The Chernin Group and a handful of celebrities across sports and entertainment are investing $40 million into Goldin Auctions, the latest rush of money into a memorabilia industry that has grown rapidly during the pandemic.
The Chernin Group, the fund backed by Peter Chernin that has invested in Barstool Sports and the Action Network, led the round, according to a news release. Other investors include Dallas Mavericks owner Mark Cuban, NBA stars Kevin Durant and Dwyane Wade, NFL star Deshaun Watson and internet celebrity Logan Paul.
Founded by Ken Goldin in 2012, Goldin Auctions has become one of the largest auction houses for sports collectibles, trading cards and memorabilia. The company grossed $800,000 in its first year, and more than $100 million in 2020. To date, it has overseen more than $300 million in sales.
Ross Hoffman, a former executive at Twitter and Google, will join the company as its new CEO. He will run the day-to-day business alongside Goldin, who will transition to executive chairman.
“The collectibles industry has one of the world’s most engaged and rapidly growing audiences,” Hoffman said in a statement. “By building upon the trusted marketplace Goldin is known for with new technology, operations and content, we aim to make things easier, safer and faster for everyone in the hobby, old and new.”
The collectibles market has grown rapidly during the pandemic, likely due to a combination of fewer sports to watch, some COVID-inspired nostalgia, and the growing popularity of investing in new and different asset classes. It is currently a $10 billion industry, according to the release.
Other investors in the round include actor Mark Wahlberg, music producer Timothy “Timbaland” Mosley and Bill Simmons, founder of The Ringer.