The Provenance Premium: Auctions, Collectibles, and the Intellectual Property in Things People Collect
By Casey Scott McKay ·
A collectible is a physical object whose value comes almost entirely from information about it. Who made it, when, how many exist, what condition it is in, and who has owned it are what the market prices, and almost none of that information belongs to the person selling the object. Several of the intellectual property rights in the object itself belong to somebody else entirely, which collectors reliably misunderstand. This article works through what a collector actually owns, the authentication and grading industry that has become the market's infrastructure, and reproduction and image rights in catalogues and listings. It then covers the licensing stack underlying trading cards and memorabilia, and the consignment and auction terms that allocate risk in ways participants misread. It closes with the counterfeit problem grading was invented to solve and has partly relocated.
IP and Technology > Copyright | Article | Published 8 May 2025 - Updated 18 July 2025 | Casey Scott McKay - marksy.us
Summary. A collectible is a physical object whose value comes almost entirely from information about it: who made it, when, how many exist, what condition it is in, and who has owned it. Almost none of that information belongs to the person selling the object, and several of the rights in the object itself belong to somebody else. This article works through what a collector actually owns, the authentication and grading industry that has become the market's infrastructure, reproduction and image rights, the licensing underlying trading cards and memorabilia, consignment and auction terms, and the counterfeit problem grading was invented to solve and partly created.
Keywords: collectibles IP · trading cards · authentication and grading · provenance records · consignment terms · reproduction rights · catalogue photography · auction platform liability · counterfeit collectibles · sports and entertainment licences · publicity rights on cards · resale royalties · slab and holder marks · population reports · memorabilia
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