Word that Michael Jordan has, indeed, returned to the NBA is creating a roller-coaster reaction on the memorabilia market similar to recent trading on Wall Street.

Hot sellers were collectible items associated with Jordan's new team, the Washington Wizards. But values slipped for anything commemorating what had been thought to be his final season, game or shot from the 1997-98 season.

	Upper Deck will release its "MJ's Back" pack next week.

And whether Jordan's return will create another bullish market for collectors of his memorabilia might not be known until after the 2001-02 season gets under way. Or perhaps even further down the road.

"Stuff will go through the roof only if he's the Jordan of old and marches his team into the finals. But nobody thinks that's going to happen," said Simeon Lipman, who works for Mastronet, a Chicago-based sports memorabilia auction house. "Nobody should take away from him what he's done, but his future prices will depend on how he performs. Remember, we've only known him as a champion throughout the last decade, and it's very likely he won't be one this year."

The price of Jordan memorabilia, like so many of his high-flying dunks, has had several peaks throughout his career. That could be the underlying reason why collectors have been reserved with their bartering since Tuesday's announcement, said Brandon Steiner, chairman of Steiner Sports Marketing, one of the sports memorabilia industry's leading companies.

"The market has gone crazy with Jordan so many times and there's only so many times it can peak before collectors say, 'I've been there, done that' or 'I have what I need,' " Steiner said.

Oscar Gracia knows the effect Jordan's three-year absence from the NBA has had on the collectibles market. The Chicago native owns one of the largest collections of Jordan memorabilia in the world.

"Interest in Michael has gone down a lot -- from actually 'Give me that, that, that or that' where people were buying 10 or 12 items, (to) whereas now they might only be buying one or two (items), or none," Gracia said.

Gracia, the author of "Collecting Michael Jordan," has amassed more than 10,000 items throughout his 16 years of collecting. The items range from copies of Jordan's middle school and high school yearbooks to Gatorade bottles, Wheaties boxes, even McDonald's fry holders that have his likeness on them.

	This Michael Jordan collectible card will have swatches of his game-used jerseys with North Carolina, the Bulls and Wizards.

Plenty of signed Jordan collectible items have flooded the market during his retirement, thanks to Jordan's contract with Upper Deck. There's the Upper Deck Authenticated home and away jerseys, retro basketball shoes, Birmingham Barons jerseys, retirement basketballs, golf bags and replicas of his high school jersey.

Next week, Upper Deck will release "MJ's Back" inserts into packs of its "Hardcourt" basketball product. The inserts, found in 90-card sets, offer collectors a chance to pick out an autographed triple game-used jersey card of Jordan's jerseys from the University of North Carolina, Chicago Bulls and Washington Wizards.

Upper Deck still has an exclusive agreement with Jordan to produce his game-used memorabilia cards, Upper Deck spokesperson Mary Mancera said Wednesday. Jordan, who is an Upper Deck board member, and the card company will allow other NBA licensed card companies to feature Jordan in their sets, like they did throughout his prior playing days. Fleer said Wednesday that Jordan will be added to all company releases this year.

"Obviously we are excited about Michael Jordan returning to the basketball arena, as Fleer has a rich history with his cards," said Lloyd Pawlak, vice president of sales and marketing for Fleer. "We are hopeful that he will have a positive impact on the basketball market, but we think it is too early to tell at this juncture."

News of Jordan's comeback boosted sales of his most desired card, the 1986 Fleer Rookie card. While collectibles publishers list a gem-mint graded Jordan rookie card between $20,000 and $30,000, Jordan's gem-mint graded card could be had for less than $6,000 just two months ago. On Monday and Tuesday, two gem-mint Jordan rookie cards were auctioned away online at eBay for $12,999 and $14,500 each.

Jordan's Wizards jersey

Fans looking to get their hands on replicas of Jordan's Wizards jersey, complete with his name and the No. 23, can buy them on NBA.com. NBA spokesman Matt Bourne said the link to buy the jerseys "went up immediately" after Jordan's announcement Tuesday. Bourne said the jerseys, which sell for $140 each, are currently being manufactured and should be at the NBA Store in New York by the weekend. With the exception of the past two years, Jordan has been among the top 10 jersey sales in the NBA throughout the last decade. Although NBA officials refused to disclose figures from Tuesday and into Wednesday, expect Jordan to easily make the Top 10 again this year. -- Darren Rovell

Keith Hower, price guide editor of Beckett Basketball Card Monthly, said having Jordan in all sets is better than not having Jordan at all.

"He's obviously been an industry catalyst, so it's good that with him back in the league all card manufacturers will be able to feature him in their sets this year," Hower said. "It was a blow to the card-collecting industry when he retired."

But Jordan's return to the card sets means more than just business for Steiner.

"Players don't realize that young kids like my 10-year old son, Crosby, don't stay up until 11 o'clock to watch some of the games," Steiner said. "Cards are often the reason why these kids know their faces, how they know that Michael Jordan went to North Carolina and how many points he averaged throughout his career."

Jordan's announcement Tuesday did hurt one category in the memorabilia market. "Final shot" items can now be had at bargain basement prices. Upper Deck bought the Delta Center game floor from the 1998 NBA Finals and included pieces of it on trading cards. Those cards once booked for $100, but now they have trouble fetching $25.

"It was a storybook ending for collectors and people who invested in final game stuff who thought (they would be) worth more in the future," Lipman said. "Well, now that turned out to be a poor investment.

"But for a Bulls fan, it's still his last shot as a Bull."

Darren Rovell covers sports business for ESPN.com. He can be reached at darren.rovell@espn.com.