What to make of Graziano?

[Exhibitman]

The MHCC 1948 Leaf Graziano closed cheap: $23,477.51 for a PSA 4.

PSA's pop on Graziano is six: two "A", one 4, two 5 and one 6.5. SGC has 2, an "A" and a 50. I am not sure if any were cross-overs. I know of at least one raw card.

I believe that the one sold yesterday has transacted three times on record: it sold on Ebay in 2007 for $27,600 and sold for just under $18,000.00 some years before that.

So what, if anything, do we make of the price?

It is a manifestation of the decline of prices generally since 2008?

Was it format? I think MHCC screwed up by doing that "set or individual card prices whichever is best" thing for the 1948 Leaf set. If I'm going to emotionally commit to drop $20,000+ on a card I don't want the auction then contingent on a set sale price I can't control; it's just a big turnoff.

Was it the auctioneer?

Was it just an oversaturation of these cards in the last year or two? In November 2011 Legendary sold an SGC “A” Graziano for $29,625.00. A PSA 5 went for $41,125.00 in the 2011 REA auction. The best specimen, a PSA 6.5, sold privately through Legendary in 2011; I don’t know the price. Legendary had another Graziano in 2012, an SGC 50 that sold for $29,875.00.