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Sports memorabilia has come a long way from the bubblegum trading card days of your childhood.  Today, everyone from sports fans to savvy businessman is cashing in on what has grown into a multimillion dollar industry in recent years.  Whether you’re a budding collector or an autograph-amassing ace, the following tips can help you toe the line between lucrative investment and bankrupting hobby.

Sports collectors at every level generally have an area of expertise and beginners would do well to follow their lead. Narrow down your memorabilia prospects by sport (NFL, NHL and the like), by item (jerseys, gloves or related equipment) or even by your favorite player (Derek Jeter, anyone?).

Narrowing your focus makes your foray into the wide world of sports memorabilia much more manageable; it also ensures you buy only those items you truly want.  If your first buy is a Babe Ruth autographed bat for a couple grand, you may have bitten off more than you can chew.

Be ready to do some research, starting with authenticity. Nobody wants to find the item of a lifetime, only to be told upon appraisal that it’s actually a fake. Sports collectible certification takes on many forms, but PSA, JSA and GAI certification have proven themselves to be some of the most reputable and easy to come by forms of authenticity – not to mention a must if you hope to resell someday.

Next up is market value. You’d be a fool to walk onto a used car lot without a reasonable asking price in mind and the same applies to your search for vintage rookie cards, game-worn jersey and similar items. Beckett is to sports memorabilia as Kelley Blue Book is to cars, and collectors at all levels swear by this guru of market value pricing – and with good reason. After all, holding that Kirby Puckett autographed bat in your hands for the first time is one thing, but knowing you got it for a fantastic price? Now that’s something to brag about. 

Lastly, know your limits, especially when it comes to budget. You may be sorely tempted to drop your life savings on the autographed [insert player name here] baseball, puck or football of your dreams, but having a pre-established bid or purchase amount allows cooler heads to prevail in the heat of the moment.

Limiting your trades to reputable sites will make your experience in the world of sports memorabilia a positive one. Sportsbuy got its start in the early 90s and has developed into the largest collectors’ marketplace on the net. The addition of ThePit.com (formerly run by trading card giant, Topps) brought exclusive collectibles from today’s top talent – LeBron James, Alex Rodriguez and their ilk – to the mix.

Steiner is equally reputable, and even offers exclusive items from the New York Yankees and similarly prestigious clubs. Collectibles from this top-notch site can run up to double the market price, but with everything from the most coveted to the seriously wacky (see: swatches of freeze-dried sod plucked from the original Yankee Stadium) gathered in one place, this is easily one of the more comprehensive collectible sites.

This is one of those rare instances where once you know the rules, you can feel free to break them – within reason, of course. Say you can’t find what you’re looking for on Sportsbuy, or Steiner’s price points are a bit steep. It might be time to venture into eBay territory.

As with any Internet transaction, exercise caution. Sites like eBay and even Craigslist are tops when it comes to buying at bargain rates, while eBay offers helpful features like buying by lot – the Internet version of bulk – and even lets you peruse top sold items, like a game-worn Brett Favre jersey to the tune of $12,000. Craigslist boasts a dubious reputation that, at times, has been well earned. The usual precautions – avoiding money wiring scams and meeting in public places – will serve you well here.

Some collectors might scoff at the notion of offline searches, but trade shows, meet-and-greets and stores that specialize in sports memorabilia are an alternative, albeit more hands-on approach to collecting. After a few afternoons spent sifting through the dusty bins of a local junk shop, my dad amassed quiet a collection of Twins memorabilia – signed photos of hall-of-famers Harmon Killebrew and Tony Oliva, antique gloves and more – without breaking the bank.

Thanks to this handy tool called the Internet, your collection is no longer limited by your location. That translates to wider selection and a more competitive market for buyers and sellers alike. Like everything in life, trading sports memorabilia on the web has its downfalls, the most obvious being that anyone with a Sharpie and an Internet connection can muster a passable fake.

Avoiding the aforementioned pitfalls is easy, assuming you’re willing to do a little homework beforehand. Requests for payment via Western Union and money orders – even checks – are a red flag. Unless you have some actual assurance that the seller a.) Actually exists, and b.) Has built a reputable name for his or herself through positive buyer reviews, avoid these methods of payment at all costs. PayPal and plastic have proven the be all, end all of buying in the Internet age.