Wilt Chamberlain uniform sale rejected by shareholders – Sportico.com
Wilt Chamberlain’s rookie uniform won’t change hands after all. Shareholders in the artifact on asset investment platform Collectable rejected a $ 2 million offer on Tuesday, with 82% of voters (weighted by the size of their holdings) saying no deal. The price would have been the second highest ever paid for a basketball uniform.
Fractions of shares of the 1959-60 full uniform – tank top and shorts together – have been trading on Collectable since this spring, rising from an initial value of around $ 1.25 million to over $ 1.6 million. dollars this weekend. Collectable works on the idea that sports memorabilia should be an asset class in addition to being a wall decoration. And this year has been favorable for collectors’ investors.
The current record for an NBA kit belongs to a jersey signed Kobe Bryant which sold for $ 3.69 million in May. The previous record was $ 1.38 million, set by a Michael Jordan coin in North Carolina. The Chamberlain uniform sold for $ 700,000 in 2019. Collectable said the uniform was likely worn for every home game during Chamberlain’s rookie year, when he averaged 38 points and 27 rebounds for the Philadelphia Warriors 49-26.
The uniform’s largest shareholder is David Kohler, who retained 25% control when he sold it through Collectable. He was among the non-voters, citing a Jackie Robinson jersey that sold for over $ 4 million earlier this month while explaining his decision in an interview. He added that the ability of people to buy fractions of items now has brought more money into the category and helped increase the value. âPeople appreciate some of these rare artifacts,â he said. âThe masses are paying attention. “
Shareholders were notified of the offer on Sunday and had 48 hours to decide to relinquish control of the uniform. This would have been the second-largest release via Collectable, behind a 1953 Topps Mickey Mantle card of $ 3.1 million.
Collectable CEO Ezra Levine said almost 50% of takeover offers were turned down on the platform, which launched in 2020. âI think $ 2 million, over time, is going to seem like really cheap, âhe said. “These offers are resetting the market.” Levine said the bidder, who has not been publicly named, was not surprised to be turned down.
Collectable itself capitalized on the surge in interest in sports memorabilia, completing a $ 5.5 million Series A fundraising round in May. The company also recently announced its foray into events, with a three-day collectibles convention to be co-hosted with IMG in Las Vegas in January.