[drcy]

I'm a photo expert, and the reason why I'm always hesitant about 'LOA' writing is I consider the payment to be for my learned opinion about something. I'm not an insurance or bonding company, nor would I ever want to be an insurance or bonding company. I'm a photo historian who knows something about photos. If accepting $10 for my opinion means I'm now forever financially responsible for a $30,000 item, forget it. That doesn't seem like a winning bet. Keep your $10, and I'll keep my opinion to myself. If you want the item insured for $30000 go to an insurance company. They probably know nothing about photos, but maybe they'll write you out a $30,000 insurance policy. That's not my business, nor would I advertise it as my business. I think this whole hobby deal of getting a LOA as a form of financial insurance is dubious from both sides and from many angles. A letter of opinion is one person's or company's opinion, and it should be treated that way by both sides. Now, if a company such as PSA says they're also insuring the value, I guess that's an additional service, but one that I think actually corrupts the expert opinion process. When you pay someone just for his honest opinion, you'll get his honest opinion. If you place a $30,000 Sword of Damocles over his head and ask for his opinion, assume the sword will effect the opinion. People complain that PSA and PSA/DNA don't admit their mistakes (and I for one it's totally ridiculous for an authentication company to not yet admit the Gretzky T206 Wagner is trimmed when even the person who trimmed it has admitted in court that it's trimmed and that he trimmed it), but that's in major if not total part because they've assumed financially responsibility and will have to pay out when they admit they're wrong. As I said, the value insurance part and getting an honest opinion counter to each other, and the insurance part corrupts the opinion part.

A LOA is an opinion and should be treated as such. If you value the person's knowledge and opinion and believe he will be honest in is opinion, and know that others think that as well, then his opinion in writing may be worth $10 or $20 to you. An LOA should be about the imparting of knowledge-- an academic thing. Insurance lawyers, underwriters and accountants should't be involved in the composition of the letter-- that is if collector's concern really is about the honest dissemination of knowledge. In fact, a collector who truly and honestly wants an honest opinion about authenticity should say "I'm paying you $20, and this $20 is only and strictly for you to examine this item and give me an honest knowledgeable opinion what it is. That is the only thing this money is going for." If you do that, then you will be getting what LOA are supposed to be about.

Now, it's a different situations with things I sell. Clearly I'm financially responsible to the buyer if it turns out to be a fake. If I make an error in identification, of course a refund is warranted. And clearly if I offer a lifetime guarantee of authenticity with something I sell, theres' a lifetime guarantee.