The Curious Case of Kawhi Leonard and His Card Market
This afternoon, Kawhi Leonard and the Los Angeles Clippers open their postseason in Denver against Nikola Jokic and the Denver Nuggets. The Clippers have been one of the hottest teams in the NBA to close the year. Since the All-Star break, the team ranks 4th with a net rating of +8.3 and are 19-9 in that span. Los Angeles won seven of their last eight, spearheaded by a resurgent Kawhi Leonard, who scored 25 or more in five of those games. Are collectors starting to react to Leonard's consistent excellence over the second half of the year?
Clippers closed the season with 8 straight wins.
— NBA (@NBA) April 19, 2025
Nuggets won 50+ games for the 3rd straight season.
Kawhi Leonard, James Harden and the No. 5 Clippers visit Nikola Jokić, Jamal Murray and the No. 4 Nuggets for Game 1 today at 3:30pm/et on ESPN! pic.twitter.com/27mricZgWL
A player who has been very difficult for collectors to bank on, Leonard has dealt with injury and load management in his five seasons with the Clippers. Prior to signing with the Clippers, Leonard was a top name in the basketball hobby. Today his Card Ladder market cap is comparable to the likes of De'Aaron Fox and Penny Hardaway.
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Leonard's is an interesting case, because while much of the modern hobby is built on prospecting and speculating, there's also the issue of accompishment and legacy. Leonard is a two-time NBA Finals MVP, one of only 12 players to do so. He's a two-time champion, six-time All-Star, six-time All-NBA, two-time Defensive Player of the Year. He led his teams to title victories over LeBron's Heat and Curry's Warriors. Yet, it has been difficult over the last half-decade to know what Leonard is going to be able to give on the floor and in the postseason.
As Leonard finished the season looking once again like one of the best players in the world, his Card Ladder Rate of Growth was +2.7%, hardly the sign of a bandwagon building. Caution surrounding Leonard feels understandable, but it will be interesting to see what happens if Leonard can guide the Clippers deep through a loaded Western Conference.
While there hasn't been a substantial run on Leonard cards to end the year, since March 1 there have been 18 four-figure Kawhi Leonard sales. This included a top sale of $3,309.70 for a 2018 Panini Flawless Signature Prime Materials /15.
This PSA 9 2016 Panini excalibur Kaboom! Kawhi Leonard sold for $1,550 on April 15. The only previous sale on Card Ladder of this card at this grade was for $490 in May 2024.
A PSA 10 Kawhi Leonard 2012/13 Panini Prizm Green Prizm sold for $2,640 on March 27. The two most recent previous sales of the card came in September of 2024 for $1,800 and $1,200.
If he can stay healthy, there's a chance that Leonard and the Clippers can become one of the stories of this year's postseason. There is certainly a lot of interest in whether this team can continue its excellent late-season form. Will it translate to the card market?
Michael Terry is a writer based in Brooklyn. He specializes in sports, culture, and collecting. His work has appeared at Topps RIPPED, ESPN, Grantland, Vice Sports, and more.