[Exhibitman]

The chef thing is amusing but not a good analogy for Lelands position relative to the TPAs. Unlike authenticating a signature, the customer doesn't have to worry about disclaimers limiting the chef's responsibility for his food. Much as I appreciate that Lelands has expertise and is willing to do more than obtain the execrable PSA/DNA or JSA "auction" LOAs that other companies use, I don't get the warm fuzzies that I would hope for from Leland's authenticity policy:

"Lelands stands by the authenticity of everything it sells for a period of three years from the date of the auction. It is up to the client to verify authenticity within that period of time. However, Lelands and its agents will be the final determinant of the authenticity of each and every piece it sells. We are not bound by the opinion of grading services, outside authenticators, or so-called experts. Letters of authenticity are only available for those pieces where " LOA " is listed in the catalogue copy. Otherwise, your invoice and that alone will serve as your letter of authenticity."

As I lawyer I appreciate the weasel wording in it. Basically, it gives me three years to find out if the item is good, but Lelands flatly states that it has to sole right to decide if its original opinion is correct. Mr. Fox, here's the henhouse to guard. I could in theory buy an item that I later find out had to have been forged after the signer died--like a Ty Cobb signed program from Ty Cobb's funeral, to use an absurd example--and Lelands would be within its rights under this policy to tell me to pound sand when I ask for a refund [of course, I could prosecute a case for actual fraud if I could prove that Lelands had knowledge or made a misrepresentation of fact because in general one cannot exculpate oneself from the consequences of one's own fraud, but that is a technical issue for lawyers that isn't really germane to my point]. I appreciate that Lelands has to limit its downside risks on the stuff it sells but those limits do suggest a place for TPAs in the overall scheme of things.

One question I'd pose for the Board is what exactly is an average collector to do if the AH's don't offer unequivocal guarantees and the TPAs are all crappy? Because from where I sit, the only alternative then becomes not to collect at all except for the relatively narrow band of legal documents and modern signed in the presence collectibles that have external indicators of authenticity.