Lesley Mak, a higher education administrator from Toronto, has built a collection of more than 60 fitted Toronto Blue Jays hats over the last decade.David Pike/The Globe and Mail
Lesley Mak, a higher education administrator, bought her first Toronto Blue Jays fitted hat in 2015. Since then, she’s grown her collection to more than 60, spending an estimated $3,500 along the way.
“Collectors went a little feral during the pandemic because we were at home, stressed and unable to socialize or attend public events,” the Toronto resident says. “So those of us who were lucky enough to maintain a steady income got fixated on online shopping.”
Mak is among a growing cohort of Canadians who have been drawn to sports memorabilia collecting in recent years. Take Sacha Pilfold, a Burnaby, B.C.-based manufacturing manager who started collecting in 2022 and has since spent more than $5,000 on women’s sports memorabilia, including autographed game-worn jerseys, trading cards and soccer scarves.
And although Don Wai, a teacher in Toronto, has been collecting hockey cards and other sports memorabilia since he was a kid in the ’70s and ’80s, he has certainly noticed the recent boom in the market. “My friend used to run a monthly card show about five years ago here in Toronto,” he says. “He was the only one; now there’s about five or six. I went to one recently… and it was ridiculous. You couldn’t even walk through the aisles.”
In fact, a report published by Market Decipher, a market research and consulting firm, says the sports memorabilia and trading cards market is projected to grow at a compound annual rate of 22.1 per cent through 2034. Yes, it’s about love of the game and community-building, but increasingly, there’s money to be made, with certain cards and autographs selling into the millions of dollars.
That’s no surprise to Hersh Borenstein, the president of Frozen Pond Inc., a Vaughan, Ont.-based sports and entertainment memorabilia business. He’s been in the industry since 1993 and his lifetime sales are in the 75- to 100-million-dollar range. “Most things appreciate if you’re smart,” Borenstein says.
The sports memorabilia and trading cards market is projected to grow at a compound annual rate of 22.1 per cent through 2034, according to Market Decipher.David Pike/The Globe and Mail
Borenstein’s business, which is largely centred on autographs, takes a conservative approach to collecting. “There is a lot of inherent risk with investing in young guys,” he says. “I trend towards retired players because [they] are not going to get caught up in a sex scandal. They’re not going to get injured tomorrow. They’re not going to get traded.”
Of course, just like any type of investment, no one can predict the future. “If I was told to buy Nvidia or Apple [stocks] when they came out, I’d be a lot wealthier today,” Borenstein says. “But who knew?” So, as with any investment, diversification is key.
While Borenstein says his customer base has traditionally been middle-aged men, those demographics are shifting. “I see videos online of 12, 13-year-olds negotiating and buying $1,500 cards,” he says.
Wai says that part of the appeal to younger generations is the excitement. “It’s just the thrill of ripping open a pack,” he says. “And getting some rare card that’s worth like hundreds or thousands of dollars.”
Women increasingly make up the demographics of collectors in Canada. As her passion for collecting grew, Mak started partnering with streetwear and fashion brand Styll.ca to design colourways specifically for women.David Pike/The Globe and Mail
Women are part of that changing demographic, too. Take Mak and Pilfold as examples. Mak started working with Styll.ca, a streetwear and fashion brand, on hat designs. “I really like opening the fitted baseball hat fashion market to women,” she says. “I’m putting out hats in colour and logo combos I’ve always wanted but couldn’t find on the shelves or online.” (Fun fact: Blue Jays reliever Mason Fluharty ordered a shipment of hats from Styll.ca, including two of Mak’s designs for his wife.)
For Pilfold, she started collecting as a way to showcase her passion for women’s sports. However, she believes as leagues like the WNBA and PWHL grow in popularity, that memorabilia will gain value as the world catches on. “There are definitely a few cards I’ll sell when the price is right,” she says.
Not every collector expects to make money. Wai, who has spent more than $100,000 collecting over the years, says he’d be happy to get even 20 per cent of that back when he eventually sells some of his collection. For him, the value of collecting has never been purely financial. “Of course, being a teacher allows me to spread my love of that stuff here in the classroom,” he says.