The Ethics of MTG’s Secondary Market: Who Really Profits?
Few aspects of Magic: The Gathering are as controversial as the secondary market. While Wizards of the Coast (WotC) doesn’t officially acknowledge it, the economy surrounding Magic singles, sealed products, and collectibles has created a game that is just as much about financial speculation as it is about playing cards. But who truly benefits from this system? Is the secondary market a necessary evil, or does it do more harm than good?
The Role of the Reserved List
The Reserved List is one of the most hotly debated aspects of Magic’s secondary market. Created in 1996 to assure collectors that certain cards would never be reprinted, it has led to sky-high prices for older, iconic cards such as Black Lotus and Dual Lands. While some players argue that this policy preserves the value of investments, others see it as an artificial constraint that limits accessibility and worsens Magic’s barrier to entry.
With the game’s growth, calls to abolish or adjust the Reserved List have increased, but WotC has remained firm. However, their reluctance to reprint Reserved List cards hasn’t stopped them from finding loopholes, such as the infamous 30th Anniversary Edition, which included non-tournament legal reprints of Reserved List cards—essentially proxies sold at an exorbitant price.
Who Really Profits?
The people who benefit most from Magic’s secondary market are not necessarily the players. Large online retailers like Star City Games, TCGPlayer (owned by eBay), and Card Kingdom set the market trends and control a significant portion of supply. Speculators and investors also play a role, manipulating card prices by buying out stock and artificially inflating values.
Meanwhile, the average player often finds themselves caught in a cycle of buying high and selling low. Cards spike in price when they become competitive staples but may plummet if they are reprinted in a supplemental set. This volatility makes collecting and deck-building a costly endeavor, particularly for formats like Modern and Legacy, where key cards can cost hundreds of dollars.
A Necessary Evil?
Despite its downsides, the secondary market also has benefits. It allows players to trade and sell cards, making Magic a more fluid experience where unused cards can be turned into something new. Without a secondary market, players would be entirely at the mercy of WotC’s direct sales, which could lead to even more aggressive monetization tactics.
However, WotC has increasingly blurred the lines between official distribution and the secondary market. Secret Lairs, limited print runs, and premium products have shifted how Magic is monetized. With the rise of digital Magic (MTG Arena and Magic Online), WotC has also created a world where card ownership is more ephemeral—further complicating the long-term value of physical collections.
What’s the Future of the MTG Economy?
As Magic continues to grow, these issues will only become more pronounced. Possible future developments include:
More Direct Sales by WotC – Expanding their offerings beyond Secret Lairs and into a more controlled pricing model.
NFTs and Digital Collectibles – While controversial, other TCGs have already experimented with blockchain-based card ownership.
A Re-evaluation of the Reserved List – If Magic ever reaches a breaking point where accessibility outweighs collector value, WotC may be forced to revisit its policy.
Final Thoughts
The secondary market is a double-edged sword. It enables players to trade and collect but also fuels speculation and gatekeeping. While WotC remains hands-off in public, their increasing control over Magic’s economy suggests they are deeply aware of its power. Whether this leads to a healthier market or a more aggressively monetized game remains to be seen.