Not being a slabbed card collector I am unfamiliar with the legal obligations of grading companies and don't know what if any disclaimers and/or damages limitations language is contained in their submission form.
Here's my question. I buy a PSA 8 T206 Cobb for $150k.
I subsequently CONCLUSIVELY establish through advanced forensic testing that the card was altered in such a manner that it should have been graded an "A". Am I entitled to receive damages from PSA and if so, what would they be?
It would seem to me that if PSA is on the hook for the $150k I paid for the card (and in return PSA has the right to resell the card (this time graded "A") and keep the sale proceeds), they have one huge contingent liability on their balance sheet. If I am correct in my view that the (great) majority of many types of N and T cards graded 8' and higher are altered, which alterations could be conclusively established through sophisticated forensic testing, PSA potentially could be wiped out.
Am I wrong in this assessment?
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