A multimillion-dollar box of hockey cards is going back up for auction after a failed transaction.
Back in April, CBC confirmed that Ontario-based real estate agent Jack Arshawsky won the auction for a case containing thousands of unopened 1979-1980 O-Pee-Chee brand hockey cards — the set that contains Wayne Gretzky’s rookie card — for $3.72 million US.
But Heritage Auctions, the Texas-based company that put the cards up for sale, said that money never came through and it is moving on after the botched deal.
In April, Arshawsky said he had not paid the full amount for the cards and wanted them to be safe at Heritage Auctions until he could find a good location for them.
In a phone call with CBC this week, Arshawsky said that he’s not sure what happened, but mentioned that when wiring large amounts of money, it can “disappear in cyberspace” and take a long time to track down.
“I’m not sure what happened with it. Did it go to the right account [or] account number?” Arshawsky said. “The thing [about] an amount like that, [it’s] pretty significant when it’s being wired.”
Chris Ivy, the director of sports category for Heritage Auctions, disputed Arshawsky’s answer.
“As far as I’m aware, that doesn’t sound like very much of that is accurate,” Ivy said.
“All I could say is that he did not, he never sent any form of payment for the lot.”
WATCH | In April, Arshawsky said he wanted to sell the case to a celebrity, or maybe gift it to a childhood crush:
Man who won rare Gretzky card auction wants to sell to Gretzky, Drake, or gift to childhood crush
The winner of the multi-million dollar 1979-1980 O-Pee-Chee hockey card case containing thousands of cards, no longer wants the auction item and is trying to find them a “better home.” Jack Arshawsky floated Wayne Gretzky, NHL team owners, Drake and a “true soulmate” as possible recipients.
Going up for auction again
The box of unopened hockey cards was found in a Saskatchewan family’s attic. Heritage Auctions estimated there could be as many as 25 to 27 Gretzky rookie cards in the case.
Ivy said the auction house estimated the value of the case at about $3 million US. When it goes up for auction again on Saturday, the required starting bid will be $750,000 US.
Arshawsky said that he might end up bidding for the same case again.
Ivy shot that idea down.
“No,” he said. “Any person that participates in an auction and doesn’t pay, their account is permanently suspended.”
Ivy said this is a rare occurrence for the company, which is approaching $2 billion in sales this calendar year. Less than one per cent of lots it sells end up not being paid for, he said.
Clients like Arshawsky have to go through a vetting process to make sure they are “creditworthy” before bidding.
Arshawsky said he was always good for the money, stating he has a fortune of upwards of $200 million.
Possible repercussions
Rich Mueller, the editor of Sports Collectors Daily, said on CBC’s The 306 radio show that he suspects something was off about the whole ordeal.
“Maybe he realized that there was going to be a cost to receive this thing and to have it shipped to him or to store it somewhere here in the States,” Mueller said.
The 3069:28A Gretzky rookie hockey card is going back on the market
If you missed your chance last spring to bid on that rare multi-million dollar case of hockey cards found in Saskatchewan, you’ll get another turn. The man who won the bid had a change of heart and now that unopened case – is going back to auction. We spoke to a sports collector on the hockey card debacle.
Mueller said bidders in high profile auctions like this one typically enter into contracts with the auction company and there were likely multiple options on how to go forward after the deal fell through.
“I’m sure there were dozens of phone calls and legal options and conversations with the consigner about, you know, ‘What do you want to do? You want to put it back up for auction? Do you want to sue this guy?'”
Back in April, CBC confirmed that Ontario-based real estate agent Jack Arshawsky won the first auction for a case containing thousands of unopened 1979-1980 O-Pee-Chee brand hockey cards — the set that contains Wayne Gretzky’s rookie card — for $3.72 million US. (Submitted by Jack Arshawsky)
Ivy from Heritage Auctions said he didn’t want to comment on if legal action was considered, but that he spoke with the consigners and determined re-offering the case was the best next step.
“I haven’t heard anything from my lawyers or anything like that,” Arshawsky said when asked by CBC if there were any legal repercussions.
Arshawsky said he didn’t deal with much of the auction business once he made the final bid, and was instead flying to Hong Kong on a business trip while his lawyers and accountants figured everything out.
“I was traveling internationally because I have some projects that I’m involved in outside of Canada, so I left that all up to the accountants and the lawyers,” he said. “I wasn’t really, like, hands-on.”
Hockey Card Auction Drama: A Million-Dollar Misfire!
Ah, the high-stakes world of auctioning hockey cards, where fortunes are made and lost faster than you can say “Gretzky rookie card.” Let’s dive into a delightful tale of money, mayhem, and a man who might have just set a record for the most awkward post-bid conversations!
How It All Went Down
In April, an Ontario real estate agent named Jack Arshawsky officially won a case of unopened 1979-1980 O-Pee-Chee hockey cards for a whopping $3.72 million US. That’s right, folks, over three million dollars for cardboard – less than a week’s grocery shopping for Elon Musk, but still… That’s serious money!
But here’s the plot twist: turns out Jack “Big Spender” hadn’t actually sent the cash. Heritage Auctions, the Texas-based company running this sporting extravaganza, was left twiddling its thumbs at the bank, waiting for a payment that never came through. One can almost hear the auction house’s collective sigh of “Why did we pick the one client who treats money like Monopoly cash?”
“It Disappeared in Cyberspace!”
Jack was quick to put on the detective cap and insisted that while trying to wire such large sums, the money could just vanish into the digital ether. Of course, every one of us has had that experience where you try to send money, and it just disappears—like your last slice of pizza at a party. But Chris Ivy from Heritage Auctions wasn’t buying it. “Nope, never saw a dime!” he said, probably while rolling his eyes.
Imagine telling a bank teller, “Oh, I tried to transfer hundreds of thousands of dollars, but it just got lost in cyberspace!” They’ll look at you like you just proposed to their cat. If money truly could disappear, I wonder how many professional gamblers would probably be saying, “I swear, my chip stack was here five minutes ago…”
What’s Next for the Box of Cards?
Now, with the case of cards back on the auction block, it’s estimated to go for around $3 million US this time, with a starting bid of only $750,000. That’s just the sort of bidding increment that makes you feel warm and fuzzy inside, like getting a discount on a brand-new yacht.
Still, it seems like Jack is undeterred. He even hinted at jumping right back into the fray and bidding again—despite Ivy’s authoritative reply of “Absolutely not, mate. If you don’t pay up, consider your auction career officially over.” It’s like getting banned from every pizza place after one too many complaints—good luck finding a late-night slice, Jack!
High Stakes and Higher Drama
Rich Mueller, the editor of Sports Collectors Daily, threw in his two cents, suggesting Jack perhaps had second thoughts on maintenance costs that hit harder than slap-shot penalties. This just proves that even in the world of high-stakes card collecting, there might be a bit more adulting involved, like paying for storage or insurance—who knew? Maybe Jack wanted to avoid the inevitable “Where’s my card?” from his wife when they couldn’t fit their kids’ bikes into the garage anymore.
With legal repercussions possibly on the table, it must be said that some hockey card enthusiasts may be sharpening their legal pencils—though Arshawsky himself remains adamant, claiming to be hands-off during the whole transaction as he flew off to Hong Kong. A true picture of multitasking, really! Pay up for the cards? Nah, I’ll just delegate that to my lawyers while I sip fancy cocktails overseas!
Final Thoughts
So, as this box of hockey cards prepares to defy gravity yet again on the auction block, it leaves us all pondering one question: what drives individuals to spend millions on something so, well, flimsy? Is it the thrill of the hunt? The love of the game? Or perhaps just a burning desire to make Johnny from high school truly envious? Whatever the case may be, stay tuned, because the world of high-stakes card collecting has officially stolen the spotlight!
And remember, if you’re going to bid on nearly four million dollars worth of cardboard, make sure the money’s not on a joyride across the internet first!
A multimillion-dollar box of valuable hockey cards is set to get a second chance at auction following a failed transaction that has captured attention in the sports memorabilia world.
In April, CBC verified that Jack Arshawsky, a real estate agent hailing from Ontario, emerged victorious in the auction for an exceptional case filled with thousands of unopened hockey cards from the illustrious 1979-1980 O-Pee-Chee collection, which notably includes the coveted Wayne Gretzky rookie card, at an eye-popping price of $3.72 million US.
However, Heritage Auctions, the Texas-based auction house responsible for selling the cards, disclosed that the anticipated payment never materialized, prompting them to move on after the failed deal.
In his statements back in April, Arshawsky revealed that he had not yet completed the payment for the valuable cards, expressing a desire for them to remain secure at Heritage Auctions while he sought a suitable location for their storage.
During a recent phone conversation with CBC, Arshawsky shared his uncertainty regarding the circumstances of the transaction, noting that when dealing with substantial sums of money, funds can inexplicably “disappear in cyberspace,” making it an arduous task to track them down.
“I’m not sure what happened with it. Did it go to the right account [or] account number?” he questioned. “The thing [about] an amount like that, [it’s] pretty significant when it’s being wired.”
Chris Ivy, the director overseeing the sports category at Heritage Auctions, expressed skepticism about Arshawsky’s account of the situation.
“As far as I’m aware, that doesn’t sound like very much of that is accurate,” Ivy refuted. “All I could say is that he did not, he never sent any form of payment for the lot.”
WATCH | In April, Arshawsky said he wanted to sell the case to a celebrity, or maybe gift it to childhood crush:
Man who won rare Gretzky card auction wants to sell to Gretzky, Drake, or gift to childhood crush
Arshawsky, who envisioned parting with the multi-million dollar hockey card collection to a celebrity or potentially gifting it to a childhood crush, is now searching for a more appreciative home for the box that he no longer wishes to keep.
Going up for auction again
The sought-after box of unopened hockey cards originated from a family’s attic in Saskatchewan, and Heritage Auctions estimated that within the case could lie an astonishing 25 to 27 Gretzky rookie cards.
The auction house appraised the value of the case at approximately $3 million US, with the next auction scheduled for Saturday, featuring a starting bid requirement of $750,000 US.
Arshawsky mentioned that he may consider placing a bid for the same case once again, despite Ivy’s firm response against that possibility.
“No,” Ivy asserted. “Any person that participates in an auction and doesn’t pay, their account is permanently suspended.”
Ivy remarked that such instances are rare for Heritage Auctions, which is poised to achieve nearly $2 billion in sales this year, revealing that less than one percent of their lots go unpaid.
Arshawsky asserted his financial reliability, claiming a fortune exceeding $200 million, firmly stating that he was always capable of funding such a purchase.
Possible repercussions
Rich Mueller, editor of Sports Collectors Daily, shared his suspicions in an interview on CBC’s The 306 radio show, suggesting that something unusual surrounded the entire event.
“Maybe he realized that there was going to be a cost to receive this thing and to have it shipped to him or to store it somewhere here in the States,” Mueller speculated.
Mueller also pointed out that bidders in high-profile auctions such as this typically engage in contracts with the auction house, indicating that there were likely multiple avenues available following the transaction’s collapse.
“I’m sure there were dozens of phone calls and legal options and conversations with the consigner about, you know, ‘What do you want to do? You want to put it back up for auction? Do you want to sue this guy?'” he stated.
Ivy from Heritage Auctions refrained from disclosing whether legal action was a consideration but noted that after discussions with the consigners, they concluded that re-offering the case was the most prudent course of action.
“I haven’t heard anything from my lawyers or anything like that,” Arshawsky responded when asked about potential legal ramifications surrounding the failed transaction.
Arshawsky explained that his focus was elsewhere when the initial bidding concluded, as he was traveling to Hong Kong for business commitments, entrusting his lawyers and accountants to manage the details in his absence.
“I was traveling internationally because I have some projects that I’m involved in outside of Canada, so I left that all up to the accountants and the lawyers,” he elaborated. “I wasn’t really, like, hands-on.”
=”ltr”>for his actions could ensue, with legal ramifications being a distinct possibility. Arshawsky’s claims of misplaced funds could lead to investigations on both sides as he tries to disentangle himself from the messy situation, all while Heritage Auctions focuses on recouping their losses and finding a new owner for the sought-after collection.
Despite the drama, the saga is a fascinating glimpse into the world of high-stakes sports memorabilia. It raises pertinent questions about the nature of wealth and responsibility in the collector’s arena. One can only ponder whether the potential for profit could lead someone to take such risks or if impulsive bidding is a symptom of a larger issue—the classic case of spending beyond one’s means in the pursuit of prestige.
As the new auction draws near, anticipation builds within the collecting community, with fans and investors alike eager to see who will take home the coveted box of cards this time and whether it will finally change hands for a price that reflects its true worth. Will the next bidder come prepared to pay? Quite possibly, because mistakes—especially at this level—can be costly and embarrassing! Let’s keep our eyes peeled, hockey lovers, as this rollercoaster ride is far from over!
the hockey card auction drama serves as a reminder of the importance of due diligence in the high-stakes world of collectibles, where fortunes can vanquish in a flash and the reality of financial transactions can often be stranger than fiction. With a new auction on the horizon, will this box of cards yield a successful sale? The answer remains just a bid away!
