Significance of Wealth podcast host Tom Ruggie welcomes Brian Dwyer, the entrepreneurial leader of Robert Edward Auctions, to discuss his journey from small businesses to heading a premier auction house. Brian shares insights on balancing legacy with innovation, high-profile acquisitions, the future of the collectibles market, and the upcoming REA Fall Catalog Auction on November 22nd, along with tips for preserving and planning for valuable collections.
Robert Edward Auctions’ Brian Dwyer knocks it out of the park as he leads and grows the nation's premier auction house specializing in rare baseball cards and memorabilia. In this episode, host Tom Ruggie, founder and CEO of Destiny Family Office, welcomes Brian to share his journey from small beginnings on eBay to owning and expanding one of the most respected names in the collectibles industry.
Discover how Brian balances honoring the legacy of long-standing clients while driving innovation and growth in a competitive market. He discusses the strategic acquisition of Huggins & Scott Auctions, the importance of succession planning, and how REA continues to evolve by embracing new opportunities, like expanding into other collectible categories.
Brian also gives listeners an exclusive preview of REA’s highly anticipated Fall Catalog Auction, which begins on November 22nd. Featuring over 3,700 items, including a newly discovered Babe Ruth rookie card graded PSA 3.5, this auction promises to showcase some of the most sought-after treasures in the collectibles world.
For those passionate about collectibles, investment opportunities, or entrepreneurship, this episode offers a compelling look at the trials, triumphs, and legacy of leading an auction house that thrives on preserving history and creating value. Plus, hear tips for these industry experts on safeguarding your own collection and their thoughts on the future of the collectibles market.
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00;00;00;00 - 00;00;30;16
Martie:
Welcome to the Significance of Wealth Podcast, where we explore the evolving landscape of wealth management, private investments and collecting is both a passion and potential investment strategy. In each episode, host Tom Ruggie, founder and CEO of Destiny Family Office, discusses these topics with industry experts providing insights into the unique challenges and opportunities associated with managing significant assets. I'm Martie Salt.
00;00;30;18 - 00;01;07;14
Martie:
In today's episode, Tom Ruggie talks with Brian Dwyer, president of Robert Edward Auctions, whose lifelong dedication to sports memorabilia has propelled him to the forefront of the industry. Brian's journey began like many collectors with a love for Topps baseball cards and the joy of building complete sets This early enthusiasm sparked a career that would eventually influence the collectibles world, starting with a small consignment business on eBay, Brian gradually moved into prominent roles, including a pivotal position in business development at SGC, a leader in card grading.
00;01;07;16 - 00;01;31;25
Martie:
In this episode, Tom and Brian explore Brian's journey with RPA, including the challenges of leading a top auction house and the recent acquisition of Huggins and Scott. They discuss the future of the collectibles hobby, share insights on managing personal collections, and look ahead to Aria's upcoming auction on November 22nd, revealing what listeners can expect from this premiere event.
00;01;31;27 - 00;01;53;02
Martie:
Get ready to bid a warm welcome to Brian Dwyer and to learn more about the significant impact he's making in the collectibles industry. Here's Tom.
Tom:
Thank you, Martie. And and thank you, Brian, for being here with us. It is a pleasure to have you here. You've been a great friend and a great resource in the business. And I love your auction house.
00;01;53;03 - 00;02;14;26
Tom:
I do a lot of business together. So a pleasure to have you. Yeah, Don, thanks for the opportunity. I like what you've created here. Thank you. So I guess I've got a couple of different segments I want to jump in. So I want to I want to talk a little bit about the business side, because obviously, I run a family office business, a wealth advisory business, and a lot of my clients are entrepreneurs.
00;02;14;26 - 00;02;38;17
Tom:
And and, you know, the second part of my business, we are we focus a lot on the collectibles. But you are not only very focused on the collectibles, but you're also an entrepreneur. And, you know, a lot of people that I think will listen to this podcast probably know a little bit about your background and how you you started with REA and you ultimately purchased REA.
00;02;38;20 - 00;03;11;23
Tom:
And and I know from reading some information that prior to that you had a couple small businesses. I think you were doing some stuff on eBay. At one point, I think you had a couple other things you were doing, but I'd love to hear from you a little bit about the transition into owning, you know, and it may not have been at the time I don't really know the size, but but but transitioning from a a small business and really taking that leap of faith into a much larger business that at least since I've known you, has done extraordinarily well, you've done a fantastic job with it.
00;03;11;23 - 00;03;27;25
Tom:
But I'd love to hear a little bit about that process. Love to hear a little bit about, you know, to some extent the trials and tribulations as you know. What went well, What what, what what were the tough learning curve items? Yeah, look, I mean, I had the benefit of being an employee of REA before I was the owner of REA.
00;03;27;25 - 00;03;48;01
Brian:
And I think that if I look back on my I'm going on my 13th year with REA now, that was that was hugely important. That was hugely integral to me being able to run it successfully. You know, I knew how the business ran. I knew what was expected of the business. I had great relationships with the clients of the business, and that made it easier.
00;03;48;03 - 00;04;07;26
Brian:
I didn't say it made it easy, though, because it was it's the hardest thing I've ever done, aside from It's never easy. It's never easy. But, you know, parenting and running a business are two very, very tough things that I've done in my life. And I've always been an entrepreneur, you know? I mean, I was the kid that was shoveling snow when he was eight, nine, ten years old.
00;04;07;26 - 00;04;24;19
Brian:
I was a kid that was blowing leaves. I was the kid that was setting up lemonade stands. I've always just had a knack for trying to provide something that people are looking for. And I've never been afraid to work hard. And when I graduated college, I thought I was going to be a banker. I went and got a degree in finance.
00;04;24;19 - 00;04;44;21
Brian:
I took accounting classes, and I graduated at a time that the economy was not so hot. And so I said, Well, what do I really love and what could I maybe do temporarily to ride things out? And that was when I went to work for SGC. And it was the couple of years that I really just realized how much I loved the cards and the hobby I left.
00;04;44;26 - 00;05;03;13
Brian:
You see, I started my own auction house I was selling on eBay, as you alluded to. And, you know, running your own business where there's one person is totally different than running a business with employees. And that's what RCA was. It was smaller, much smaller than it is now. We had two employees when I took over, we had two shins.
00;05;03;13 - 00;05;25;17
Brian:
When I took over, we were one of the largest. You know, the landscape was totally different back then than it is now. But we were one of the largest. We still are one of the largest auction companies in the industry. But as far as trials and tribulations, I think just figuring out how to keep things the same was was something that was important to me.
00;05;25;17 - 00;05;58;01
Brian:
You know, like how do you how do you keep the tone and the voice and the quality the same that people have come to expect, but also grow and also innovate. And we've done that. We've grown. Now this year we'll have 11 auctions and we've innovated dramatically compared to the first day I stepped into Aria. But I think just trying to keep things the same to honor your legacy clients who loved the brand but also change it enough that you're keeping up with the times you're bringing in new clients.
00;05;58;04 - 00;06;18;07
Brian:
I think that's probably the biggest challenge, but also the most exciting thing for me.
Tom:
Very cool. Well, and you brought up parenting. I would be remiss if I did not congratulate you on just having your third child last week, Baby Boy Finnegan. So congratulate to you and your wife and your family. Thank you. Yes, we're we're a full house now.
00;06;18;07 - 00;06;40;05
Brian:
We have five, five of us. We're we're loving it. And the baby's doing well. Mom's doing well. And yeah, back. Back at work. Because the auctions, they always need to be built.
Tom:
That they do well let's say in the fantastic. So again, I love the entrepreneurial streak that you have. And it's funny, talking about your childhood reminds me a lot of myself.
00;06;40;05 - 00;07;07;26
Tom:
I mean again, I, I built up my collection really from mowing lawns and washing cars and literally going door to door asking people what I could do to try to earn money and I've always had that same work ethic. But, you know, with the entrepreneurial ism, that's you that's you have, you know, one of the things that that took place recently was you purchased Huggins and Scott, so you purchased another auction house.
00;07;07;28 - 00;07;34;26
Tom:
And I'd love to know what was the thought process behind that was it was it a strategic move? Is it something that you would contemplate doing in the future with other smaller auction houses to continue to build out your footprint or you know how to all that take place?
Brian:
Yeah, I mean, Huggins and Scott was unfortunately an acquisition of opportunity because Bill Huggins passed away.
00;07;34;28 - 00;07;58;04
Brian:
So Bill Huggins was the founder, owner and operator of Huggins and Scott well-respected in the hobby for decades, and he passed away unexpectedly. And so that company, which had a great little niche in the business, great, great employees, great customer base, was kind of left without a leader. And so we were able to step in. We had thought about actually doing something with Huggins and Scott in the past.
00;07;58;04 - 00;08;36;17
Brian:
We thought they were extremely complementary to our business, but the turn of events was such that R.J. was able to step in, continue the brand, continue the business, maintain all the employees, and really keep that business running uninterrupted. So was it strategic? Sure. I mean, in a certain degree, everything that we do has some strategy behind it. But it was really just my belief that it was a good company in a hobby that doesn't always have good, hard working companies for collectors and customers and it was important to me to make sure that they kept on doing what they were very good at.
00;08;36;20 - 00;08;56;22
Brian:
And it's worked out great. I mean, it's it's a year and a half in now and and we've maintained them. We've built them out. We've we've added some some of the technologies that REA has had and enjoys. And it's been a good thing for everybody, I think.
Tom:
And, you know, being in the line of business, I mean, I almost can't not ask this question, but you're a young guy.
00;08;56;23 - 00;09;16;04
Tom:
But did it bring about some hey, is is my succession plan is a succession planning in line where it needs to be if, God forbid, something were to happen to you?
Brian:
Yeah. You know, I mean, I think any time it happens or somebody close to you or somebody that you know or somebody that's young, I mean, unfortunately I've had friends pass away.
00;09;16;04 - 00;09;34;27
Brian:
I'm in my thirties. It does bring it to the forefront of your mind. And so, yeah, making sure that, you know, I wake up every day and I realize that I'm working for people that are outside of me and my family. I mean, I have dozens of employees here. They have family members. So, yes, I've I've laid out some planning.
00;09;34;27 - 00;10;03;08
Brian:
I've I've given thought to how in the event that I'm not available, does REA continue? Because it's important to the people that work here and rely on it. But it's also, in my opinion, very important to the hobby.
Tom:
Yeah, Yeah. A question that I had that was of interest to me. We've actually you and I have done a couple of the panels together with, with members from other auction houses and you know, you all know each other is there is like a very friendly vibe.
00;10;03;08 - 00;10;25;05
Tom:
But you know, some extent there's also, I would have to assume some sort of a competitive situation. And how is the relationship, you know, from a friend standpoint and a business standpoint with others in the hobby, that that would potentially be considered your competitors?
Brian:
Yeah, I mean, I think I think you summed it up nicely in that it is friendly competition.
00;10;25;05 - 00;10;46;26
Brian:
I mean, I think the hobby is small enough that we all we all run in the same circle. We all especially, you know, a couple of us come up on the same deals from time to time. I've worked in the past at SGC with other people that are senior executives at at competing auction houses. So, you know, I do have a good relationship with all these people.
00;10;47;03 - 00;11;05;22
Brian:
We all want to win, obviously, But we're we're cognizant of the fact that we're doing baseball cards and sports memorabilia on a daily basis. And, you know, it's not you don't need to be cutthroat. You don't need to tune out people that you enjoy spending time with or you find entertaining. And I've been fortunate that I've run into a lot of good people in the industry.
00;11;05;22 - 00;11;32;19
Tom:
Yeah, there are you said it exactly.
Brian:
There's so many good people in the industry and and we all have so much in common. It's it's difficult not to resonate with each other, even if there is that competitive environment for sure.
Tom:
Yeah. So last kind of specific business question is, is are you able to share any of your short or long term goals that you have with us?
00;11;32;22 - 00;11;51;20
Brian:
Well, I mean, my goal is always to keep delivering top quality products. You know, I'm always on the hunt for great material. I'm always on the hunt to build these these wonderful auctions. As far as what I'm looking forward to in the future. I mean, we're always keeping our ear to the ground about where we might be able to innovate.
00;11;51;20 - 00;12;10;04
Brian:
I think there's a lot of opportunity for us with the Huggins acquisition to do things in other collectible areas. You know, Huggins has exposure in comics and coins in a way that Aria does not. And I'm excited even in the year and a half that we've owned Huggins and Scott about how we've been able to build out that sector for them.
00;12;10;07 - 00;12;27;02
Brian:
REA I think, has a lot of opportunity to offer services that we haven't done in the past or we haven't put a lot of effort behind in the past. You know, maybe fixed price selling, private sales, stuff like that. So at the end of the day, the core business is always the, to me, the most important business and building great auctions.
00;12;27;05 - 00;12;46;24
Brian:
But I think there's a lot of green pasture, which is which is exciting because I mean, I've been at this for 12, 13 years. I've owned it for going on nine and I still feel like there's a lot of runway.
Tom:
So let's transition to some some hobby questions. And I'm going to start with you in particular. I know that you have a baseball card collection.
00;12;46;24 - 00;13;06;15
Tom:
That's how you kind of get started in the business. And you know, what I really want to know is, is number one, is is there a couple pieces that you're constantly on the lookout for for your own personal collection? And then number two is, is is there anything that's in your own personal collection that you just absolutely, positively wouldn't get rid of?
00;13;06;15 - 00;13;26;08
Tom:
Or maybe it's a is that if the house is on fire a one piece, you'd make sure to go get sort of a deal.
Brian:
Yeah. I mean, so working backwards, my 52 mantle I have owned at one point in my life a 52 Topps mantle. And every grade from authentic to seven. And I've sold them all except for the PSA one, which was the first one that I bought.
00;13;26;10 - 00;13;47;18
Tom:
And I went to the National for the first time in 2003, was 17 years old, and I remember seeing a 52 mantle in that room for the first time in person. And I just remember being awestruck by it. And I love you know, I love the card. I, I bought it ten years or so ago from a good friend of mine in the business.
00;13;47;21 - 00;14;11;05
Tom:
And I've always just kept that first one. So I love that card. I can't see myself selling it as far as what am I on the lookout for? I'm a big cal Ripken fan and I don't, at this juncture have any game used memorabilia in my collection. But I've I've got a whole bunch of Ripken cards, rookie cards, autographed cards.
00;14;11;07 - 00;14;34;15
Tom:
I've always been in the back of my mind, keeping an eye out for a game used bat or jersey that I really like. There's been a bunch, but none that have resonated with me, if you will. So as far as what would it be like from a specific time frame, specific game sort of thing or. Yeah, so like I think it would be very cool to find a 1986 Ripken, which is my birth year.
00;14;34;18 - 00;15;03;06
Tom:
There have been a couple that have been out there. You know, maybe they were cracked or, you know, I don't remember the specific examples, but if I saw a nice 1986 era jersey or bat that was, you know, good condition that I that I that I liked, I'd probably pick it up and maybe I've missed some. But, you know, I can't be everywhere and my priorities are here first rather than my collection but that's that's what I'm that's what I'm always keeping an eye out for to some degree.
00;15;03;08 - 00;15;31;14
Tom:
Yeah. I'm a big Cal Ripken fan also. And, you know, back in my kind of autograph chasing days, he was just such a nice guy, first of all, and just the consummate player, work ethic, etc.. I did buy. It's pretty cool Jersey. It's from the 911 year stuff. I've got a game New Jersey with the flag on the on the side patch and signed and all that good stuff.
Brian:
That's pretty cool love that Yeah he's a good good guy.
00;15;31;14 - 00;15;51;17
Brian:
I've had the pleasure of meeting him a couple of times. He's a good guy.
Tom:
So you guys get some really cool stuff into your auction. And like, I feel like if I owned an auction house or even worked for an auction company, I'd just be sitting there drooling half the day. So loved it. Love to know how that is.
00;15;51;17 - 00;16;20;08
Tom:
Just to see some some really cool stuff come in and there has to be a time you're like, Hey, I don't think I can let this go to auction. I think I need to. This is something I need to own on my own. Is does anything like that ever happen?
Brian:
No, because, I mean, at the end of the day, like, I know our I know our duties, you know, like, I know that we've we've told these consignors that we're going to get them the most money and and they've relied on us for that.
00;16;20;08 - 00;16;40;12
Brian:
And I've never you know, I've certainly seen things come through here that I'd say, that'd be cool. That'd be cool to own. But I really buy into the concept of auctions. I really buy into the process of letting the market decide. So, yeah, we get we get some phenomenal stuff that comes through, But I never pulled the trigger.
00;16;40;12 - 00;17;12;12
Tom:
Yeah. Okay, cool. So I had the fortune of doing a podcast with Barry Meisel leading up to the National. Of course, the focus on on that podcast was the Babe Ruth jersey that sold for, you know, almost doubling the record for any sports piece of $24.1 million. So that first of all, that that has to be a huge boon for the auction business.
00;17;12;12 - 00;17;41;28
Tom:
I mean that just highlight and I spoke at at a family office conference this week and that topic got brought up and and yeah, these are these are ultra high net worth individuals that are not necessarily sports collectors. Everybody knew about it, everybody in that room. And so it really don't feel, number one, that it takes the hobby just to another level and would love some expanded thoughts on that.
00;17;42;01 - 00;18;14;06
Tom:
And then secondly, and I have some thoughts on this as well, we probably would answer the same thing. But you know, what's potentially the next Holy Grail that that may come up that we're aware of or may come up something that we were not aware of even exists at this point?
Brian:
Yeah. I mean the that that sale that Ruth jerseys sale great great for the hobby and then you know to the topic that we talked about earlier with friendly competition I mean that that raised the profile of the hobby so much that made international news and we love to see that right.
00;18;14;06 - 00;18;33;04
Brian:
I firmly believe that a rising tide lifts all boats. And I think, you know, Heritage is happy when I'm in the news. Maybe they wish that they had the item, but they're happy that I'm bringing a profile to the hobby. I'm happy when they're in the news, bringing the hobby into the mainstream. So stuff like that is good and it helps everybody.
00;18;33;06 - 00;19;00;10
Brian:
You, you know, what do I think is next? I think the next big sale, that record breaking sale will probably be a card. I think that the the the number of memorabilia pieces that could crack into that stratosphere I think are few and far between. If there were in 1947 Jackie Robinson Jersey that could be matched to his debut.
00;19;00;12 - 00;19;21;18
Brian:
That would be in the conversation. You know, if there were I don't even know. I mean, Jackie Robinson and Babe Ruth, those are the only ones that are really coming to my mind. But if a 52 mantelpiece a ten showed up, if a f a Honus Wagner PSA eight hit the market ever, you know, those those would challenge for sure.
00;19;21;20 - 00;19;40;18
Brian:
So we'll see. That's fun. I mean that's what keeps us all answering the phone.
Tom:
Yes, absolutely. Yeah. And of course, my, my, my thought, which was what is exactly what you answer that I feel like a a high grade Honus Wagner card is probably going to be the next big thing that at some point hits the market and sets it on fire again.
00;19;40;21 - 00;20;02;26
Brian:
Yeah, I agree. It's fun to watch.
Tom:
Absolutely. So, you know, significant changes have taken place really since COVID. But but certainly even over the last ten years. A little bit of thoughts from you on directionally where you feel the hobby's going. And there's obviously so many areas you can take this because you've got that. The Holy Grail items.
00;20;03;00 - 00;20;23;29
Brian:
Yes, some of these what I call blue chip memorabilia investments that are selling for record high prices. But then you you also have had kind of the roller coaster ride with some of the new things that have brought some, you know, the jaw dropping prices and some things that haven't resold at that same prices that that that they brought just a year or two earlier.
00;20;23;29 - 00;20;45;18
Brian:
So, you know, directionally, where do you think we're going with this hobby at this point? So I mean, the short answer is I think that the hobby's on an upward trajectory. And then the longer answer is that I think that the hobby is broken down into a number. I don't even know what that number is of smaller hobbies and subsections of the larger hobby.
00;20;45;21 - 00;21;13;14
Unknown
So you've got, you know, vintage, which is what REA has always specialized in, has been steadily increasing through COVID. post-COVID vintage has been very, very strong. Those blue chip vintage Cobb, Wagner, Mantles, Ruth, Gehrig, Robinsons, those have done extremely well. The modern market has been more of a roller coaster like you described. Then you've got memorabilia that's been steadily increasing.
00;21;13;15 - 00;21;42;08
Brian:
Tickets have been coming up in the world, photographs have been coming up in the world. So there's all these little subsections of the hobby that I think overall mean the hobbies heading upwards. But there certainly have been bumps in the road. There's certainly been downward movements on some of these things. But it's exciting. And I always kind of laugh when I hear, you know, the COVID bubble because from where I sit, it never fully popped.
00;21;42;15 - 00;22;11;25
Brian:
You know, I mean, there were there were parts of the market that pop, But we continue to sign up huge numbers of people every auction, every year. Our registrations, our engagement numbers are up. I mean, there's there's a ton of people coming into the hobby for the first time still X number of years post COVID. So it's it's it's fun to to look back at that 20, 20, 2021 era and see how exciting and crazy some of those numbers were.
00;22;11;25 - 00;22;51;19
Tom:
But, you know, that if you step back, the hobby is growing very steadily. And he sent me a little bit about what you think about the new people entering the hobby. And you probably have some sense of the feel for that. Of course, again, in my line of business, a lot of what I what I talk about when I'm when I'm on speaking circuit is what I believe is has happened not as happening, but has happened is which is the transition of collectibles and not just sports cards, but I mean, it can be purses and watches, but really a transition to those asset is becoming an actual asset class and a piece of a portfolio,
00;22;51;19 - 00;23;17;23
Tom:
especially amongst the high net worth, which is where our business focus is on. And I saw a statistic recently that said 77% of high net worth individuals, which they defined as as a $25 million net worth or more, 77% collected something of significance. And so, again, I'd love to hear, you know, is it is it new people coming in as a young people coming in?
00;23;17;23 - 00;23;36;16
Tom:
Is it is it investors that are looking for different asset classes or, you know what?
Some people love tangible assets where you can. So if you're if you're wealthy enough to buy the $24 million Babe Ruth jersey, you can put it on your wall. What what's your what's your thoughts on that?
Brian:
I think it's a little bit of everything.
00;23;36;17 - 00;23;59;28
Tom:
Yeah.
Brian:
You know, I mean, I think there are some people that are coming in. Again, I said earlier, I'm in my thirties. I resonate with a lot of people who are just now making partner at their law firm. They're just now making partner at their accounting firm. They're starting to make real money. They're out of residency. If their doctor I mean, I have friends that are just now getting through schooling, basically, and they're starting to make some money and they're they're rekindling their youth.
00;23;59;28 - 00;24;23;16
Brian:
I mean, Pokemon is a perfect example of an area of the hobby that just has taken off recently because I think people are trying to recapture their youth. Then you do have a very serious investor class. You do have a number of people that are coming in either, you know, allocating part of their portfolio to to the collectibles, speculating on collectibles, but it's a real thing.
00;24;23;16 - 00;24;46;04
Brian:
They have no emotional attachment to the material that oftentimes they may not even understand the material, but they're looking at the dollars and cents, they're looking at the data, and they're they're going from there. You know, our job is to cater to cater to everybody. I personally collect what I like, but it, of course, represents a part of my portfolio.
00;24;46;04 - 00;25;11;00
Brian:
And, you know, I have the benefit of being well versed in the material and being able to make what I think are good decisions. You know, I think the one thing I would caution people is make sure you really understand what you're what you're doing. And if you don't know who you can talk to, you know who you can ask, know who you can trust, because putting a bunch of money into the collectibles market is no different than putting a bunch of money into the stock market.
00;25;11;00 - 00;25;32;22
Brian:
You know, if you if you do it wrong or you do it with somebody that can't be trusted, you know, you might as well just light the money on fire.
Tom:
So through story is going back years ago. But and what I didn't have the the same discretionary income that I that I am fortunate to have now. But my wife walked into the office at one point.
00;25;32;23 - 00;25;55;09
Tom:
She's like, you know, it seems like you're continuing to ask things on to the wall, what's going on here? And so I kind of pull this out of the air. And, you know, I made the comment that, well, I take about 20% of the money that I would allocate towards investments and I allocate it towards sports memorabilia because I consider an investment.
00;25;55;09 - 00;26;15;11
Tom:
And and there was some truth to that. There was some lie to that. The truth to that was I, I did always have an eye for, hey, if I'm going to spend money, I want to spend money on something that I like because I do have a passion for the collecting. But there was and even this even goes back to be a kid, not just me.
00;26;15;13 - 00;26;33;05
Tom:
In the wealth management world, there was always the eye of, Hey, but I'm going to spend money. I want to buy something that I think is going to appreciate and value. And where the piece of that was, was was really I was just trying to get it off my off my case for spending money on stuff that she didn't think I should be spending money on.
00;26;33;05 - 00;27;06;08
Tom:
But and it worked, by the way, and I think from a a balance sheet perspective at this point, that if if she understands what all there is, that she would be happy with the outcome. But all that leads to a question for you, which is do you have you actually mentioned allocation of you know, of your portfolio. Do you have an allocation strategy that you use to purchase collectibles that are enjoyable to you?
00;27;06;11 - 00;27;27;24
Brian:
You know, I don't know if it's a strategy so much as it's a mindset, if you will. You know, I when I buy something, I buy and again, I'm probably a little jaded because of my position in the hobby and the fact that I do see everything. And I, I know what's rare and I know what's not rare, but, you know, if I buy something, first and foremost, I have to like it.
00;27;27;24 - 00;27;50;23
Brian:
And if I like it, isn't that a price that I think is is not going to go down? You know, like I don't need there's nothing for me as a collector because of the exposure that I have on a daily basis that I need to go and just spend recklessly on. So my mindset, my strategy, if you will, is always buying with that investment in mind and trying to tick both boxes.
00;27;50;23 - 00;28;12;24
Brian:
You know, is it something that I like that appeals to me? And is it at a price that I think I can either maintain or appreciate long term? Is it a specific percentage? No, not not per say. And I think it's probably just a function of time. Like I don't have the time to focus on my my own collection, but it's certainly, certainly more fun than owning stocks for me.
00;28;12;27 - 00;28;44;02
Tom:
Yeah. Yeah. Well, you know, from a standpoint of like building a collection, you know, like, you know, my background and my story and, you know, I got into having these discussions around the collectibles really because of, of the overlay of passion that I have for what I do for business on the wealth management side, along with my passion for collecting and I think we've had this discussion before, but I, I came to a point where I realized I had a really big problem.
00;28;44;04 - 00;29;04;03
Tom:
You know, I've got a fantastic collection. I have a family that cares nothing about it, knows nothing about it, knows nothing of the value, knows nothing of the inventory, would have no idea where to go if I didn't make it home tonight. And so it put me on a path of, Hey, knowing what I know, what are the things I should really be looking at?
00;29;04;03 - 00;29;29;24
Tom:
And I ultimately developed a scorecard for this of ten areas that we address or that I address personally with my personal collection. But what what, if any, tools do you use or do you recommend for collectors to help stay on top of of their collection? You know, how are they tracking their values? How are they properly ensuring? And by the way, I was significantly underinsured.
00;29;29;26 - 00;29;52;13
Tom:
And then, you know, estate planning for high net worth individuals. And then, you know, my personal situation, the succession planning, you know what what happens to your collection? How do you make sure your family properly monetizes that collection and understands what they're doing if you die prematurely? Did you get into those conversations at all with your your clients or..?
00;29;52;16 - 00;30;17;10
Brian:
Yeah, from time to time. I mean, I cannot tell you how many consignments we've gotten from family members that have no idea what they're dealing with or they have no idea or idea the the monetary value that their significant others invested. And I think, you know, you raise the issue of insurance, which is a great topic, because people have said to me like, you know, I only spend $5,000 a year, right?
00;30;17;10 - 00;30;40;16
Brian:
I'm a modest collector. That's like, well, you've been spending $5,000 a year for 20 years, 25 years, 30 years. This is now a six figure collection. And so they think on a very small level, when they need to kind of step back and say, well, what is this on the aggregate? And I think that people if I had one piece of advice, it's it's step back and look at your collection over the life span of yourself as a collector.
00;30;40;16 - 00;31;00;07
Brian:
A collector because it gets out of control for a lot of people. And, you know, it sounds like maybe even at one point it was out of control for you as far as, you know, realizing what was there, what its value was, how it had come up in the world, how it appreciated monetarily. So I think taking a step back and inventory, you know, for me it's Excel.
00;31;00;07 - 00;31;21;27
Brian:
I'm a very simple person. Excel has been a godsend. I track what I have a track where I bought it, the date I bought it, what I paid for it, and that's a great tool and that's something that I can refresh every time I buy something. It's something I can revisit on a yearly basis, something that I can furnish to my insurance company, something that I can print out and give to my wife or tuck away with my estate documents.
00;31;22;00 - 00;31;45;24
Brian:
Like it's a very basic but functional tool. And I think inventory, like people are sometimes afraid to inventory their collections because they don't want their wife to find out. But think think about when your wife needs to find out or your significant other needs find out how would you feel, you know, would you feel worse about your significant other knowing what you spent on the collectibles or selling it at a garage sale for $20?
00;31;45;24 - 00;32;11;00
Tom:
Exactly. Exactly.
Brian:
And that's really what you have to think about. It's it's unbelievable. I tell a story, one of the first consignments I ever went on at RCA was a out in Long Island. And we pulled up to the house and there was a dumpster in the driveway and the woman was sitting in the reclining chair in the living room, and she said, Whatever you don't take is going in that dumpster tomorrow.
00;32;11;03 - 00;32;33;13
Brian:
And we took $700,000.
Tom:
Wow. And she had no idea?
Brian:
She had no idea as far as she knew. Her husband went down into the basement where his workbench was, where his tools were, whereas sports memorabilia was. And she wanted no part of that world. And so I think about like if we said, we can't come this weekend, we can't come tomorrow, what would happen to that stuff?
00;32;33;14 - 00;32;58;15
Brian:
You know, that was life changing money for that family.
Tom:
Absolutely. Yeah. I don't mind telling you, you know, being in Florida and having two hurricanes pass through in a three week period, it was comforting to know that I had my my collection properly insured. And I certainly have items I would never want to lose. I certainly have one of a kind items.
00;32;58;18 - 00;33;28;04
Tom:
And frankly, even if I had it over insured, I'd rather have what I have than a big check. But it again, it was it was extremely comforting to know that, God forbid, things just got mowed down. And I did get a big check that, you know, to some extent you could start over and and not have what, you know, my situation based on where I was previously, I'm sure just have a huge loss because of because of not properly planning and I'm that I'm in the world of planning.
00;33;28;04 - 00;33;51;27
Brian:
So yeah that's what a lot of lawyers don't have wills you know I know that's very true. You focus on helping others and you forget about yourself.
Tom:
Yeah. So, Brian, is is there a particular legacy or mission that you hope to establish with your auction house? And again, you're such a young guy and there's just so much potential room for growth, but have you ever thought about that at all?
00;33;51;29 - 00;34;17;04
Brian:
You know, for me, it's just about doing things the right way, treating people honest, you know, with with integrity, being honest, transparent. That's that's what I want the legacy of REA to be. That's what I want the legacy of myself to be. You know, again, I want to innovate. I want to be a leader in the industry. I want REA to be in the conversation for everything that's good and right and significant in the hobby.
00;34;17;06 - 00;34;38;15
Brian:
But we have a lot of fun doing what we're doing, and I think that's just as important. You know, we make great, great relationships, clients, We have a great team of people that work here that put on these auctions. So we're having a lot of fun. But we realize like the example I just said, we're doing important work for people and we're we're helping people through some dark times, we're helping people through some great times.
00;34;38;18 - 00;35;04;21
Brian:
And I just have a lot of fun doing what I'm doing.
Tom:
That's fantastic. Well, you have your your premier auction starting on November 22nd, which will be a couple of days after this podcast should be released. Tell us a little bit about that. Is there any important items in there, anything you're super excited about? I mean, your auctions are always fantastic auctions, but but, but is there a piece or two that that that you'd love to talk about?
00;35;04;24 - 00;35;32;28
Brian:
Yeah, I mean, this is going to be a big one over 3700 items. I am very excited and this has just made the news in the hobby in the last week or so, this Morehouse baking Babe Ruth rookie. So this is a newly discovered previously unknown example of Babe Ruth's 1916 rookie card, a hugely significant graded PSA 3.5, part of a collection of more than 100 cards from the set that we discovered up in Massachusetts.
00;35;33;00 - 00;35;54;03
Brian:
And I'm really, really excited by that. That's that's going to go for half a million dollars plus.
Tom:
And the one card correct?
Brian:
The one card correct. And we actually there were two Ruth cards in that in that collection. So we'll get to do this all over again in the spring, which will be great. And then we just have, you know, so many.
00;35;54;03 - 00;36;14;05
Brian:
And so it's it's like picking your favorite kid, so many great items, but we have several fresh to the hobby newly discovered pieces of memorabilia, card collections. I think this one to me stands out for just being fresh. I think when you look through it, you'll say, I haven't seen that before. That's a new one and I think that's exciting.
00;36;14;07 - 00;36;35;26
Tom:
Is there any background that you're able to share on this collection being found? I mean, it was it was somebody passed and it was in an attic or anything like that.
Brian:
Yeah. I mean, it's a great story. It the the the cards were produced by a company in Lawrence, Massachusetts and this is 100 and almost 110 years ago.
00;36;35;29 - 00;36;58;06
Brian:
And they stayed within a very small radius of that factory for more than a century. And they were in the same family. They the family did antiquing and house clean outs back in the day. And they kind of knew it was there, but they never really paid much attention to it until recently. And so recently they started doing their research.
00;36;58;06 - 00;37;28;06
Brian:
They realized what they had was significant. They attended the national convention this this past summer in Cleveland, did some research there, met with some people there. We met with them there, had the opportunity to go out and view the collection and lucky enough to get it on consignment. So kind of a hiding in plain sight example here where they knew they had a box of baseball cards, but they did not realize the significance and they did not realize the, you know, the fact that Babe Ruth was in there not once, but twice.
00;37;28;06 - 00;37;59;26
Tom:
Yeah, that's got to be just, you know, one of the finest and most gratifying parts about what you do. I mean, that's that's just super exciting to be able to be involved in stories like that. And then, you know, there's probably a similar story with almost every major auction that you do.
Brian:
Yeah.
And that's, you know, we the reputation that we have is such that people come to us because we're we're we're honest with them, we're transparent with them, and we help them through this and we tell them what you have is very significant and, you know, I'm not trying to buy it from them.
00;37;59;26 - 00;38;21;29
Brian:
I'm saying, look, I want to work with you to get the most money. And so we've carved out a really nice place in this hobby and we got a lot of great stories and we have a lot of fun.
Tom:
Yeah, well, again, you guys do a fantastic job, so I'm a close out. Number one is, is there anything that that we didn't talk about that that you would like to bring bring up or anything else that you'd like to say?
00;38;21;29 - 00;38;42;20
Tom:
And then secondly, for our listeners and viewers, because we do we do both a podcast and a video on this, but how how do they find your auction auction house if they're not already aware of it?
Brian:
Yeah, I mean, look, we covered a lot of ground and we were saying right before we went live here that you and I could talk for hours about a lot of different things.
00;38;42;20 - 00;39;06;28
Brian:
I mean, I think if I had to settle in on anything, I think just taking stock of what you have, you know, you and I both deal with people and all stages of life, all all income brackets. And whether you have a $5,000 collection or $50 million collection, sharing it, understanding what you have coming up with a plan, have conversations with auction houses while you're alive, document them, write them down.
00;39;06;28 - 00;39;33;05
Brian:
We're in a number of estate planning documents with already pre-negotiated terms so that it's just plug and play for your heirs. So that's, I think, something that people don't realize they can do. You can make arrangements while you're alive and and make it extra easy for your heirs when the time comes. Well, as far as how you find out about us you go to Robert Edward auctions dot com we've got an auction starting on the 22nd of November ends on December 8th.
00;39;33;07 - 00;39;52;12
Brian:
We're already working on a full slate of auctions for the new year and you know you can drop us an email at info at Robert Edward Auctions dot com call us we're on all social media channels pretty pretty easy to find but welcome everybody. Not everything is a half a million dollars in our auction. We have a whole group of auctions that start at $10.
00;39;52;17 - 00;40;18;25
Brian:
So absolutely.
Tom:
Well cool. Well, thanks again for for being here with us. Always a pleasure talking to you again. You're you're just one of the people that I literally love talking to every opportunity I get. So I really appreciate your taking your time.
Brian:
Absolutely. Thanks, Tom.
Martie:
On behalf of Tom Ruggie and Destiny Family Office, we hope you enjoy today's episode of the Significance of Wealth, and we'll continue to tune in to future episodes.
00;40;19;02 - 00;40;47;20
Martie:
Connect with us at Destiny Family Office dot com on LinkedIn, Facebook, YouTube and Reddit and recommend our podcast on iTunes and Spotify. Until next time, the expressed views, thoughts and opinions in this episode of the significance of wealth belong solely to the host and or guests and are not investment recommendations or offers to buy or sell securities or private investments by Destiny Wealth Partners or its affiliates.
00;40;47;23 - 00;41;02;15
Martie:
This podcast is for informational and educational purposes only. The funds discussed are typically for qualified purchasers, defined as $5 million of investment net worth. Exclusive A primary residence.