The 1914 Babe Ruth Baltimore News just sold for $4.02M—about $3M less than last year’s $7.2M result. Is the hobby crashing? Nope. I walk through two-bidder auction dynamics, liquidity, macro vibes, why rarity + narrative still matter, and how this compares to modern grails (MJ/LeBron/Kobe). Quick story, four takeaways, and what it might mean for vintage vs. modern over the next decade.

Timestamps
0:00 Cold open — what sold, where, and the $3M gap
0:45 Quick story: 1914 Baltimore News Ruth (19-year-old minor-leaguer)
1:20 Why auctions drop: the two-bidder reality (not 100k voters)
3:40 Takeaway #1: Auction competition drives big swings
4:45 Takeaway #2: Liquidity & macro conditions matter
6:35 Takeaway #3: Narrative + rarity still rule (Ruth’s historical weight)
8:50 Takeaway #4: This isn’t hobby doom — one sale ≠ the market
10:40 Modern heat check: MJ/Kobe/LeBron/Ohtani vs vintage over time
12:30 Wrap + what I’m watching next (and Chicken Nugget Nation)