Transparent assumptions. Reproducible results.

Model conventions

1. 01Entry outlay = price × (1 + buyer fee) × (1 + purchase tax) + inbound shipping + grading + optional structure setup. Tax applies to price plus buyer fee; use an effective rate suitable for your case.
2. 02Gross exit = price × (1 + annual change)^holding years × (1 − exit reduction). Additional sale delay earns no price growth.
3. 03Net sale = gross exit × (1 − seller fee) − exit shipping − optional redemption cost.
4. 04Monthly holding cost = (annual custody + entry price × insurance rate + optional administration) × (1 + cost escalation)^((month − 1) / 12) ÷ 12. Insurance is based on original price, not appraised future value.
5. 05Net profit = net sale minus entry and all holding costs. Multiple = net sale ÷ all cash contributions. NPV discounts monthly cash flows at the annual hurdle.
6. 06IRR is the annual effective discount rate at which monthly cash-flow NPV is zero. It is not the annual price change. With no positive cash flow, IRR is not defined.
7. 07Break-even gross sale covers nominal costs without a return on time. Required growth solves for the chosen NPV hurdle with existing exit deductions.
8. 08Sale evidence: normalised USD = paid price × USD per unit ÷ (1 + buyer premium). The median and range describe the included sample only.

All appraisals are in USD. Investor-level exchange-rate changes, capital-gains taxes, leverage, reserve balances and reinvestment are not modelled. Fractional interests share costs and proceeds pro rata, without preferred terms or sponsor performance fees.

Evidence labels

Observed — completed sales you enter, with sources. Assumed — every default input (fees, growth, custody). Modelled — IRR, NPV, break-even and scenario outputs.

Research sources

1. PSA · Grading standardsCondition criteria, alterations, qualifiers and grading judgment.
2. PSA · Population reportGrader-specific population research and identification caveats.
3. TCGplayer · Market PriceDistinction between recent completed sales and listing prices.
4. eBay · Trading-card Authenticity GuaranteeAuthentication workflow and current program eligibility; check the relevant country.
5. PSA Vault · Terms of serviceCustody, compensation and contractual responsibilities.
6. SEC staff · Statement on Tokenized Securities, 28 January 2026U.S. staff taxonomy of tokenized securities; not a collectible-specific approval or global legal opinion.

Official-source research reviewed 30 September 2026; edition 1 October 2026. Provider services and terms can change.