PSA backlog

glchen · #1 01-21-2022, 01:04 AM

Quote:

Originally Posted by conor912

I heard today that some guys who sent in giant submissions a year ago, and PSA is finally getting around to grading, are getting hit with 6 and 7 figure fees that they now can�t/refuse to pay because the cards aren�t worth the grading fees. Look out.

This isn't correct. I was just hit with a surcharge for a grading submission to PSA. However, to be honest, PSA was correct in their value estimates for the cards I submitted. It was more that in the past, PSA was more lenient in allowing cards that were over the declared value limit to pass without adding a surcharge, and now they are lot stricter. You are also able to negotiate with them on the fees to come up with something somewhat more palatable. I'm not happy with paying these significant fees, which will impact how I submit to PSA in the future, but to be honest, they were correct in this situation.

swarmee · #2 01-21-2022, 05:22 AM

Quote:

Originally Posted by glchen

This isn't correct.

MARX cards, very large bulk submitter, is defaulting on the million(s) it owes to PSA. But they took cash up front from their customers and seem to have frittered it away, and can no longer pay for the subs now that the bill came due.
https://www.blowoutforums.com/showthread.php?t=1503473

Josh from PCSportscards (another bulk submitter) posted in that thread that some of his clients have also been stiffing his company by walking away from worthless slabs. The "base card revolution" seems to have crashed less than 2 years after it began.

glchen · #3 01-21-2022, 11:24 AM

Quote:

Originally Posted by swarmee

MARX cards, very large bulk submitter, is defaulting on the million(s) it owes to PSA. But they took cash up front from their customers and seem to have frittered it away, and can no longer pay for the subs now that the bill came due.
https://www.blowoutforums.com/showthread.php?t=1503473

Josh from PCSportscards (another bulk submitter) posted in that thread that some of his clients have also been stiffing his company by walking away from worthless slabs. The "base card revolution" seems to have crashed less than 2 years after it began.

Quote:

Originally Posted by Pat R

Did they use their Value guide in determining this? In Bobby's most recent sub ($500 and under declared value) there was an upcharge on 6 cards and using PSA's own guide on the values they were all under $500. Was your card over their value on it?
https://www.psacard.com/priceguide/b...card-values/13

I used this from PSA's site when the declared value is understated: Link.

The relevant text is as follows:

"If you refuse, or are unable, to pay PSA for the accurate Service Level, then PSA will return the item to you unprocessed at your cost, and you will be charged for the Service Level at which you submitted the item."

Therefore, I still had to pay the upfront fee for the service level that I submitted the cards at, but I did not have to pay the upcharge. The cards were returned to me unslabbed. Saying that, this had to go through approval at PSA, and they told me this would be a one-time exception.

When I spoke with the PSA rep, we didn't go into how they were valuing my cards, so I can't say with certainty what methodology they were using. I'm pretty sure they were not using the PSA price guide. It seemed more that they were googling the card and checking latest prices for the card at that grade. However, I really am not sure on this part. They could be using VCP for all I know.

Snowman · #4 01-25-2022, 02:22 PM

Quote:

Originally Posted by glchen

I used this from PSA's site when the declared value is understated: Link.

The relevant text is as follows:

"If you refuse, or are unable, to pay PSA for the accurate Service Level, then PSA will return the item to you unprocessed at your cost, and you will be charged for the Service Level at which you submitted the item."

Therefore, I still had to pay the upfront fee for the service level that I submitted the cards at, but I did not have to pay the upcharge. The cards were returned to me unslabbed. Saying that, this had to go through approval at PSA, and they told me this would be a one-time exception.

When I spoke with the PSA rep, we didn't go into how they were valuing my cards, so I can't say with certainty what methodology they were using. I'm pretty sure they were not using the PSA price guide. It seemed more that they were googling the card and checking latest prices for the card at that grade. However, I really am not sure on this part. They could be using VCP for all I know.

PSA recently acquired CardLadder.com. I'm pretty sure the primary reason for teh acquisition was to be able to have a real-time price guide for them to use for stuff like this.

Johnny630 · #5 01-25-2022, 06:25 PM

Does anyone else think PSA/Collectors Universe could be sold to Fanatics down the road maybe in 3-5 years ?
I have a feeling it could happen and would be huge for the hobby.

bnorth · #6 01-25-2022, 06:28 PM

Quote:

Originally Posted by Johnny630

Does anyone else think PSA/Collectors Universe could be sold to Fanatics down the road maybe in 3-5 years ?
I have a feeling it could happen and would be huge for the hobby.

That would be awesome. They could make, grade, and sell all under one roof. What more could we as collectors ask for.

Johnny630 · #7 01-25-2022, 06:33 PM

Quote:

Originally Posted by bnorth

That would be awesome. They could make, grade, and sell all under one roof. What more could we as collectors ask for.

I wouldn�t be surprised one bit if it happens.

Mark17 · #8 01-25-2022, 06:43 PM

Quote:

Originally Posted by bnorth

That would be awesome. They could make, grade, and sell all under one roof. What more could we as collectors ask for.

But would they want to admit that 90% of the stuff they were producing was less than perfect? Or would their quality control not permit anything other than 10s to leave the factory?

I can imagine buying unopened product direct from the factory and finding out it had been graded, by them, in the 7 to 8 range.....

Stampsfan · #9 01-26-2022, 12:30 AM

Quote:

Originally Posted by bnorth

That would be awesome. They could make, grade, and sell all under one roof. What more could we as collectors ask for.

Yup. No conflict of interest there at all...

BobC · #10 01-25-2022, 07:48 PM

Quote:

Originally Posted by Johnny630

Does anyone else think PSA/Collectors Universe could be sold to Fanatics down the road maybe in 3-5 years ?
I have a feeling it could happen and would be huge for the hobby.

I'd opined about that in earlier threads/posts and wondered if Fanatics may not just take over the distribution from breakers themselves, and in so doing, maybe bypass the TPGs altogether and offer to slab cards acquired directly from them as "Uncirculated".

But can also see them maybe looking to acquire a TPG as well. No sense in reinventing the wheel, right?

Johnny630 · #11 01-25-2022, 08:02 PM

Quote:

Originally Posted by BobC

I'd opined about that in earlier threads/posts and wondered if Fanatics may not just take over the distribution from breakers themselves, and in so doing, maybe bypass the TPGs altogether and offer to slab cards acquired directly from them as "Uncirculated".

But can also see them maybe looking to acquire a TPG as well. No sense in reinventing the wheel, right?

That�s right most likely would be a very smart business move for Mr. Turner he has a great business mind.

Pat R · #12 01-21-2022, 07:37 AM

Quote:

Originally Posted by glchen

This isn't correct. I was just hit with a surcharge for a grading submission to PSA. However, to be honest, PSA was correct in their value estimates for the cards I submitted. It was more that in the past, PSA was more lenient in allowing cards that were over the declared value limit to pass without adding a surcharge, and now they are lot stricter. You are also able to negotiate with them on the fees to come up with something somewhat more palatable. I'm not happy with paying these significant fees, which will impact how I submit to PSA in the future, but to be honest, they were correct in this situation.

Did they use their Value guide in determining this? In Bobby's most recent sub ($500 and under declared value) there was an upcharge on 6 cards and using PSA's own guide on the values they were all under $500. Was your card over their value on it?
https://www.psacard.com/priceguide/b...card-values/13

Directly · #13 01-21-2022, 08:29 AM

Selling some basketball and football cards for the maximum return timing was crucial. A flipper sent cards to PSA a year ago expecting 20,000 in profit. Just now receiving them back now lost the potential 20,000 gain---even with a few great basketball cards a high grade Bird RC sell prices went from 75,000 down to 30,000. I know a Pok�mon collector he breaks out graded cards and resubmits to Beckett, because he likes their holders--its all ones preference- --

Gorditadogg · #14 01-21-2022, 11:56 AM

Quote:

Originally Posted by Pat R

Did they use their Value guide in determining this? In Bobby's most recent sub ($500 and under declared value) there was an upcharge on 6 cards and using PSA's own guide on the values they were all under $500. Was your card over their value on it?

https://www.psacard.com/priceguide/b...card-values/13

They are probably using their APR value, which is the recent average sales price for reported PSA sales. The PSA value is just the old SMR price, which is updated every 10 years or so.

Sent from my SM-G955U using Tapatalk

Pat R · #15 01-21-2022, 12:21 PM

Quote:

Originally Posted by Gorditadogg

They are probably using their APR value, which is the recent average sales price for reported PSA sales. The PSA value is just the old SMR price, which is updated every 10 years or so.

Sent from my SM-G955U using Tapatalk

Even using their APR value there shouldn't have been an upcharge on some of the cards.
One of the cards was a Mathewson white cap in a PSA 2 the APR on that card is $449.99

https://www.psacard.com/auctionprice...ummary/2092813

lowpopper · #16 01-21-2022, 01:05 PM

Let's just be patient. Card grading is a privilege.

lowpopper · #17 01-21-2022, 01:13 PM

Let's just be patient. Card grading is a privilege.

glchen · #18 01-21-2022, 01:18 PM

Quote:

Originally Posted by Pat R

Even using their APR value there shouldn't have been an upcharge on some of the cards.
One of the cards was a Mathewson white cap in a PSA 2 the APR on that card is $449.99

https://www.psacard.com/auctionprice...ummary/2092813

That sale for the PSA2 Mathewson was in 2017. I think we can all agree that prices have gone up significantly since then. Here's a PSA 2 that sold this year for $1375 on ebay. Link. That would be the correct value to use, so the card would probably have gotten a $100 upcharge. I'm not saying I like this, but it is what it is.

Gorditadogg · #19 01-21-2022, 01:22 PM

Quote:

Originally Posted by Pat R

Even using their APR value there shouldn't have been an upcharge on some of the cards.
One of the cards was a Mathewson white cap in a PSA 2 the APR on that card is $449.99

https://www.psacard.com/auctionprice...ummary/2092813

Haha, aren't you a trip. That was a 2017 sale. I am guessing the value of that card is slightly higher now. What do you think it is worth today? $2500?

esehombre · #20 01-21-2022, 02:04 PM

The last PSA Submission I received (December 2021) I was hit with an "Upcharge". They sent me a link to a Goldin Auction that ended in October.

Johnny630 · #21 01-21-2022, 02:14 PM

Quote:

Originally Posted by esehombre

The last PSA Submission I received (December 2021) I was hit with an "Upcharge". They sent me a link to a Goldin Auction that ended in October.

That's a Win on the Upcharge !

Pat R · #22 01-21-2022, 02:25 PM

Quote:

Originally Posted by Gorditadogg

Haha, aren't you a trip. That was a 2017 sale. I am guessing the value of that card is slightly higher now. What do you think it is worth today? $2500?

Well you're the one that said that's what they were probably using for the values.

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