A handful of Pokémon cards trade for six and seven figures. Here's what's at the top and the levers behind the prices.
The all-time grails
The Pikachu Illustrator (a 1998 promo given to illustration-contest winners) is the most valuable Pokémon card, with high-grade copies selling for millions. The 1st Edition Base Set Charizard in PSA 10 is the iconic blue-chip. Trophy/no-rarity promos round out the top tier.
Modern chase cards
You don't need a grail to spend real money — top special-illustration rares from current sets (e.g. Umbreon ex) trade for hundreds to thousands graded.
What actually drives the price
Scarcity (print run / promo status), grade (a PSA 10 vs 9 can be a multiple), iconic character (Charizard/Eeveelutions), and provenance. Reprints and population growth push prices down — which is why grade and edition matter so much.
Before you chase one
Buy graded for the grails (removes the grading gamble), and always price off sold comps. If you're buying raw to grade, read how to grade first.