Mickey Mantle rookie card sold for $50K US in 1991 fetches record $12.6 million

A mint condition Mickey Mantle baseball card sold for $12.6 million US Sunday, blasting into the record books as the most ever paid for sports memorabilia in a market that has grown exponentially more lucrative in recent years.

The rare Mantle card eclipsed the record just posted a few months ago — $9.3 million for the jersey worn by Diego Maradona when he scored the contentious "Hand of God" goal in soccer's 1986 World Cup.

It easily surpassed the $7.25 million for a century old Honus Wagner baseball card recently sold in a private sale.

And just last month, the heavyweight boxing belt reclaimed by Muhammad Ali during 1974's "Rumble in the Jungle" sold for nearly $6.2 million.

All are part of a booming market for sports collectibles.

Prices have risen not just for the rarest items, but also for pieces that might have been collecting dust in garages and attics. Many of those items make it onto consumer auction sites like eBay, while others are put up for bidding by auction houses.

Because of its near-perfect condition and its legendary subject, the Mantle card was destined to be a top seller, said Chris Ivy, the director of sports auctions at Heritage Auctions, which ran the bidding.

Before the COVID-19 pandemic, the sports memorabilia market was estimated at more than $5.4 billion, according to a 2018 Forbes interview with David Yoken, the founder of Collectable.com.

By 2021, that market had grown to $26 billion, according to the research firm Market Decipher, which predicts the market will grow astronomically to $227 billion within a decade -- partly fueled by the rise of so-called NFTs, or non-fungible tokens, which are digital collectibles with unique data-encrypted fingerprints.

Sports cards have been especially in