Why is Lugia EX suddenly the #5 most costly Pokémon card of all time?

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A copy of Lugia EX from the Black and White era Pokémon TCG set Plasma Storm has just sold for a staggering $660,000. The sale took place on October 12, 2026 on the auction site Fanatics Collect and it appears to be the largest sum of money anyone has ever spent on this particular card.

Which is not that surprising. $660k is an astonishing sum, instantly rocketing this card up to number 5 on our expensive rare Pokémon cards guide, behind all-time greats like Illustrator Pikachu and Base set Charizard.

What would make someone want to spend so much on this card? Well, it’s a PSA 10, one of only 21 in existence, according to the online auction house. And it depicts an awesome Legendary Pokémon, king of the original legendary birds. But that doesn’t explain why investors are chomping at the bit for this particular version.

While cards like Crystal Lugia from the far older set Aquapolis have traditionally been a lot more famous and more valuable, Lugia EX has exploded in price over the last two years, particularly ramping up this year. In January 2025, a PSA 9 copy would sell for ‘only’ $350. Now, you’d be fortunate to find one for $4,000.

Aquapolis Crystal Lugia, one of the most expensive Pokemon cards of all time

Fans have been watching this particular Fanatics Collect auction with interest, as the bids grew to more and more ridiculous heights. At one point it was even over $10 million, but it seems like there were many bogus bids. In the end, it sold for a fraction of that price, but still a crazy figure.

While the card is in relatively short supply at this grade, there are certainly rarer cards that are far less expensive. The foiling, pose, and Plasma logo all combine to make a pretty sweet card – it would look great in a binder – but at the end of the day there’s no straightforward explanation for this monumental increase.

Of course, this sudden spike, and the changing values on this auction, has led to lots of accusations of market manipulation – someone deliberately trying to raise a card’s profile so they can offload lots of copies. But there’s no evidence that this is what has occurred.

Source: Wargamer