The coveted 'Holy Grail' of hockey collectibles, a case of 1979 O-Pee-Chee cards, is back on the auction block after the original buyer failed to complete the $3.72 million purchase. Heritage Auctions, based in Dallas, Texas, will feature the case in its upcoming Winter Sports Catalog Auction, following the unusual circumstance of an unpaid bid.
The case, containing 16 sealed boxes and over 10,000 cards, holds the potential for multiple Wayne Gretzky rookie cards, making it a treasure trove for collectors. The original winning bidder, Jack Arshawsky, reportedly paid $3 million upfront but did not settle the remaining balance, leading to the case's return to auction.
Chris Ivy, Director of Sports Auctions at Heritage, confirmed that no payment was ever received from Arshawsky, a situation he described as exceedingly rare in their auctions. Typically, buyers have a two-week window to complete their purchases, and instances of non-payment are less than 1% of all sales.
Despite the hiccup, Ivy believes the case's value remains intact, as no other unopened cases have surfaced. The Saskatchewan family that consigned the cards opted not to pursue legal action and instead agreed to re-auction the item.
The auction is set to take place this weekend, and with the media buzz surrounding it, experts anticipate that the final bid could rival or even exceed the initial amount, given the rarity and significance of the item.