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The bull market in vintage college pennants

Caroline Fairchild, Fortune Magazine, 3/6/14

Like most University of Alabama graduates, 55-year-old Fran Smith has a lot of pride in her Alma mater. A 1982 alumna, Smith has three children who are all Crimson Tide graduates as well.

“We're talking Alabama, as in Crimson Tide! As in 'Roll Tide',” Smith eagerly explains.

So, in November, when the retired software entrepreneur came across a booth at a flea market in New York City selling vintage college pennants, she couldn’t help but ask if any from Alabama were available. The booth’s owner, college memorabilia collector Steven Melillo, said no, but said he knew where he could find some. Three weeks later, Smith received four framed vintage Alabama pennants in the mail, and Melillo got a check for $300.

Smith is just one of a growing number of Americans yearning to relive their college days by buying a small, yet decorative, piece of them back. As the baby boomer generation comes of age with more disposable income to spare, many are willing to shell out hundreds -- if not thousands -- on something that reminds them of the glory days. Enter a boom in vintage college pennants, those flag-shaped felt things you often see people waving around at sporting events. They're a small slice of the overall vintage pennant market, but that slice is growing, says Mike Egner, the author of the Vintage Pennant Price Guide.

“A lot of people consider college to be the best time of their lives,” says New York merchant Melillo. “When people come to my booth and see a pennant from when they were in college ... It’s an emotional experience.”

Unlike other memorabilia like an old football program or university pin, pennants are uniquely desirable because of their ability to be displayed in houses and offices as decorations. Dating back to the early 1900s, pennants were originally commissioned as elaborate pieces of art that could be as large as 35 inches long. Around the 1940s, the item was reduced in size to become a popular stadium souvenir. Many did not treat them as collectibles and would simply throw them away after the game.

Now, they are a growth market for collectors and fans alike. Older pennants are getting harder to find each year, both increasing their value and driving up demand, Melillo says. A quick search on eBay finds more than 1,000 college pennants are up for bids. Options range from a 1939 Duke University pennant for $500 to a 1930s miniature Smith College pennant for 99¢. For buyers looking for a more personal touch, settings like Melillo’s booth, secondhand stores or university bookstores are also seeing robust sales. Increasingly, auction houses are getting in on the game: Huggins & Scott Auctions in Silver Spring, Md. and Robert Edward Auctions in Watchung, N.J. sell college pennants alongside their expansive sports memorabilia collections. And the market for old college pennants is not limited to American college alums: Melillo says roughly 20% of his customers are Europeans looking for a souvenir from their trip that is easy to pack and representative of America...

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