Kevin Durant, Logan Paul, Mark Cuban buy stake in Goldin Auctions for $40 million

Goldin Auctions, over the years, have made a whole lot of money auctioning trading cards of Mike Trout, Michael Jordan and Patrick Mahomes. Now the stakes are literally higher, with Keb Goldin offering a majority stake of his company. Chernin Group, a Los Angeles-based investment firm has jumped ahead to invest $40 million in Goldin Auctions to help the company become the dominant player in the booming market for sports-trading cards.

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Goldin Auctions funding: Kevin Durant, Logan Paul, Mark Cuban invest in sports-memorabilia mogul

According to Bloomberg, Ken Goldin sold a majority stake in Goldin Auctions to an investment group for $40 million.  The investment group leads a blockbuster group of investors, including basketball star Kevin Durant, Dallas Mavericks owner Mark Cuban, YouTube co-founder Chad Hurley, YouTube star Logan Paul and podcaster Bill Simmons. Sales of sports memorabilia have soared to new heights in the past couple of years and Goldin’s firm has emerged as the leading auction house for the same. 

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The report states that Goldin Auctions generated more auction sales in January — $36 million — than it did in all of 2019 when it made $27 million. For the full year, the auction house is on pace for more than $200 million in sales, doubling its record take from a year earlier. Earlier this year, the company became the first to sell more than $30 million in merchandise during a single auction when such items as two Michael Jordan rookie cards, a 1952 Topps Mickey Mantle card and a Panini National Treasures Anthony Davis NBA Logoman Rookie Patch Autograph were sold. Goldin set new highs for Kobe Bryant, Luka Doncic, Lou Gehrig, Stephen Curry and Anthony Davis. The firm sold a Jordan rookie card for $738,000 and got $861,000 for a signed Mahomes rookie, the most expensive football card ever sold. 

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The report further states that Goldin and the Chernin Group have plans to make it a one-stop-shop for connoisseurs and hobbyists. The company can compile a database for potential buyers to look up recent purchases, record podcasts to offer insight into the market, and stage the biggest and best auctions around. The Chernin Group has made a killing investing in niche media businesses. The investment group previously bet on Crunchyroll, an anime video service that was sold to AT&T Inc while was also an early investor in Barstool Sports, a podcast network that was sold to Penn National Gaming Inc., a casino company.

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(Image Courtesy: nba.com)