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JimB"So Hughes would sell a card to PSA and then PSA would let Hughes grade the card for PSA and then PSA would sell the card in a PSA owned auction."
MikeU,
I think you have something a bit confused.  PSA was not a buyer of cards from Hughes or anybody else.  For a short time, several years later, Superior Auctions was a part of Collectors Universe, but that had nothing to do with Bill Hughes.  And they never auctioned the Wagner.
JimB