Hopping into my flashy new time machine and going back to the year 1995, there are certain truths I have to contend with knowing what I know now. The first is that my hairstyle in 1995 really needs some work. The second is that my high school crush isnt going to age all that well. And lastly, the massive speculative bubble that appeared in a lot of pop culture based collecting categories at the time was finally starting to dissipate, but, no worries, as word on the collectibles beat is that stuffed miniature toys with cute little names are going to become the next big thing (Beanie Babies, anyone?). It was at this time that baseball card collecting was finally starting to die out as collectors and speculators were tiring of all the tricks that manufacturers and dealers were using at the time to keep the money flowing. Multiple companies at this time were making sports cards, from the mainstays of the industry like Topps, to several second tier companies like Donruss and Fleer, to newer manufacturers like Score and Upper Deck. On top of the standard cards these companies were producing, many of these manufacturers started to rely on limited-edition items and gimmicks to ensure hefty profits year after year. When collectors finally realized what was happening and that none of these new products were increasing in price year after year, the bottom dropped out, and a lot of these companies went bankrupt or exited the trade altogether. This had a lasting effect on the sports card market that would linger for decades. Flash forward to present day (side note, for anyone still stuck in 1995, please research the word pandemic before coming to the year 2020. It may just come in handy), and it is almost like the lessons learned back during the speculative boom of the late 1980s and early 1990s never even happened. In fact, on the surface it would appear that any sports card manufacturer in the market today has doubled down on what was happening in the market back then. We have limited-edition cards, autographed cards that are one of kind, cards and collectibles made from game-worn jerseys or even game-used equipment. And, best of all, we have a plethora of third-party grading companies willing to take a high powered magnifying lens to your treasures to see if they are truly gem mint, for a price, of course. At first glance you would be forgiven for thinking that todays modern era sports card marketplace is similar to what was happening back during the boom period. You would, however, be correct if your analysis of todays marketplace features the return of the same speculators who made the previous speculative bubble so dangerous. People are drawn to financial speculation in the collectibles trade. This is not a new phenomenon, and it will never change, so lets just accept it. So whats changed, you may be asking? The first change that makes this market different from what transpired before is the fact that the manufacturers seem to have learned from some of their mistakes from the past. And luckily, there are fewer manufacturers as well. Companies are no longer believed to be lying about print runs, production numbers and the like. And while there are some instances of manufacturers and distributors holding back supply to local shops and collectors, this occurs in every industry in the modern mass-produced collectibles trade. These manufacturers are also not lying about the number of limited edition items they are making. Instead, they are literally releasing one-of-a-kind autographed cards in blind packs that can be seen selling by some lucky collectors for tens of thousands of dollars each on the secondary market. Never before has this been tried before, but it appears to be working at present time. Simply google sports card investing, and you will be greeted with a plethora of articles and the like all telling you how great the hobby is. And to be fair, it is. However, most of these articles gloss over the glaring truth that knowledge and being able to buy low and sell high is what success in most markets comes down to, and the antiques and collectibles trade is no different. Most of these articles are very well written and somewhat factual, but they are written in some cases by market manipulators and market makers. These sophisticated investors have a bias and financial incentive to promote the items they are actively investing in. Another problem with the modern era sports card market is that currently, modern era sports cards are fetching higher returns for collectors than the coveted vintage market. We have all heard about a Honus Wagner card selling for over a million dollars at auction, but it is important to note that six or seven figure vintage cards make up only a small fraction of the vintage sports card collecting marketplace as a whole. Most of the vintage market consists of a lot of four to five figure cards. In theory, these coveted vintage cards should be better financial investments overall than most modern era products, but thanks to manufacturers creating one-of-a-kind autographed cards and burying them in packs, the market is completely backwards, more than most other collecting categories. Collectors and speculators may be better off buying vintage key cards and taking a wait-and-see attitude on the new stuff. That, however, is harder than it seems today because, as one collector put it, The possibility of pulling a $10,000-plus card by buying an overpriced pack of modern cards is just too much to ignore. It is this type of mindset that new collectors and would-be speculators should avoid. In conclusion, I dont doubt the reemergence of the sports card collecting market. I do, however, caution speculators and collectors from once again focusing on modern era cards while some pockets of key vintage cards are almost experiencing a small buyers market at present time. Still, it is nice to see sports card collectors batting a thousand at present time, especially given the fact that most current professional sporting events have no shortage of challenges. Shawn Surmick has been an avid collector since the age of 12. He currently resides in his hometown of Boyertown, Pa., and is a passionate collector of antiques and collectibles. His articles focus on various topics affecting the marketplace.