The Sword & Shield era changed everything for Pokémon card collectors. Between 2021 and 2022, a handful of Alternate Art cards emerged that would define what “chase card” means for a generation. Today, these five cards sit at the top of the modern market—and understanding why can help you make smarter buying decisions.
Current Market Positioning
| Rank | Card | Raw Price | PSA 10 | 3-Year Return | Risk Level |
|---|---|---|---|---|---|
| 1 | Umbreon VMAX AA | $1,775 | $2,600-3,350 | +500-700% | Moderate |
| 2 | Gengar VMAX AA | $688 | $1,675 | +200-250% | Moderate |
| 3 | Rayquaza VMAX AA | $668 | $1,400-1,975 | +100-150% | Low-Moderate |
| 4 | Giratina V AA | $585 | $1,800-2,100 | +125-165% | Moderate |
| 5 | Espeon VMAX AA | $295 | $600-800 | +75-100% | Lower |
Umbreon VMAX: The Modern Grail
| Metric | Value |
|---|---|
| Set/Number | Evolving Skies 215/203 |
| Release | August 27, 2021 |
| Raw NM Price | $1,775 |
| PSA 10 Price | $2,600-$3,350 |
| PSA Population | 27,307 total / 19,389 PSA 10s (71%) |
The “Moonbreon” depicting a massive Umbreon reaching toward the moon above a sleeping city has become the defining card of modern Pokémon collecting. It commands more than double the price of its nearest competitor. The card has climbed over 500% since release, and even accounting for a dip in late 2022, the trajectory has been relentlessly upward.
The Middle Tier
Gengar VMAX might be the surprise performer. Trading around $200 in early 2024, it’s nearly tripled since. The artwork—a gigantic Gigantamax Gengar consuming an entire cityscape—is among the most visually bold designs Pokémon has ever produced.
Rayquaza VMAX benefits from sharing Evolving Skies’ prestige with Umbreon. At roughly 40% of Umbreon’s price despite identical rarity, collectors see value here.
Giratina V stands out for grading difficulty. Only 44% of submitted copies achieve PSA 10, compared to 70%+ for Evolving Skies cards. Raw prices sit below Gengar, but gem mint copies command higher premiums.
The Entry Point: Espeon
At roughly $295, Espeon VMAX offers the most accessible route into chase card collecting. The Eeveelution connection provides built-in demand, and the card benefits from Fusion Strike’s scarcity. For collectors testing the waters, it represents reasonable risk at a manageable price point.
What Buyers Should Consider
Fixed supply matters. Every set here is out of print with no announced reprints. Each opened pack reduces raw card availability.
Pokémon selection is evergreen. Umbreon, Rayquaza, Gengar, Giratina, and Espeon have maintained popularity for years and show no signs of fading.
A Word of Caution
The Charizard VMAX Rainbow from Champions Path traded above $500 at its peak—today it sits around $150. High PSA populations and constant new Charizard releases diluted its value. The lesson: scarcity and sustained demand matter more than initial hype.
Bottom Line
The modern chase card market has matured since the pandemic-era boom. Cards that survived multiple corrections—like these five—have proven their staying power. Understanding what drives their value puts you in a better position to decide if they belong in your collection.
