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PasGood points certainly, but (and this reminds me of our prior discussion on a related point) I do think a tribunal trying to decide whether there was a "material" omission might pay at least some attention to prevailing standards in trying to decide whether certain information met the litmus test. It would be a pretty cynical view (although not out of the question I suppose) that every single auction house, card show dealer, and ebay/internet seller regularly commits fraud by omitting known information about grading history (including bumps and rejections). And it seems to me at least in the present environment, you either have to draw that conclusion or you have to conclude that at least the majority of buyers do not consider this sort of information to be material to their purchasing decisions, and THAT (not a widespread pattern and practice of fraud) explains why the industry practice is one of non-disclosure. I don't see a middle ground on how else to explain it. Also, I repeat my view that this is a highly competitive market and if customers were demanding that information, sellers would get that message and start providing it. I believe in the free market, and if this information really mattered to the majority of people, sellers could not continue not to disclose (conceal?) it.