If you haven’t already seen it, check out the next Banned/Restricted announcement: http://www.wizards.com/magic/magazine/article.aspx?x=mtg/daily/feature/95b
It contains some pretty stunning changes to the extended format which we are all taking time to digest. Essentially, by the time it is a PTQ format again, Extended will consist of everything from Lorwyn onwards. That means Kamigawa, Ravnica and Time Spiral blocks are going to be leaving us virtually at the same time as Mirrodin does. I don’t think anyone saw this coming, but the move makes sense from a tournament attendance point of view – I know I only played Extended once a year for PTQs, and if more people are going to play this new format I think it’s a good move. My only disappointment with this is that as someone who entered with Lorwyn, I’m never going to be able to play Ravnica cards in a sanctioned format short of Legacy. Ravnica still seems like the best block WotC have ever done.
But that’s beside the point! Change is here, change is now, and the witty trader has to adapt to keep ahead of the game. My collection will be suffering in terms of value on shocklands and goyfs, but this is prime time for making quick gains as speculation runs wild over this exciting new format. Check out Jon Medina’s post here for his thoughts: http://mtgmetagame.com/r-i-p-extended-july-1st-2010/ and Kelly Reid’s list of speculative purchases here: http://www.quietspeculation.com/2010/06/holy-crap-double-standard.html
As for me, as soon as I got home I got on MODO and bought a dozen Mistbind Cliques and Windbrisk Heights, as well as some Reflecting Pools, Secluded Glens and Gilt-Leaf Palaces. I prefer to speculate on cheaper cards in bulk, as while Thoughtseize and and Cryptic Command have seen massive gains, %-wise my Cliques are thrashing them and I stand to lose less if they don’t go anywhere.
The next big question is when to sell speculative cards? I think there are three possible options:
In the next week: Latecomers will still be buying in and stores will be replenishing their stocks. You can make back your cash and a little bit of a profit, and move onto the next quick trade.
After the EXT pro tour: More risky, as if the deck you are betting on doesn’t do anything in Amsterdam you stand to lose out. There will be a lot of excitement about the format around this time, though, so if you have 100 Sunrise Sovereigns and Giants is the dominant deck at the PT, you will reap the rewards. (Note I do not advocate speculating on Sunrise Sovereign.)
At the beginning of the next PTQ season: The long-term option, this is likely to give the best return however you will have to hold the cards for six months. In season extended cards can fetch four times what they do off season, even recognised staples like shocklands.
I think a mixture of all three is the best course. Faeries cards are super-hyped at the moment, so cashing out of them shortly seems like a good plan. Sell enough to cover your purchases, and you’ll be liquid enough to jump on any other short term opportunities that pop-up. Hold some cards for the PT, and sell any that do well, using the funds to buy into any sleepers that turn up in and around the top-8. With this diverse portfolio you should stand to make a nice profit in January, while keeping your options open elsewhere in the meantime.
One more take-away from this announcement – nothing is guaranteed. Just like BP shareholders didn’t expect their stock value to tank overnight in the wake of the oil spill, so shockland owners didn’t expect this announcement. WotC cares about the health of the game, not the value of your collection, and they will act to ensure that health.* WotC could emergency-ban Jace in standard tomorrow, or reprint it as a normal rare in M11. Magic: The Gathering is not an investment, but that doesn’t mean you can’t turn a profit in the short term. My advice is stay liquid, keep your eyes peeled for every speck of news, and don’t go crying over spilled milk. Any change is good for speculators. Embrace it.
Anyway, when super-extended arrives you’ll be glad you have all those shocks and goyfs 😉
*(Unless you’re a legacy collector, in which case WotC got your back bro)