Graf vs Host

While it’s not the immediate, standout build-around card that The Gitrog Monster was, another Golgari monstrosity is piquing some interest.

ishkanahgrafwidow

An obvious EDH bomb, I identified this as a card to buy at its floor. It seemed too slow for Standard but its power was obvious in EDH. On the Brainstorm Brewery podcast, Ryan said that he was going to go pretty deep on $2 copies of the itsy bitsy Grafwidow and I opted not to join him. It’s not that speccing on golgari cards in the past hasn’t paid dividends – I’m writing this article on the computer I bought with profit that was in part to Deadbridge Chant spiking to $10 after all. But this didn’t seem like it could impact Standard all that much. Wish I’d bought in, frankly. I have stayed away from speculating on Standard cards for so long I can’t tell if a card is good or just good in EDH.

Then it spiked to $10.

Unless you listened to our set review episode and agreed with Ryan and dropped a few hundo on $2 copies of the Grafwidowmaker you aren’t in a position to make much money from her directly. However, you may remember that one of the things I do in this series is scour decklists to try and find financial opportunities. Older cards that suddenly are getting more play due to people building a new deck can suddenly become worth money, especially if they go from trash to staple the way a new deck can make cards do. I think there is money to be made on a few Ishkanah staples and there is still time to get in.

I am not going to load this article up with a ton of preamble this week because I basically am not feeling my typical, jovial self.

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This card is going to do something someday. Basically, whenever a card is unique in its effect, you need but ask whether you think casual players might one day be interested in the effect. If the answer is yes, you have a delicate balancing act to think about. Is the card good enough that lots of casual players playing lots of decks will want it but not good enough that they need to reprint, functionally or otherwise, the card for future sets? I don’t know that they’ll feel the need to give us another Assault Formation any time soon, but making everything Doran opponents in the face is a cool effect. Spiders and other big-butted creatures get a massive upgrade from this. Legacy and Modern players can even use Assault Formation to kill opponents Tarmogoyfs with their Tarmogoyfs and break up ground stalls. I mean, they won’t, but they can and that matters. You know, to me.

Modern is also giving this deck a bit of a bump in noticeability because MTG Price’s own Corbin Hosler is streaming some doofy Doran deck in Modern where you use Zur the Enchanter to snag Assault Formation so he can attack for 4. There is removal and stuff he can also grab. The deck is a pile, but if piles didn’t move prices, Travis Woo would be out of a job. You know, more. This could put some pressure on the price, also. Those two factors may not be enough to drive the price right now but all that means is that you have more time than you would if Corbin’s stupid deck got played on camera (I know he streams, but I meant a camera that has people watching.  I don’t even watch him stream and I’m friends with him. I bet even his wife doesn’t watch his stream. Still, he writes for TCG Player, now and that has to count for something. At least the card is getting put in people’s minds.

I think you have a while to move on these, but I think you’re safe going pretty deep.

Untitled

This seems like a no-brainer. I don’t know that this gets printed again easily and it’s narrow enough that there won’t be much pressure to do it even in the few avenues where they could do it. This is in a precon that theoretically has $60 worth of cards in it, but a lot of that is presuming you can get $0.50 for a lot of the uncommons. It basically has an $8 Commander Beacon, a $5 Eternal Witness and a $4 Solemn Simulacrum. These decks aren’t super worth picking up at MSRP to flip so basically the decks are going to players. This card is above its historic low but it didn’t stay there long. It’s trending up-ish thought not enough to make a pronouncement. I think there are enough $3-$5 cards in Eldritch Moon that will be $0.50 next month that you should start sheltering your value by trading for a $3 card that has upside like this. This doesn’t just go in Ishkanah decks, but 90% of the Ishkanah decks uploaded to EDHREC run it so if that deck is popular at all, this card will be, too.  If this goes down at all, I like it. If this goes up at all, I like it even more.

The rest of the deck is pretty cheap, and that’s appealing, too. When a deck can be built as cheaply as this deck can, it becomes appealing to foil the deck out. That can present challenges but people will still try. One challenge is the disparity in foil multipliers for other-format staples and also for cards that are reprinted in non-foil in Commander sets but are only foil in the original set.  $30 foil Urza’s Incubator doesn’t care that the non-foil is $4, now.

Still, it’s a deck where, once the artifacts like Door of Destinies, Ashnod’s Altar (ouch) and Sol Ring (I may skip this one) are foiled, you can finish it cheaply means people might try it. A lot of the spiders are affordable but there aren’t a ton of them and there could be opportunity here, if only just to trade the foils off.

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These come as a set, and 75% (heh) of the Ishkanah decks are running this combo. Cheap spiders are easy to buy a few playsets of affordably and watch the price go up over time.

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This was reprinted in a Commander precon which means as the non-foil price goes down, we’ll see greater and greater divergence of the foil price, which is already trending upward at points. We’re not getting more copies and even though dealer confidence went down with the reprint of non-foils, demand is going to eat copies eventually and when supply can’t catch up, the price will.

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This card, near its historic low, has a mere 10x multiplier. Standard used this and maybe Modern will, so the additional potential exposure from some crazy Modern dredge thing could give this some traction on top of a crazy foil spiders deck. Dealers are staying pat on this, but a second spike will be harder and they’ll be flat-footed so maybe take a look at this.

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Early Standard adoption messed this price up for life, basically. The non-foil is tanking but the foil doesn’t know what to do. Dealers aren’t in a hurry to race to the bottom so I feel like it’s in a weird spot. I’m not enthusiastic about its current price and I feel like it will be $3 before it’s $7. This is gross, but people may want to buy it now, and you never know if Standard somehow spikes this if people adopt Ishkanah in Standard. Strangers things have happened.

Also, buy basically every single spider that goes in the deck in foil, if you can. People who build this deck run a lot of crap spiders from the pre-foil era and a foil deck would have to leave them out (We hardly knew ye, Root Spider) but the deck is doable in foil. I don’t think a ton of people will build it, but it will be tempting once people see how cheap most of the cards are. Any cards, like Cryptolith Rite and Spider Spawning, that see play in other decks will have additional upside exposure and are better buys.

That’s about all for Grafwidow. Join me next week where the topic of discussion will be something else.

PROTRADER: Bant isn’t Simic, Forsythe!

By: Travis Allen
@wizardbumpin


Don’t miss this week’s installment of MTG Fast Finance! An on-topic, no-nonsense tour through the week’s most important Magic economy changes.


Last week, we talked about cards to keep an eye on as we got ready to kick off post-Eldritch Moon Standard, with our eyes on the Pro Tour. Our goal was to identify cards that had a lot of potential to be realized by EMN additions. We’ve already seen some appear this past weekend at Columbus. On the whole the tournament was disappointing — Bant Collected Company mirrors were everywhere, with some fairly outrageous statistics. Here’s the top 64 breakdown, weighted by finish:

ARCHETYPES TOP 64 METAGAME
Bant Company 43.8%
U/W Spirits 11.5%
B/G/x Control 10.0%
G/W Tokens 10.0%
W/R Humans 7.7%
W/B Control 5.4%
G/R Goggles 3.1%
U/R Eldrazi 2.3%
G/B Delirium 1.5%
G/B/x Emerge 1.5%
Misc 3.1%

Yep. 44% of the meta was Bant Collected Company. Nearly half the decks in the room on Sunday were the same damn thing. I’m not even sure Pack Rat was this bad.

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ProTrader: Magic doesn’t have to be expensive.

Grinder Finance – WTF is Printing and Collation?

I’ve decided to start a little mini-series, appropriately titled “WTF is _” to take some time to discuss some topics that might not necessary be the most important finance topics but tangentially related to the cost of cards as a whole.  The first topic I’m going to talk about is collation.

Well if you go look up the word collation, it doesn’t make a whole lot of sense in the way it’s used to describe Magic product so I’m assuming someone made the stretch to fit at some point in time.  I don’t know the etymology of the phrase but I know what it means.  Collation in Magic terms refers to the distribution of cards in a booster pack (or packs in a box, etc).   But before we can really dive into Magic’s collation process and what it’s doing today, we need to talk about the printing process first.

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Sheets

Since the dawn of time Magic cards have been printed on huge sheets of card stock and cut down into the much smaller cards we all play with today.  It’s not uncommon to see foil uncut sheets like these available at Grands Prix’s prize walls.  Generally each set has 3 sheets for each of the 3 rarities.  Generally…

Alpha

As a young upstart company without presumably a ton of financial resources it’s no surprise Alpha was a huge source of printing problems.  You ever want to make a vendor roll their eyes?  Ask them if they have any Alpha Volcanic Islands for sale.  Alpha was missing two cards that were part of Beta (Volcanic Island and Circle of Protection: Black) and that’s not even the worst part.

Here is a picture of Mark Rosewater standing in front of an uncut sheet of Beta rares.  You might not notice it quickly but I count 4 (FOUR!?) basic islands on this rare sheet and I can’t even see the whole thing!

mm45_beta1

In this second picture (of presumably a common, rare, and uncommon sheet) there yet still more basic lands on the uncommon sheet.

mm45_betaAll

The short version of this story is don’t buy an unopened pack of old Magic.  You could get some very bad cards as your rare.

Experimental printing processes:

Have you ever heard someone say something’s rarity is “U2?”  No they’re not talking about the band, but rather another experimental and now defunct printing process (kind of).  Most people assume that the Legends Karakas is an uncommon and so is Mana Drain.  They’re from the same set, right? Well yeah but technically, Karakas is a U2 and Mana  Drain is a U1 which means there are twice as many Legends Karakas in existence than Mana Drains.  The U1/2 distinction is how many times each card appeared on the uncommon sheet.  That also happened with the common sheet which lead to some weird situations.  Hymn to Tourach is a C1 in Fallen Empires but it has 4 different arts so it’s on the sheet 4 times…  Some commons only had 3 different arts (this different art experiment was also a bad idea) which means despite them both being C1, there are more of some than others.  But Fallen Empires also has other problems like it only being printed on two sheets (the other sheet had U3, U2, and U1 cards – which were Uncommons, Slightly more Uncommons, and Rares).  Wizards has since learned something from these mistakes.

Modern Day Printing:

Today, there are 3 sheets.  Commons, Uncommons, and Rares.  But wait, what about mythics?  Well it’s pretty simple to explain.  With the introduction of the colored set symbols to denote rarity, it became imperative that each card at the same rarity was the “same rarity.”  Some cards, like Mythic rares appear slightly less often than other cards in the same slot so they have a new symbol but they are printed on the same sheet.  The rare sheet for modern sets has 2 of each rare and 1 of each mythic – making mythics twice as rare as rare without the confusing R2/1 notations. But wait, there’s more!  Flip cards can’t be printed on the same sheet as normal cards because they don’t have the same backing.  Thus we have sheets that contain only flip cards and they are cut and inserted into the packs later as well.  BUT WAIT – there’s still more!  With Shadows over Innistrad and Eldritch Moon I am going to go out on a limb and make the assumption that they have split the flip cards into two sheets.  One with commons and uncommons (1 goes in every pack) and one with rares and mythics (1 goes in some packs but doesn’t replace the other flip card).  This printing process is different from Innistrad and Dark Ascension where there was only ever 1 flip card in a pack.

Collation

Okay so now that we’ve had that history lesson on what printing is – let’s talk about collation.  In the oldest years of Magic there was no collation.  The cards were printed, packed, and shipped.  Many cards appeared in the same order in booster packs and the same rares in the same order.  I vaguely remember in my earlier years, while drafting Onslaught, that there were some cards that often appeared before or after Sparksmith on a sheet.  With this information I was able to tell if a Sparksmith was likely in the pack and base my further decisions on that.  If you didn’t draft Onslaught you probably don’t get why Sparksmith is so important.  Basically it’s like opening a Pack Rat at common.  Maybe not quite that bad, but whatever – I’m getting off topic.

Recently

There have been strides made in order to limit the ability to know what rares would be in what packs.  This is also called “box mapping” and while I don’t do it or endorse it, many people try.  Some boxes are especially susceptible as a few years ago there was an app you could download to help you do it.  I don’t want to say it was box mapping for dummies, but it was.  As you can see here, it only took 8 packs to map out the entire box’s contents.  This is obviously very unsettling to people and had gone on through Gatecrash and Dragon’s MazeTheros introduced new colation processes that had some packs shift and/or columns move that made it much harder to do.  As far as I can tell, going forward it has been pretty hard to map boxes.

Problem Packs

On more than on occasion we have seen some colation failures and it’s almost always at the expense of the player.  Modern Masters 2015 had a comical number of errors.  I experienced two different drafts where the number of cards in the packs was not correct (missing foil, missing rare, extra foil, or extra rare).  Then you have weird stuff like this box where every pack had a mythic.  This also happened in Fate Reforged where there were a number of people that opened a fetchland in every pack.

Eldritch Moon

So we have another problem this time.  “Box Mapping” has become too easy for the average player.  As you can see in this video, you are able to tell which art packs in a case has all of the non-flip mythics in that case.  While it’s not quite as bad as knowing where every card is in a box of a set, you can find most of the mythics pretty easily across multiple boxes with this technique.  In fact, after you find one mythic you are very likely on your way to finding them all.  This is a big colation problem and might be a result of using a different colation process from Oath of the Gatewatch which weirdly had 4 booster wrappers instead of the usual 3 of a small set.  It might also be a problem with how they decided to package flip cards from this set and it was masked by the 5 booster wrappers in Shadows over Innistrad.  The short version of this story is don’t buy loose packs.  The long version of this story is all of the words it took to get here.

Final thoughts from Last weekend

  • So, Spell Queller.  Who’s ready for a year of this guy?  I’m not sure what’s going to happen in the next few days since it’s already a $10+ rare but man there are so many Spell Quellers in the T64 of SCG Columbus.
  • Moving forward I think there will be an uptick of 1 mana ways to kill Spell Queller (Aerial Volley, Fiery Impulse, etc) but I feel they may fall short of killing the rest of the Bant Company deck.
  • Not a big splash of Eldritch Moon cards in Modern.  I wouldn’t give up on your Allosaurus Riders / Eldritch Evolution deck but I’m not saying it’s likely to happen.
  • Pro Tour is a few weeks away.  If you see cards under performing don’t ditch them yet.  You have a good chance to cash out during a weekend of spikes.  Last Pro Tour I was able to sell all of my Dark Petitions for far more money than I should have been able to get for them.

PROTRADER: Why the Rich are Getting Richer

Something I hear about more frequently nowadays is the concept of a “fixed value” for a given Standard set.  In other words, once a Standard set is released and enough cards enter circulation, card prices adjust so that eventually the set’s overall value levels out at a specific number.  Call it $120, $140, or the cost of redemption – call it whatever you’d like – the MTG finance community largely embraces the concept that a single card can “absorb” most of the value of a set and push down the value of the rest.

This sort of constraint is limited fairly narrowly to sets that are still in-print and/or redeemable from MTGO.  There’s no similar limitation, for example, on the value of a Legacy and Modern deck.

Or is there?

This week I’m going to take a look at a few interesting trends across these eternal formats, and in turn develop some hypotheses surrounding the recent jump in many cards’ prices over the past few months.  Ultimately I’ll answer the bottom line question: are reserve list and other older cards in a bubble?

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The Modern Swoon?

This morning I was browsing values on some of the most popular cards in the Modern metagame.  I immediately noticed that some of the hottest cards – some even popular in Legacy – have been dropping in price aggressively.  Snapcaster Mage immediately comes to mind:

Snapcaster

Then again, this card did just see a promotional printing.  So let’s take a look at something also very popular in Modern that didn’t get reprinted in the past 6 months:

Spellskite

Perhaps Spellskite is suffering due to the banning of Splinter Twin in Modern.  It’s price did peak in January – the same month that Splinter Twin’s banning was announced.  Though it’s worth noting that this card is still a major staple of Modern.

And who could forget the savage beating Remand has taken lately due to its multiple reprints.

Remand

The charts above could lead one to believe the end is truly near for Modern.  After all, these are significant drops!  However, the interesting point I want to highlight is that while these Modern prices tumbled, a few other Modern cards have seen recent all-time highs!  Consider, for example, the Modern Masters reprint Kitchen Finks:

Finks

Collected Company broke into Modern and has filled the void in Melira combo decks vacated by Birthing Pod’s banning.  Therefore it’s no surprise to see this critical 3-drop storm to double digits despite the reprint.

Noble Hierarch is another card that was reprinted (this one far more recently) and yet has been overcoming the new supply and rising in value.  The Modern Masters 2015 copies are even hitting all time highs as we speak.

Hierarch

And who could ignore one of the greatest Modern gainers in 2016, sideboard tech Stony Silence?

Stony

All of these price movements can be explained individually with a fundamental idea.  Noble Hierarch is rising because it’s utility across multiple successful decks.  Stony Silence has surged since Affinity has strengthened in the Modern metagame.  You’ll also see easily explicable growth in cards like Inkmoth Nexus and Cavern of Souls.  Equally, there’s an explanation for price drops in those like Inquisition of Kozilek and Gitaxian Probe.  It almost seems like for every increase there’s an equal but opposite decrease.

Now let’s take a look at some Legacy charts.

Eternal Masters’ Force Majeure

When Eternal Masters hit hobby stop shelves worldwide, people had already anticipated what was to come – but only to a limited extent.  What I mean is, players knew Legacy staple reserve list cards were bound to jump.  This caused a small, temporary run on cards like Mox Diamond.

Mox Diamond

However the buyout was premature – after spiking to $120, the card immediately sold off again to reach a still-respectable plateau of $80.  That is, until Eternal Masters had sufficient circulation.  Now the card is butting up against that triple digit price point and it’s only a matter of time before it breaks through.

Perhaps the most noteworthy trend I’ve been following for Legacy staples – outside of buyouts and attempted price manipulation – is that of Dual Lands.  Some of the more popular duals have been screaming higher in a somewhat under-the-radar manner.

Sea

When Underground Sea last hit $400, many in the MTG community screamed foul.  And in fact, it did feel like that price target was forced a bit.  But here we are again at $400 – with even higher buy list prices – and no one is blinking (or if they are, they aren’t vocal on social media).  And it’s not just the most played duals that are moving.  Check out one that I’ve had my eye on for weeks: Taiga.

Taiga

Again we see a dual land peaking in 2014, selling off, and then returning to new highs.  Could this be a tremendous Legacy Renaissance?  Is the format surging in interest on the heels of Eternal Masters?

Possibly, but I need to now address the other side of this coin.  As reserve list staples surge higher, many Legacy staples have sold off dramatically in the wake of Eternal Masters reprints.  Karakas comes to mind first because the loss I’ve taken on my single copy hits closest to home.  But I wanted the card for Legacy, so I knowingly signed up for the downside.

Karakas

Despite being reprinted at mythic rare, the Eternal Masters reprint of Karakas really punished its price.  Rares in the set were set back even further.  Wasteland is one of the most played cards in Legacy, yet the card is notching two year lows on the recent reprinting.

Wasteland

Other cards that have suffered in price include Cabal Therapy, Jace, the Mind Sculptor, and Sensei’s Divining Top.  Of course these are balanced out by surges in cards like Counterbalance, Surgical Extraction and Lion’s Eye Diamond.  Some prices are dropping and others are on the rise.

Is there Incremental Money At Play?

Analyzing solely the data presented above, one may conclude that there’s no incremental value flowing into Magic.  However I’d have to disagree with this conclusion, and the reason is related to cards I haven’t even mentioned yet: Vintage and Cube staples.  No matter how much cheaper Mana Crypt gets due to its reprinting in Eternal Masters, it cannot overcome the fact that Library of Alexandria has gone from $300 to $800 this year.  The Tabernacle at Pendrell Vale’s growth is likewise not explainable by the reprinting of Gamble.  Even if a playset of Gamble was given away at every Legacy Grand Prix, they wouldn’t get cheap enough to counteract the $300+ gain in Tabernacle.  Something more is clearly at play here.

My hypothesis is that there’s another driving force beyond just shifts in value from some cards to others within a metagame.  For high end cards to continue their climb, there must be incremental money entering the game.  And I can support this hypothesis with macroeconomics.  Consider this: interest rates are near historic lows – in some cases outside the United States, treasury yields are negative!  That means you can basically purchase a 10-year bond from the government (essentially giving them a loan) and you’d get less money back after ten years than what you provided.  Yup.  Negative interest.  It’s a reality.

This phenomenon has driven investors to look for places to park money in order to earn some sort of stable return.  Usually this void is filled by bonds and CD’s.  But when you’re getting less than 1% interest on these products, it drives people to look elsewhere.  Dividend paying stocks, such as Verizon, are hitting ten year highs as a result.  People throw caution into the wind and ignore valuation – they see a juicy 4% dividend and they pile in.

VZ

As investors struggle to find safe yields, they’ve been amassing large cash balances.  So to avoid sitting on piles of dead money, they begrudgingly put their precious resources to work in the stock market.  This is one reason why the market is hitting all-time highs – there’s simply nowhere else to go for reliable returns in this low-rate environment.

Or is there?  I’m going to go out on a limb here and suggest that at least a small amount of the most savvy MTG finance investors are looking at Magic as a superior alternate investment vehicle.  It may sound unlikely, but in reality it doesn’t take much for such a consideration to become reality.  People like Rudy from the Youtube channel Alpha Investments know that they can’t get better, safer returns from the market right now.  I myself have recently added to my MTG portfolio, lifting my exposure to the collectible card game to a personal all-time high.  In my brokerage account I’m unhappy with the funds sitting in cash earning 0.01% interest.  So why add more when I see attractive opportunities in Magic?  I’d wager Rudy and I aren’t the only ones thinking this way.

Wrapping It Up

What does it all mean?  I’m drawing two conclusions here.  First, I think the concept of Modern Masters and Eternal Masters sets reducing price of entry into eternal formats is a complete fallacy.  All Modern Masters sets do is shift value from one basket of cards to another.  For every Vendilion Clique and Dark Confidant there’s an Inquisition of Kozilek and Inkmoth Nexus.  It’s impossible for Wizards of the Coast to support Modern’s growth as a format and simultaneous reprint cards fast enough to keep values manageable.  And I’ll go as far as to say that Eternal Masters sets does more harm than good for the secondary market.  All these sets will do is push down values of reprintable cards and concentrate value in high end reserve list staples – thus rewarding those with large reserve list collections and strengthening the 1% of MTG finance.  In turn they can convert these profits into the very high end and drive prices to even higher levels.

The second conclusion I’m drawing is that I believe there is a growing number of MTG investors who recognize the opportunity in front of them.  Anyone who deals with the stock market and the MTG market can see how investments in high end reserve list cards and strategic sealed booster boxes are highly attractive versus an inflated stock market.  This is precisely why I personally decided to allocate new funds to my MTG account instead of my stock market account for the first time in three years.  If I want a safe, steady return I frankly like Origins booster boxes more than an expensive Verizon stock at this point in time.

So where do we go from here?  While I do see interest rates rebounding eventually, I’m not sure if that’ll drive prices of reserve list cards down at all.  If I think about Magic from the long-term view perspective, the value of Power, duals, and other high end reserve list cards will be proportional to the longevity of the game.  If Magic is around for another 23 years, I shudder to imagine what a Black Lotus could sell for at that point in time.  Considering a Honus Wagner baseball card sold for over $2 Million back in 2012, I’d say Magic cards have plenty of runway.  While the Honus Wagner card is far older and rarer than Black Lotus, there is one thing the Lotus has going for it.  People can’t enjoy playing a fun game with their baseball card…

Sig’s Quick Hits

  • I was not expecting this one. While Star City Games has a few dozen Underground Sea and Volcanic Island in stock, they have only 20 Revised copies of Scrubland available – none are Near Mint.  This goes back to my earlier point that all dual lands are on the rise now, and I suspect we haven’t seen their peaks yet.
  • A few weeks ago I picked up a single SP copy of Nether Void as a modest bet that the reserve list card would spike in price. One month later, I firmly believe we’re on the doorstep of such a jump.  Star City Games had a few copies in stock as recently as a week ago, but now they’re completely sold out.  TCG Player is also down to just a few copies.  Star City will inevitably raise their price now, and the momentum won’t stop.  DISCLAIMER: I have my single copy listed on eBay at the inflated price of $350 in case there is a spike.
  • Force of Will is still out of stock at Star City Games. Their Alliances copies are listed at $110 but there are none in stock and I suspect these will get re-listed $10-$15 higher.  This is 100% definitely the Tarmogoyf of the Eternal Masters set, rising in price despite the reprint.  It’s fascinating to watch Legacy cards react in price consistently with Modern cards during Modern Masters reprint years, only with more magnitude due to rarity and age.

MAGIC: THE GATHERING FINANCE ARTICLES AND COMMUNITY