Are they authenticating with NO exemplars now?

[travrosty]

Just ran across this.

The first link shows an auction listing of a rare Tom Sayers signed letter.

Sayers was an early boxing champion/challenger around 1860 thereabouts.

Evidently this autograph is so rare there are no exemplars to compare it to.

But it evidently didn't stop the auction house from listing the signed letter with LOA's from both PSA and JSA.

exhibit A

http://www.liveauctioneers.com/item/10148189

Now I guess since people complained that even the long time collectors and dealers in boxing knew there were no known exemplars of Sayers handwriting, the listing has changed to no paperwork issued, but PSA and JSA BELIEVE it to be real.

http://sports.ha.com/c/item.zx?saleNo=7041&lotNo=81101

My question is "How can they issue LOA's for this item when this was no exemplar?"

Have they ever issued LOA's previously for items of which they have no exemplars?"

Why do they believe it to be real since there are no exemplars?

Are authentication companies in the belief business now?

Aren't they suppose to authenticate based on exemplars?

What is their belief that this item is real based on?

That people are honest, and the provenance seems believable?

Provenance has never been faked or misattributed before?

Is that belief worth anything?

Was this BELIEF previously good enough to issue a full LOA, but not now since they got caught with no exemplars?

These questions need to be answered. I don't have the answers.

What's going on?