At White River Consulting, we spend a lot of time helping families surface the assets that don’t always show up neatly in traditional reporting. So when a rare Michael Jordan–Kobe Bryant sports card sold for $12.9 million, becoming the most expensive trading card ever sold, we weren’t just intrigued by the headline — we saw it as further confirmation of a shift we’re already witnessing inside family offices.

That shift became even clearer during my recent chat with Michelle Castro, Vice President at Heritage Auctions, where we discussed how collectibles — from sports memorabilia to fine art and cultural artifacts — are increasingly being treated not just as passions, but as serious financial assets.

A Milestone Moment for Collectibles

The Jordan–Bryant card sale, acquired by a three-member syndicate that included entrepreneur and investor Kevin O’Leary, marked a turning point for the collectibles market. The card features game-worn jersey patches and autographs from two of the most iconic athletes in sports history and surpassed the values of legendary cards tied to names like Mickey Mantle and Honus Wagner.

Thomas Ruggie, founder of Destiny Family Office and Destiny Wealth Partners, framed the sale not as a novelty, but as evidence of a broader trend. In his recent commentary, he observed that collectibles are increasingly becoming material components of sophisticated balance sheets, not just sentimental keepsakes.

As Ruggie put it:

“Collectibles have long carried cultural and emotional value, but increasingly, they represent meaningful and often overlooked components of investors’ balance sheets.”

Why This Isn’t as ‘Sudden’ as It Seems

To many observers, collectibles appear to have emerged overnight as a legitimate alternative asset class. In reality, the groundwork has been forming for years.

Several forces are converging:

• Growing global wealth and liquidity
• Increased transparency through major auction houses
• Better authentication and provenance tracking
• Institutional and syndicate-style participation
• Cultural assets being recognized for their scarcity and narrative value

Michelle Castro reinforced this during our conversation, noting that elite auction houses are seeing far more investment-level diligence applied to items that were once viewed as purely discretionary purchases.

In other words, collectibles didn’t suddenly become valuable; investors simply began measuring them differently.

The Parallel to Fine Art and Other Alternatives

One of the most compelling aspects of this trend is how closely it mirrors the evolution of the fine art market. Ruggie draws comparisons to items like Babe Ruth’s “Called Shot” jersey, Princess Diana’s Victor Edelstein gown, and Jane Birkin’s original handbag — objects whose worth is driven by rarity, cultural relevance, and story.

These assets share key characteristics:

• Finite supply
• Global demand
• Strong emotional resonance
• Market validation through transparent sales

Kevin O’Leary himself has compared sports collectibles to other established alternatives such as luxury watches, pointing to their durability and long-term appreciation potential. His syndicate has reportedly doubled down, including a $10 million acquisition of a Michael Jordan–LeBron James Logoman card, signaling continued confidence in the space.

What This Means for Existing Collectors

Here’s where the conversation becomes particularly relevant for families.

Many collectors didn’t set out to build eight-figure asset pools. They accumulated pieces over decades — following personal interests, passions, or relationships. But rapid appreciation has changed the stakes.

Ruggie cautions that long-time collectors may now be holding assets with significant financial implications, often without realizing it. As values rise, so does the responsibility to manage these holdings with the same discipline applied to traditional investments.

That includes:

• Accurate and up-to-date valuations
• Proper authentication and documentation
• Adequate insurance coverage
• Thoughtful estate and succession planning
• Awareness of concentration risk

As Ruggie writes:

“With more institutional interest entering the space…collectors can no longer afford to silo their collections from the rest of their financial picture.”

Why Family Offices Need to Pay Attention

From a family office perspective, collectibles introduce both opportunity and complexity. They don’t behave like stocks or real estate. Liquidity is episodic. Valuations can be nuanced. Emotional attachment can complicate decision-making.

Yet ignoring them is no longer an option.

At White River Consulting, we increasingly see collectibles intersecting with:

• Estate planning and equitable distribution
• Insurance and risk management
• Philanthropic strategies
• Lending and liquidity planning
• Intergenerational conversations about value and legacy

These assets often sit at the crossroads of money, memory, and identity, which makes thoughtful integration essential.

A Broader Definition of Wealth

What stood out most in Christi’s conversation with Michelle Castro was not just the prices being achieved, but the intentionality behind today’s buyers. Collectibles are no longer impulse acquisitions at the top end of the market. They are being evaluated, structured, and stewarded as part of a broader wealth strategy.

The $12.9 million Jordan–Bryant card wasn’t just a record. It was a signal.

For families, advisors, and family offices, the message is clear: wealth today is broader, more personal, and more multidimensional than traditional balance sheets suggest. And the systems supporting that wealth need to evolve accordingly.

If your family owns significant collectibles — whether sports memorabilia, art, jewelry, or cultural artifacts — now is the time to bring them into the conversation, not leave them in the shadows.

At White River Consulting, we help families integrate all forms of wealth into a cohesive operating system so nothing of value is overlooked.