PSA/SGC guarantee; how long before revisions?

[joshuanip]

Originally Posted by Peter_Spaeth

OK, but one can always sue for breach whether or not the language provides for it. And if the breach is in bad faith one might even be able to claim unfair/deceptive trade practices.

PS companies who include those provisions usually do so in their own self interest to stay out of court.

I hope someone materially wronged would do this, but we are unfortunately attacked with death by a thousand cuts, which doesn’t justify the cost of civil litigation. I would really hope someone would and win, because I think that legal precedent is the only thing that would motivate them to change.

[Peter_Spaeth]

Originally Posted by joshuanip

I hope someone materially wronged would do this, but we are unfortunately attacked with death by a thousand cuts, which doesn’t justify the cost of civil litigation. I would really hope someone would and win, because I think that legal precedent is the only thing that would motivate them to change.

Some pretty high rollers could be affected by this, if PSA stiffs them with one of their "the graders stand by the grade" things it would not surprise me if they sued.

[Bill77]

Another thing that I noticed is that both of those guarantees both state that the grading company will determine the fair market value for the cards, not you and not the market. Just another thing to keep in mind when bidding for cards in either of their holders would be just what are the cards worth to the TPGs if issues like this come up again in the future.

[Peter_Spaeth]

Originally Posted by Bill77

Another thing that I noticed is that both of those guarantees both state that the grading company will determine the fair market value for the cards, not you and not the market. Just another thing to keep in mind when bidding for cards in either of their holders would be just what are the cards worth to the TPGs if issues like this come up again in the future.

I am surprised they didn't just write it in such a way as to obligate them to make you whole by refunding your purchase price. With cards so far up from where some were purchased, they stand to take a bigger hit than necessary.

[swarmee]

Exactly. For the cards purchased in the last couple of years, like the Green Cobbs, they might have been purchased for $4,000 in 2015 and sell for $15,000 now.

[drcy]

There should be no guarantees beyond competency in the graders and authenticators. They are offering third party opinions and the hobby should treating grading as such.

Grading and authenticating companies should not be, and never should have been, in the insurance business, as that corrupts the authentication and grading process and opinions.

[swarmee]

The toothpaste is not going back in the tube, drcy. This is the topcover reason they have had for many years for charging exorbitant amounts for grading the most valuable cards, and is a promotional reason to choose their company over BGS or others. If they are self-insuring (which PSA is), they caused their own risk. PSA oddly enough does not cover autograph authenticity opinions under their guarantee.
And we all know the SGC does not guaranty any card slabbed by the previous owners.

[Peter_Spaeth]

Originally Posted by drcy

There should be no guarantees beyond competency in the graders and authenticators. They are offering third party opinions and the hobby should treating grading as such.

Grading and authenticating companies should not be, and never should have been, in the insurance business, as that corrupts the authentication and grading process and opinions.

Why in your view does it corrupt anything? All they're doing is standing behind their work, to me if anything it creates incentives to do the best job possible. Wouldn't it create more problems if there were no consequences to being wrong?

[calvindog]

Originally Posted by Peter_Spaeth

Some pretty high rollers could be affected by this, if PSA stiffs them with one of their "the graders stand by the grade" things it would not surprise me if they sued.

Here’s a guarantee: PSA is getting sued.

[Peter_Spaeth]

Originally Posted by calvindog

Here’s a guarantee: PSA is getting sued.