Quote:
Originally Posted by rand1com
If the max is $500K per collector and these guys have millions of dollars of trimmed cards, they are not sending any back to PSA.
At some point in time in the future, they will be sold in a major auction to someone else who believes they are legitimate so they are not going anywhere.
I cannot imagine anyone high on the registry on a particular set suddenly saying, "Oh, most of my high grade cards are trimmed according to a guy on Net54 so let me get them all into authentic holders and get $500K of my millions of dollars back."
You may well be correct about the authenticity of most high grade cards but the population of them is not going down significantly in our lifetime. One occasionally, maybe, but not thousands of them.
The major auction houses will not be rejecting high graded cards nor will they be advising the buyers that cards may be trimmed although in holders. At least not IMO.
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No, of course they're not going to do that. Not for the million dollar cards. But they are carrying a significant risk just by owning them. If the slabs ever get damaged or cracked somehow, PSA isn't going to honor those grades.
Also, when some of these cards get sold and the new buyers learn that they just purchased a trimmed card, some do send them in for review. At least for cards worth $250k or less where they're "protected". That's what happened with the 52 Jackie PSA 8 from earlier in this thread.
Something else worth pointing out is that the more PSA chooses to shine a light on this aspect of the hobby, the more people will be motivated to send their cards in for review so they can cash in on the insurance policy.
I don't know how many years it will take, but in the long run, I think PSA abandons their guarantee.