Matt Pittenger grew up in Denver playing baseball and collecting cards of his favorite players.
When he got older, he became a full-time card collector, dealer and distributor.
But Pittenger, 34, and other card dealers say the business is under duress. Some card shops have shuttered, and some private collectors have seen their investments falter.
“We are in a state of survival,” Pittenger said. “It’s shocking and it’s scary because I’ve got a lot invested in this industry.”
Card prices for many players reached impressive heights during a run-up in the late 1990s as speculators bet some of the more modern cards would one day match the value of older cards like Babe Ruth.
Collectors eventually realized it was unlikely modern cards would be as scarce as vintage ones. One reason was that card companies overproduced cards, printing multiple rookie cards for each player.
The emergence of eBay and other Internet card sites also expanded the marketplace for cards, turning many collectors who were hoarding their cards into sellers, rapidly over-saturating the market.
The sport’s steroids scandal contributed, too.
“The steroids scandal has definitely had an impact,” said Andy Madec, owner of Camarillo, Calif.-based Sportscards Inc. “Some of the cards have pretty much hit a low point.”
A mint-condition Barry Bonds rookie card has plummeted from a 2000 peak of $2,500 to less than $800 today. A mint McGwire rookie card that sold for $8,000 in 1998 now draws about $600. A mint Sammy Sosa rookie card went from $1,200 to $200.
All three players have been mentioned in connection with steroids, with McGwire and Sosa both testifying before Congress on the subject earlier this year. All three players have denied steroid use.
Pittenger, who organizes more than 20 card shows per year in Colorado and Wyoming, said a number of metro-area card stores have closed in the past five years. He’s also seen a steep decline in the number of card collectors in the metro area.
He said card collecting is now like “gambling,” where collectors pay big bucks to peel open a pack in hopes of finding a rare or valuable card. Fewer kids are picking up the hobby than in the past, because the cost has priced them out, he said.
“People now open packs looking for a big hit,” Pittenger said. “It’s hard for kids to ask parents for $160 to open a box of cards.”
Collectors typically look for two types of cards when opening packs, Pittenger said. Rookie cards of players who could one day be legends and rare specialty cards.
Pittenger, who played first base at Regis High School and later at the University of Northern Colorado, said the card is cyclical.
He is optimistic that baseball cards eventually will prove to be a lucrative investment.
“I sold a lot of cards when things were still hot,” Pittenger said. “At the time, people were buying that normally wouldn’t be buying. Now, it’s back to reality.”
Bruce Wray, owner of Arvada’s Colorado Coins, Cards and Comics, said card makers “really hurt the industry” by printing too many cards, in turn diluting their value. Major League Baseball and other sports leagues are working with card makers to devise ways to attract more collectors and increase card values by limiting the number produced each year.
The Colorado Rockies’ last-place record also has caused a lot of Denver residents to lose interest in baseball cards, Wray said.
Bill Vizas, owner of Bill’s Sports Collectibles on South Broadway, said he expected Bonds’ pursuit of the all-time career home-run mark this summer to drive people to his store.
But with Bonds nursing a knee injury and deflecting allegations of steroid use, interest in Bonds-related cards and merchandise has been down.
“We were expecting (Bonds) to be a big boost,” Vizas said. “This year, it’s pretty much dead.”
Jerry Wiselka, owner of Jerry’s Sportscards, said he expects the value of McGwire cards to shoot back up if he is elected into the Baseball Hall of Fame.
“He’s no longer playing, so he’s out of sight and out of mind,” Wiselka said. “Once he gets into the Hall, the price will go back up.”
Staff writer Will Shanley can be reached at 303-820-1473 or wshanley@denverpost.com.
