eBay sells vault, buys auction house for collectibles
eBay is making some changes in how it serves sellers and buyers of collectible merchandise.
The e-commerce retailer is entering two agreements with Collectors, parent company of PSA (Professional Sports Authenticator), a trading card authentication and grading company it has been strategically partnering with for about two years. Under the agreements, eBay will sell the eBay vault to PSA and purchase Goldin, a U.S.-based auction house for high-value trading cards and collectibles, from Collectors.
Following are closer looks at each transaction:
eBay sells the eBay valult
Initially announced in March 2022, the eBay vault is a 31,000-sq.-ft., 24/7 secured, temperature-controlled facility and digital marketplace for collectors. It enables collectors, investors and professional sellers to submit eligible graded cards valued at $250 or more directly to the vault.
The companies said they will maintain seamless access to vault services for eBay's U.S. customers. There will be no immediate changes to the services provided for a period of time post-closing. After the deal closes, PSA will fold its existing vault services along with eBay's vault program into a newly branded offering with further details coming.
This partnership will also extend grading services to customers in the U.S. and PSA will introduce a new service offering to allow customers to list and sell trading cards on eBay at the time a card is graded. Existing options for grading and sale will remain available.
eBay acquires Goldin
eBay says its agreement to acquire Goldin will enhance existing marketplace offerings by expanding the range of inventory available to customers and opening up a new audience for Goldin sellers.
"eBay is relentlessly focused on providing the best inventory and the highest level of trust for our global community," said Jamie Iannone, CEO, eBay. "The deals announced today further our mission of reinventing the future of ecommerce for enthusiasts, and we are excited to partner with PSA to offer a simpler, more personalized experience for passionate collectors. PSA is a premier player in trading cards and collectibles with unmatched capabilities, and we believe our shared expertise will inspire even more people to sell, shop and collect with confidence."
"This will benefit ‘The Hobby’ above all else, which is the primary goal of this innovative partnership between eBay and PSA," said Collectors CEO Nat Turner. "We will drastically improve the collector experience by creating a seamless, end-to-end journey. No matter an individual collector's goals, this partnership will make collecting safer, easier and more fun. We're excited to combine the scale and trust across eBay's global marketplace with PSA's authentication and grading expertise."
"We see so much opportunity ahead with eBay, and I am incredibly excited for this new chapter for the Goldin brand," said Ken Goldin, Founder and CEO of Goldin. "This deal will enhance and expand our reach as we continue to do what we do best – source incredible collector's items – and connect with millions of enthusiasts around the world. I am looking forward to an amazing future with eBay."
The transactions are subject to customary closing conditions and are expected to close simultaneously in the second quarter of 2024. Centerview Partners is acting as financial advisor on the acquisition of Goldin and Freshfields is acting as legal advisor to eBay. Allen & Co is acting as financial advisor and Sullivan and Cromwell is acting as legal advisor to Collectors.
Founded in 1995 in San Jose, Calif., eBay enabled more than $73 billion of gross merchandise volume in 2023.