FS: 1948 Leaf Jackie Robinson PSA 4.5

[Peter_Spaeth]

Originally Posted by Republicaninmass

I dont disagree, but in a court of law I dont believe the market going up os just cause for "damages".

Read the guarantee. They promise to pay market value.

[Republicaninmass]

Originally Posted by Peter_Spaeth

Read the guarantee. They promise to pay market value.

Thanks Peter, but again curious if the market going up has an effect on one's damages in a court of law

[Peter_Spaeth]

Originally Posted by Republicaninmass

Thanks Peter, but again curious if the market going up has an effect on one's damages in a court of law

Ted it's too general a question. There are different types of contractual damages depending on lots of facts and circumstances including contract language, but yes, there are some where the measure of damages would include an "expectancy" -- in other words, the breaching party would have to not only make the innocent party whole but put them where they would have been had there been no breach which could include changed market conditions. Other situations might involve simply restitution, that is, restoring the amounts paid by the innocent party and returning them to where they were before the contract.

Here, though, the guarantee should control.

[Exhibitman]

And if it does not there is a pretty good body of law out there on consumer fraud, unfair trade practices, etc.

[Republicaninmass]

Originally Posted by Peter_Spaeth

Ted it's too general a question. There are different types of contractual damages depending on lots of facts and circumstances including contract language, but yes, there are some where the measure of damages would include an "expectancy" -- in other words, the breaching party would have to not only make the innocent party whole but put them where they would have been had there been no breach which could include changed market conditions. Other situations might involve simply restitution, that is, restoring the amounts paid by the innocent party and returning them to where they were before the contract.

Here, though, the guarantee should control.

Thanks Peter, I can see the position now. I just couldn't see a world where "damages" would exceed the price paid for the card! Clearly market value has increased dramatically on this particular card.

[Peter_Spaeth]

Originally Posted by Republicaninmass

Thanks Peter, I can see the position now. I just couldn't see a world where "damages" would exceed the price paid for the card! Clearly market value has increased dramatically on this particular card.

Expectancy damages, and consequential damages where allowed, typically exceed purchase price in a variety of situations. That doesn't seem at all unusual to me.

[JeremyW]

A.J.- Why didn't you just ask for offers on the BST here?

[Rhotchkiss]

How is PSA's guaranty supposed to work (we know it does NOT work)?

Wouldn't they pay you the difference between what you bought it for and what a PSA A is worth? I am not sure they will pay out on the upside or downside the card realized since it was acquired, since the purpose of the guaranty is to make you whole. Lets say the card had gone from $17k down to $8k (like back in 2016), what is PSA supposed to do then -- pay you the difference between $8k and the value of a PSA A?

Also, if PSA will pay out on current value rather than acquisition price, according to VCP there was a PSA 4 that sold on 1/24/21 for $20,500 and a PSA 5 sold for $56,400 on 2/28/21. These are very current and relevant comps. Seems to me that a PSA 4.5 should be worth about the average of these two, which is $38,400. So it sounds like the offers you are getting are market.

EDITED -- I now see an earlier post where apparently the buy-out is at market value.... If that is the case, then nobody with an altered card is ever incentivized to take it to PSA in a down market. I guess it goes to the heart of the propose of the guaranty and if it is PSA standing behind its "opinion" than the pay out should be at FMV, whether that is higher or less than acquisition price.

[68Hawk]

This particular situ begets a more interesting possibility, and that is someone scouting for a high value card sitting in PSA holder that has been obviously trimmed, and is for that reason not selling for its true value in the market.
Say perhaps you can make an agreement with the Seller of a PSA7 51' Bowman Mantle that won't move at it's contemporaries number, for perhaps 60-70% of that value, hold for few years while the market hopefully continues to rise, then bring the card to the attention of PSA for restitution of what a truly graded card at that particular tier would bring.

You buy in at 40% below market but get to be made whole at full true value down the track, making not just the capital gain of the flip number but your bonus discount from below market purchase.


Get on the hunt boys!