Same card, different grade.

[3-2-count]

My opinion is no, they do not. Grade bumping is all part of this crazy game. I buy the card not the holder so what it was previous isn't an emphasis for me. If it's in a 6 holder and is selling for 6 money, but looks like a 5, I don't want it. On the contrary, if it's in a 5 holder and looks like a 6 and I want it, I'll pay a premium. Just my opinion.

[Adam]

What matters is what the label says on the day of the sale/auction. No more needs to be said in terms of grade.

[chaddurbin]

i owned this card probably 5+ years ago, it was in a sgc60 holder...i always thought it looked better. psa didn't agree with me then but i'm glad someone else convinced them it's a 6 today. tbh i think sgc would grade it an 80 today also.

[HRBAKER]

I would say no provided it is the same card sans any beautification efforts. Of course those that engage in that wouldn't disclose it any way. I think it is very feasible that the auctioneer may not even know most of the time.

[Doug]

I wouldn't think there's any obligation to say it was a 5. It's a 6 now so it is what it is. I agree that a 6 looks like a fair grade, but if someone thinks it looks like a 5 all they have to do is not bid. I doubt anyone would complain if they bought that card in a 5 holder for a 5 price.

[Peter_Spaeth]

No obligation unless "improved" which is of course always a possibility.