Determinanty cen a investiční potenciál sekundárního trhu se sběratelskými kartami: Ekonometrická analýza Magic: The Gathering

This bachelor's thesis analyses the secondary market for Magic: The Gathering cards from two perspectives: as a market for heterogeneous collectable goods and as a potential segment of alternative investments. The aim of this thesis is to identify selected determinants of card prices and to assess whether high-end MTG assets show characteristics that may be relevant for portfolio analysis. The empirical part is divided into two sections. The first section uses a log-linear hedonic regression model based on a cross-sectional dataset of MTG cards obtained through the Scryfall API. The model examines the relationship between market prices and observable card characteristics, including release date, rarity, Reserved List status, EDHREC popularity, format legality, game changer status, and full-art treatment. The second section compares the MTGGoldfish Reserved List Index with the S&P 500 and Gold (XAU) over the 2020-2025 period. This comparison focuses on returns, volatility, beta coefficient, correlation, and the Sharpe ratio. The results suggest that MTG card prices are shaped by a combination of institutional scarcity, rarity, age, aesthetic differentiation, and gameplay-related demand. Reserved List status and older release dates are associated with substantial price premiums, while selected format-legality variables show that gameplay utility affects prices unevenly across different parts of the market. The comparative financial analysis shows that the Reserved List Index is highly volatile and performs weakly on a risk-adjusted basis but also exhibits low co-movement with traditional benchmarks. These findings indicate that high-end MTG assets may be useful for diversification, although their investment role is limited by liquidity risk, transaction costs, community-specific demand, and idiosyncratic volatility. The thesis contributes to the analysis of collectable markets by applying established economic tools to a trading card market in which scarcity, playability, collectability, and speculative demand interact within the same asset class.