The Pikachu Illustrator card was awarded as a prize in a Japanese illustration contest in 1998, organized by the Pokémon Company in collaboration with Shogakukan, a major Japanese publishing company. Unlike regular Pokémon cards, the Pikachu Illustrator was not sold commercially. Instead, only the top winners of the contest received it, making it one of the most limited edition cards ever produced.

Only 39 copies were awarded, making this card so rare that its appearance at auctions is a once-in-a-lifetime event for most collectors.

Due to its age and rarity, the condition of the Pikachu Illustrator card is a crucial factor in its value. Cards in mint or gem mint condition can fetch prices upwards of $200,000 or more at auctions. Collectors and investors often seek highly-graded copies, which are in pristine condition, as these cards are extremely hard to find.

Cards with lower grades are still highly sought after, but they are significantly less valuable than those in perfect condition.