the bill, leaving $720,000 unpaid as he claimed Heritage’s “vault” was the safest place to store the case until he could “finalize what the final destination for these cards will be.”

Heritage said in a statement at the time that circumstances regarding the timeline required for buyers to complete payment varies, however, "there are no limitations" to how quickly it could be auctioned again.

In the meantime, the auction house was shopping the case around to wealthy clientele, according to sources who wish to remain anonymous. During much of this time, Heritage kept the auction listing up on its site marked as sold.

The listing has since been changed to “unsold,” and the case popped up again briefly in the past week in previews for the upcoming winter auction, including the following addendum: This item is being relisted due to non-payment by the winning bidder in our February 2024 Platinum Night Auction. It was swiftly taken down and still is not present on the site.

Heritage Auctions declined to comment in response to a list of questions for this story.

Will Stern is a reporter and editor for cllct.