Money & Me: 'I sold the $5.27m Pokemon card to Logan Paul'

Dubsy began collecting rare comics and cards in his 20s and has made millions from a hobby that began when his mother bought him a 'Batman' comic at the age of 10

Dubsy paid $60,000 for a rare Pokemon card in 2015 after discovering that collectible cards were cheaper than comics. Pawan Singh / The National

UAE collector Dubsy made global headlines after selling a rare PSA Grade 10 Pikachu Illustrator Pokemon card to American YouTube media star Logan Paul for a record $5.27 million — a trade carried out in secret at Burj Al Arab in 2021 and noted by the Guinness Book of Records.

An Emirati in his 40s, Dubsy maintains anonymity with a pseudonym that is based on mysterious British artist Banksy.

“I am a big fan. I like his philosophy … he is someone who is not really going after the money,” says Dubsy, who lives in Dubai and is single.

Dubsy is about to launch a website featuring an interactive museum of his Pokemon collection, believed to be the most complete and valuable in the world.

Were you around money during childhood?

I grew up in the late 80s, early 90s. My grandfather was tough on my dad with money and my dad continued that with me. He was a huge businessman in the real estate industry but wasn’t spoiling his kids. He was setting limits for how much we could spend. There was no pocket money. He was like: “You have to study, to prove yourself.” My family comes from a business background but I grew up like most other middle-class citizens in Dubai. I really appreciate that.

When did you first earn money?

After I graduated from university, I came back to Dubai and worked admin in a bank for Dh4,000 ($1,089) a month. I realised two years on that I hated the corporate world and then worked for an airline for six years. I was cabin crew, then in human resources and customer service. I was in my late 20s when my dad said: “You’re ready to come and join the family business.” It is in “old Dubai” real estate. I’m a sleeping partner.

How did you get into collectibles?

When I was 10, [I got] my first comic book: Batman, number 497. My mum bought it. I loved that I could read the stories and dive into the history behind it. In my 20s, I revisited that. A lot of collectors go through this; during teenage years they get into other stuff … once they find a job, they are financially stable, they start collecting seriously.

[At] the end of 2007, my salary was about Dh15,000 [and] eBay was becoming very popular. I am famous for Pokemon because of the Logan Paul deal, but my main collecting hobby is comic books. I started buying one or two per month and grew from there.

Has collecting become a business?

It is an income. Before I was just collecting, maybe long-term investments. Nowadays, I look at stuff I could flip or sell in a year or two. The collectibles market during Covid-19 rocketed by two, three, four times. People were at home with nothing to do [and] wanted to buy stuff online. I had a massive collection by then. It is something I am passionate about, it is great money as well, so I took it more seriously than just a hobby. It is more gut feeling, intuition, mixed with the market.

How did you invest in pricier items?

After my father passed away, I got an inheritance and income was coming from the family business. It was a big jump from what I could afford before; comics worth maybe $2,000. Suddenly, I could buy the comics I had been dreaming of, in the tens of thousands of dollars.

Dubsy shows off a selection of his collectibles. Pawan Singh / The National

When did the Pokemon card enter your life?

In late 2015. I paid $60,000. I had started researching; Pokemon and other collectibles — Star Wars action figures, vintage video games — were way cheaper than comics, which is a large, established market. Many comics sell for millions of dollars, but Pokemon hadn’t reached that place yet, so I diversified. It wasn’t initially a business venture. It was “buy this, enjoy it, sell it one day and probably make a profit”.

Were you surprised to receive $5.27m for the card?

It is an amount I never thought of. With most collectibles, I plan how much I would want to sell for. With this card, I had a number in mind. I was offered $300,000 in 2018; a year after, $1.5m. I still said no because I was OK financially and knew this was the Pokemon card. Most people would sell, make multiple times your investment in a short period, but collectors have huge sentimental attachment — it is harder to let go. This deal actually happened a year ago. That was what Logan wanted because he was making a video and I signed an NDA (non-disclosure agreement).

How did you invest those earnings?

I put some into cryptocurrency, Bitcoin and Ether. It is long term; if it falls by a big amount, I put in a little more. Also, I like buying physical gold and store it in a bank vault. I bought some real estate and have foreign investments. The vast majority went back into collectibles; it is still a good time to invest if you know what you are buying. You can’t put all the eggs in one basket, so I would say half my assets are outside of collectibles.

Are you a savvy spender?

More sensible than most. I spend quite a lot on collectibles. I used to buy stuff I liked that would not necessarily go up in value. That was kind of a waste. I am a car fanatic and like buying and selling them. I own a 1999 Mitsubishi 3000gt VR-4, very rare, shipped from the US. I paid about $60,000 and it is worth more now. The cars I really want are out of my league.

Have you had other collectible successes?

A Batman number one comic book, very high grade, [which] I bought for $560,000 and sold for $1.4m less than a year later … one of my better investments. There is a lot where I pay $30,000 and it is now worth $100,000 to $200,000. Most are trading cards, some are comic books.

What are your cherished purchases?

An X-Men number one comic book signed by (the creator) Stan Lee, extremely high grade, bought for $27,000. It is (valued) at $200,000 to $300,000 now. It is very sentimental to me. I don’t think I would let that go; it would have to be another Logan Paul (situation). Magic: The Gathering — also a trading card game … I bought the Black Lotus card for $75,000 in 2015. I have been told it is worth more than $1m.

I don’t see money the way other people do. It is fuel for my hobby because I make more than enough to live my lifestyle

Dubsy,
rare comic and card collector

How do you feel about money?

Money doesn’t affect me, like most people. If I lose money on a deal or physically, it is OK. I am very fortunate. I am not attached to money; I am attached to my collectibles and it is nice to see them go up in value.

When my other assets go up in value, let’s say stocks, I am excited because I can buy more collectibles. That is the only reason it excites me to make money. I don’t see money the way other people do. It is fuel for my hobby because I make more than enough to live my lifestyle.

I live in an apartment. I don’t have a huge place, simply a normal, very decent living.

What else do enjoy spending on?

I travel every month. I have been to 40-plus countries, 60 cities. As long as I have enough money to travel comfortably and stay in places that I want to whenever I want, and can buy the collectibles I want, that is enough for me.

Any spending regrets?

As a collector, you want to finish a collection, your collector mentality will take over and you buy whatever you find and pay several times the value. You lose quite a lot of money that way. I have regret but it doesn’t affect me so much because I have made better decisions elsewhere and other items are covering that cost.

Has your risk appetite altered?

It has decreased, actually. I did take a lot more risks before with non-collectible items — with collectibles, I take high risks. It doesn’t always work out. I used to own a Mickey Mantle baseball card, the most famous one.

I borrowed $430,000 and I knew it would go up in value someday. About six months later I needed cash, so sent it for auction. The market wasn’t hot at that time; it sold for $360,000. A year later, it was worth a million. Now, it is worth more than $2m.

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Dubai-based collector breaks world record for biggest Pokemon card sale — in pictures

YouTuber Logan Paul pictured at the Burj Al Arab with the Pokemon card he bought for $5.3 million. All photos: @dubsy via Instagram

Dubai-based collector Dubsy, whose face has been deliberately obscured, sold the Pokemon card to Paul for Dh19m.

The world's most expensive Pokemon card, which sold for Dh19m.

Guinness World Records recognised it as 'the most expensive Pokemon trading card sold in a private sale'.

Paul wearing the Pokemon card at Wrestlemania.