What Is Collectable?

Collectable (collectable.com) is a fractional investing platform, launched publicly in September 2020 by CEO Ezra Levine, that bought individual high-end sports cards and memorabilia, filed each one as its own SEC Regulation A+ offering through Collectable Sports Assets LLC, and sold shares of that offering to retail investors. Over roughly 100 offerings shipped in its first years, covering items like a T206 Honus Wagner, Babe Ruth game-worn items, and a Wilt Chamberlain rookie card. The platform is now in serious trouble: it halted secondary trading in 2024, disclosed going-concern doubt as early as 2023, and is the subject of a Delaware Chancery Court records lawsuit from an investor questioning where the underlying collectibles actually are.

• Each item became its own SEC offering. Collectable Sports Assets LLC filed a Regulation A+ offering circular for each card or memorabilia piece, first qualified in July 2020, so non-accredited investors could buy shares without needing accredited-investor status.
• You never held the item.Like other fractional platforms, buying a share bought equity in the entity that owned the card or memorabilia piece, not the physical object itself -- the item stayed in Collectable's custody.
• A secondary market existed, then didn't. Shareholders could originally resell shares on Collectable's own marketplace. The company halted that secondary trading function in 2024, citing cost, which left existing shareholders with no built-in way to exit a position short of Collectable itself selling the underlying asset.

Collectable disclosed in a May 2023 SEC filing that it had “significant doubt” about its ability to operate for another 12 months without additional funding. The following month, Fractional Ownership Holdings LLC -- a Wyoming entity controlled by Philip Neuman -- acquired the company for $1.6 million. Co-founder Ezra Levine resigned after the sale, and President and COO Jarod Winters was terminated in April 2024.

Longtime collector and early investor Justin Cornett filed suit in Delaware Chancery Court on November 1, 2024, after a formal books-and-records demand went unanswered. Cornett cited communication breakdowns, discovering Collectable-owned assets on display at a gallery tied to another Neuman-affiliated entity, and concerns about the handling of his six-figure portfolio. In May 2025 the court sided with Cornett and ordered Collectable to turn over financial records, member lists, and documentation of its lapsed annual filings and halted secondary market -- but the ruling forces disclosure, not a resolution. Coverage of the case has described dozens of high-end items from the platform as effectively inaccessible to the shareholders who bought into them.

• Both used the same SEC structure; the outcomes diverged. Rally sells Regulation A+ equity in single-asset LLCs the same way Collectable did, and it's still running a secondary market. Collectable's version of that same structure went through an ownership change, a going-concern warning, and a halted secondary market -- a reminder that the legal wrapper doesn't protect you from a platform-level failure.
• Neither is vaulting. Services covered in What Is Sports Card Vaulting? store a card you own 100% of and let you sell it whole, instantly, to another vault user -- there's no shared entity standing between you and the asset.
• Owning the card outright has no platform risk. A card bought on eBay, COMC, or through a dealer is yours to hold, ship, or resell on your own schedule. It can't be trapped behind a halted secondary market or an entity that changes hands without your input.

• Look up the specific offering's SEC filings. Each LLC files its own annual report (Form 1-K) -- lapsed or missing filings are a documented part of the current dispute and worth checking for your specific holding.
• Don't count on the secondary market.With trading halted since 2024, a share's last-traded price is historical, not a price you can currently sell at.
• Track the Cornett case for precedent. The records the court ordered released may clarify what happened to specific assets and portfolios, including whether other shareholders have a path to recovery.

Confirm the exact card with Identify & Research — free-path first (on-device OCR, catalog match, and fingerprints). For the fractional platform still selling new offerings, see What Is Rally? For the NFT-tracked version that shut down in 2023, see What Is Dibbs? For owning a whole card in secure storage instead of a slice of one, see What Is Sports Card Vaulting?, or open the full guides library.