Two Carlos Alcaraz tennis cards sold for $222,000 and $237,907. Wait, what?

Go ahead, Nole fan. Pick up that trading card packed safely in its slim and durable transparent case. Note that it is from 2007, the year of your idol’s breakthrough, and that it depicts Djokovic lunging for a backhand—what would soon be celebrated as his trademark aggression.

Note, too, that the card is autographed by Novak himself. It’s certified authentic by PSA (Professional Sports Authenticator). And then there’s this: embedded in this card is a swatch of pale blue cloth, part of a shirt that Djokovic wore in combat. Like the religious article the presentation calls to mind, the swatch is called a “relic.”

This graded card, eBay tells you, can be yours for a mere $999.99 (or best offer).

Welcome to the world of sports cards, a hobby that has evolved from humble origins into a sophisticated, multi-billion dollar global enterprise which has spawned its own ecosystem, complete with hierarchical product lines and its own esoteric language—attributes that are appealing to the collector’s mentality, as well as ambrosia for profit hunters.

If you’re a Boomer, you may fondly remember the thrill of walking down to the corner candy store, allowance money jingling in your pockets, to purchase a wax pack of Topps baseball or football cards, containing stiff cardboard pictures and a bonus panel of deliciously scented pink bubble gum. These days, the only resemblance to that experience is the exquisite curiosity and hope you might feel as you tear open the wrapping (now shiny foil) covering for a pack of cards that came in a “blaster box.”

Eric Winston, the president of Winner’s Alliance—the Name, Image and Likeness licensor for cards produced by Topps (including tennis cards)—told me, “Topps and Fanatics aren’t just doing the old, ‘Hey, let's put a picture on a piece of cardboard’ and give them a little bio and stats on the back. They’re really selling a story. They’re selling a piece of history. Some of the cards we used to collect as kids are becoming pieces of art.”

👉 READ MORE: Carlos Alcaraz's intangibles inspired the relaunch of NetPro tennis trading cards—buyers have since cashed in

This is as good a time as any to pause and let the uninitiated know that the trading card industry is so terminology-driven that major players like Topps (owned by Fanatics, the sports business giant) publish tutorials and a glossary, in this case at the Topps Ripped website. There you can learn the meaning of words and terms like “Liquid Silver,” “Refractor,” “breaking,” “low numbers/low series,” “patch cards” and “slabbing.” They are becoming more vital, for better or worse, to today’s trading card experience.

The trading card industry came to tennis late, and in its mature phase. Although tennis cards have been offered by some operators for years (mainly NetPro and Ace Authentic), it wasn’t until 2021, when Fanatics/Topps jumped into the fray, that the number of players who signed up to be part of the program—now roughly 300—achieved critical mass to claim equal footing with sports that have a rich history in cards.

“This is kind of the first time it’s been done, like, ‘the right way,’” says Ryan Olli, the senior manager of licensing at Winner’s Alliance. “We were like, ‘Okay, we’re going to get a list of players that is 200, 300, whatever amount of players they want access to.’”

According to one industry official, the Covid pandemic “supercharged” the trading-card business. Former collectors dusted off and re-engaged with their wares during the long lockdown, while sports fans looking for a new hobby helped breathe new life into the sector—and not just in its traditional American base. Global interest in trading cards has taken off, boosted by the expansion of the hobby into sports that are even more popular abroad than, including Formula 1, soccer and tennis. In Europe, Italy has the most active trading card market, while Asian nations are catching up.

For the players, the tennis card business is a windfall. They reap 70 percent of the profit in royalties, but it’s distributed equally among all players who signed up to participate in the program, regardless of status, or even how many cards bear their likeness. The pull for the stars who might consider a standard royalty chump change is the additional money they earn for autographing cards, donating memorabilia and even making appearances. The process is surprisingly simple: Winner’s Alliance teams go out to tournaments to secure autographs from players and/or to offer them related income opportunities.

This is now a multi-billion dollar industry. So in addition to those 9 through 13-year-olds that love to collect, you have some adults who really seek higher-end cards. . .and they like to trade those at a higher price point. Eric Winston

The learning curve in the trading card game is flat, with a lot of terminology and seemingly arbitrary distinctions to wade through. But the basic premises that ruled back in the bubble-gum days still dominate. Different products are produced in different print runs, some mass-produced and some extremely limited. The most highly-prized cards are called “chase” cards. That includes “rookie” cards—a player’s cards produced during or near his or her first season—as well as cards featuring established players. There are numerous variations, or “parallels,” in the look and composition of those cards, in addition to features like autographs or relics (match-worn garments, or pieces of racquets or other gear).

The industry has expanded its palette of sports and athletes. There have also been seismic changes in how the cards are produced (using cutting-edge materials and prism or holograph-like effects), distributed (on-line or in hobby shops in various packaging configurations), and traded (on-line, although a friend’s basement rec room or garage still works).

The asking price for the 2007 Djokovic autograph-and-relic card might seem steep, but maybe it’s a steal, given that the “2024 Topps Chrome Sapphire Novak Djokovic Image Var Auto-Orange Ref 13/25 PSA 10 card” is offered at $2,999 (or best offer).

The last two eBay sales for the 2024 Topps Royalty dual autograph card of Djokovic and Carlos Alcaraz, limited to 25 copies, were $6,766 and $6,202.

Too rich for your blood? If you’re a devout Coco Gauff fan, you can have a signed “2024 Topps Graphite Tennis Coco Gauff Green On Card Auto /75 PSA 10 SSP” card for $450. But that one doesn’t have a relic, and maybe you must have that relic.

That certainly applied to (presumably) two Alcaraz collectors and/or prospectors. At the most recent Fanatics Fest June Premier Auction—among scarce Michael Jordan, Pokemon, Patrick Mahomes and Jackie Robinson cards—was Alcaraz’s “racket knob” card from 2024 Topps Royalty. Autographed by the Spaniard and inscribed “2024 Indian Wells champ,” just one copy exists.

“It’s going to be really, really high-quality,” Winston told me when we spoke. “Very thick art, with the player signatures and player gear—including the knob (butt cap) from the racquet Carlos Alcaraz used when he won Indian Wells.”

When the auction ended on Friday, June 27—not long after the Spaniard’s epic Roland Garros win over Jannik Sinner—the final price was a staggering $222,000.

One day later, a different “one of one” Alcaraz signed card, from his rookie year, sold for $237,907 at Goldin Auctions.