Quote:
Originally Posted by drcy
If you want market proof otherwise, all those cards revealed to be mislabelled on BO are being returned for refunds, which is proof that the card owners (and hobby) say they are worth less.
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How do you know that all of the outed cards are being returned for a refund? IMO, most of them are probably not.
Now it looks like a lot of posters are failing to see what Mr. Cycleback is arguing here. He is stating that we can't exclude altered cards in PSA holders when trying to determine the value of PSA graded cards. He uses a PSA 9 as an example below:
Quote:
Originally Posted by drcy
a "$1000" PSA 9 card that turns out to be altered and is really worth $30 that is an example or data point where the PSA is worth $30. Many $1000 PSA9 cards out there and currently being bought and sold are actually worth $30, so you cannot say the average value of a PSA 9 is $1000. And as it's realized that more and more PSA9 cards out there are really worth $30, the known value of a PSA9 moves further and further down from the $1,000 and closer to the $30.
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I think this is a very interesting way of looking at it. You would have to come up with a mathematical formula and apply it to each PSA graded card in order to come up with a true value. However, creating an accurate formula is going to be extremely difficult, if not impossible. Let's look at the 1957 Topps Frank Robinson rookie in PSA 8 grade, for example. Some of these have obviously been altered. Now the question is this: how many? Half of them? Less than half? Twenty percent? My point is, we would first need to come up with a number which we can use in our formula in trying to determine the true value of the Robinson PSA 8 card and coming up with that number is just not possible.
Another thing that would make it difficult to create a formula is that the number of restored cards varies depending on the grade. IMO, the higher the grade, the more likely the card has been altered. Now I am not saying that you can't find a PSA 3 Frank Robinson rookie that has been altered. Sure, there are some out there, but I believe the percentage is less than a PSA 8. Again, how do we come up with a number here?