President of Upper Deck shares his thoughts on the future of sports cards

The sports card market isn’t facing imminent doom. Still, it might be best for everyone with a stake in the hobby to assess where things are headed.

That’s the gist of a LinkedIn post Jason Masherah, the president of Upper Deck, made public on Tuesday, one in which he shared his thoughts on the state of the hobby.

Like the stock market and Bitcoin, Masherah wrote, the speculative nature of sports cards continues to drive up prices. Where he senses things are out of balance, however, is that sports card enthusiasts aren't "buying for fun anymore,” given the high cost of sealed wax.

Chantilly Card Show — A recent surge of record-breaking high-end sports card sales has further clouded where traditional collectors stand in the hobby. | Dylan Brown

“You're speculating. You're betting that what you buy today will be worth significantly more tomorrow,” Masherah wrote. “And that works. Until it doesn't.”

Adding to Masherah’s concern regarding the direction of the hobby is that a small percentage of the population accounts for a large percentage of the money spent on sports cards and collectibles. While Masherah’s thoughts on where the hobby is headed are subjective, what can’t be debated is that a lot of money has been spent on sports cards in 2025.

Two recent eight-figure sales grabbed headlines. A 2006-07 Upper Deck Exquisite Collection 1/1 Dual Logoman Autograph of Michael Jordan and LeBron James sold for $10 million on Sept. 26, just over a month after the record-breaking sale of a Jordan/Kobe Bryant 1/1 Dual Logoman Autograph from the 2007-08 Upper Deck Exquisite Collection on Aug. 23.

According to Card Ladder, August 2025 became the best month for monthly sports card sales volume since the company began tracking hobby sales activity in January 2010. Online shoppers spent more than $421 million in August, which crushed Card Ladder’s previous high monthly sales volume on record, which was $303 million in March 2025.

Cooper Flagg was selected as the cover athlete for the launch of 2025-26 Topps Basketball cards. — Dallas Mavericks forward Cooper Flagg (32) moves the ball to the basket against the Toronto Raptors | Jerome Miron-Imagn Images

Additionally, the sports card market has no shortage of graded cards, with PSA on pace to grade 23 million cards in 2025, according to GemRate.com. The ability for collectors to find graded cards in circulation should continue to grow as grading volume keeps trending upward.

Masherah ended his post with an assertion that while he’s “not saying the sky is falling,” those in positions of influence and power within the hobby must “be honest about what's happening.”

2007-08 Upper Deck Exquisite Collection Dual Logoman Autographs Michael Jordan & Kobe Bryant Sold for $12.932 Million — The 2007-08 Upper Deck Exquisite Collection 1/1 Dual Logoman Autograph of Michael Jordan and Kobe Bryant sold for more than $12 million in August 2025. | https://sports.yahoo.com/article/rare-autographed-michael-jordan-kobe-041947046.html

“This isn't sustainable growth driven by collectors who love the hobby,” he wrote. “This is wealth concentration driving prices that most people can't participate in.

“And if that money suddenly moves elsewhere to bet on something else? We all will feel it.”

At their core, Masherah’s words are a sign that the card manufacturers don’t want to leave collectors behind as the hobby grows. The hobby of card collecting has changed in recent years, but existing indicators should give collectors hope that they'll always have a place within the burgeoning industry.