PSA just suspended all new submissions below Super Express

[Woodsy074]

I was watching Vintage Breaks today for a little bit and during the 1996-97 Bowman's Best Basketball box break they said their grading partner expects Express / Regular up by July and Value not to come back until September. Obviously pure speculation but seems right when you think about what they are dealing with.

[Snakeonia]

Way to go everyone. This is as much of a story as the wallstreet bets gamestop stuff. An entire market sector has crashed under a mountain of cardboard. Stacks on stacks of of 1990 pro set. 1991 fleer as far as the eye can see has suffocated any semblance of a coherent market. People shipping 4 cards in a refrigerator box to keep them safe. Gold is everywhere.

Anyone thinking of filming a documentary. Would be great like a once a year independent film. Quotes from people on blowout. Screen shots from Facebook. Interviews with people on the front lines of retail (store clerks and flippers). Project 2020. Would make for a fabulous show. Would definitely help somehow if needed.


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[ThoseBackPages]

LOL!!!

[jduds]

Originally Posted by ScooterMcRibs

It's effectively a price increase, nothing more to read into it than that. The average price to slab a card will continue to rise, whether by outright increases in prices or by suspension of low-price services. It's absolutely NOT a cap or reduction in graded card output. PSA is grading more cards than ever, now more than ever before, and continuously hiring to work through the backlog. There are MORE slabs coming out of PSA right now than ever before, it's just that people are willing to pay way more than ever before (higher grading tiers) so there's no bandwidth left for lower tiers.

I don't think the high tiers can provide enough volume to even keep the graders they currently have busy. The volume is definitely coming from the lower tiers. Almost no one chooses to pay more at PSA. They choose the cheapest tier they can get away with.

[cking]

Originally Posted by lauriontj

*From PSA Steve Sloan President *

This change will help get your cards back faster while maintaining the quality and accuracy you expect from PSA.

Quality

Accuracy

[ThoseBackPages]

Originally Posted by cking

Quality

Accuracy

[GOTcollector]

Originally Posted by hermanotarjeta

I still think the main issue is the incredible liability of holding and storing millions of expensive cards in their warehouses.

Feel sorry for the poor security guard making 12 dollars an hour to protect all that loot, I'm sure his bosses would expect him to take a bullet for a LeBron Lakers rookie Prizm eBay 1/1, let alone the valuable cards.

[mfw13]

Originally Posted by hermanotarjeta

I still think the main issue is the incredible liability of holding and storing millions of expensive cards in their warehouses.

Certainly a valid issue.....PSA must have millions of dollars of cards in it's possession at any given point in time.

[ScooterMcRibs]

Originally Posted by jduds

I don't think the high tiers can provide enough volume to even keep the graders they currently have busy. The volume is definitely coming from the lower tiers. Almost no one chooses to pay more at PSA. They choose the cheapest tier they can get away with.

PSA didn't have the bandwidth to cover the incoming volume and delays were compounding by the day. Based on the current intake, PSA CAN process incoming higher non-suspended tiers (for now) and burn down the backlog slowly.. but no doubt higher tier volume will JUMP as folks who previously used lower tiers are forced to higher tiers (or else other grading companies). So overall the situation is somewhat unpredictable, I would not be surprised to see the lowest tiers suspended for years or permanently.

[ThoseBackPages]

Originally Posted by chezball

pretty sure no one mentioned this. The slabs are plastic, we all know anything plastic is tough to come by. Is PSA sitting on a million slabs, that could also be an issue?

this is a great point. they could be in need of slabs

[KhalDrogo]

Originally Posted by hermanotarjeta

I still think the main issue is the incredible liability of holding and storing millions of expensive cards in their warehouses.

Average DV of a submitted card has to be north of $100. Talking about likely $1B+ in raw value.

[hermanotarjeta]

Originally Posted by KhalDrogo

Average DV of a submitted card has to be north of $100. Talking about likely $1B+ in raw value.

Yes, and imagine having to keep the cards stored in an "optimal" preservation environment (air conditioning, providing 24 hour security, organization, non-stacked, away from vermin, ceiling water leaks, etc., etc.) for years upon years and how bad a "lawsuit" could occur if anyone's precious collection is damaged beyond repair.

I've always worried for my cards when they are submitted at shows, anyone walking around could steal these cards or rob employees at gun point.

It's a yyyyyuuuuggeeee liability and costly as well.

You may pay for shipping insurance, but they don't to my knowledge, offer damage/theft insurance.

[jduds]

Originally Posted by ScooterMcRibs

PSA didn't have the bandwidth to cover the incoming volume and delays were compounding by the day. Based on the current intake, PSA CAN process incoming higher non-suspended tiers (for now) and burn down the backlog slowly.. but no doubt higher tier volume will JUMP as folks who previously used lower tiers are forced to higher tiers (or else other grading companies). So overall the situation is somewhat unpredictable, I would not be surprised to see the lowest tiers suspended for years or permanently.

People in the lower tiers aren't going to jump to 300 a card to grade cards that were cheap enough to have qualified at the lower tiers. I can see a price bump in the lower tiers, but PSA will not leave that volume of business on the table.

[JohnnyHatesJazz]

Move operations to Mexico and hire more graders.

Problem solved.

[airforce21one]

Originally Posted by KhalDrogo

But then PSA keeps your slabbed cards. And as long as the average sale price beats the average expense of grading a card, they come out ahead. Maybe not as much as before, but they’ve acquired your inventory for only the cost of grading. CLCT’s operating expenses for Q1 were $11.5M. They were rumored to be doing 150k cards a week at that time. That’s almost 2 million cards a quarter. So $5-6 expenses per card before considering what expenses are actually attached to PSA and not PCGS.

You think they could get $6 for each abandoned card?

What he's saying is that people will start pulling submissions before grading. Maybe I'm missing something in the fine print, but sending PSA cards for submission does not transfer ownership of the cards to them while they are just collecting dust in a warehouse waiting to be graded.

If a bunch of rookies bust or the market tanks, what's to stop people from requesting to have their subs sent back prior to paying for grading?

[KhalDrogo]

Originally Posted by airforce21one

What he's saying is that people will start pulling submissions before grading. Maybe I'm missing something in the fine print, but sending PSA cards for submission does not transfer ownership of the cards to them while they are just collecting dust in a warehouse waiting to be graded.

If a bunch of rookies bust or the market tanks, what's to stop people from requesting to have their subs sent back prior to paying for grading?

Nothing. I don't think the number of subs worth less than the cost of grading is that high. No group sub will be pulling their cards out. Leaving individual submitters, who I would wager are a little better about what they send in.

You'd have to send an entire sub of pure trash to not get $25 a card from it.

[SleepyWill]

I have to say . . .

Have had 30+ orders sitting in que since October last year, with a majority right at the "Grading" stage. Now that they've cut off incomming almost all my orders have had some movement, with 10 now going from "Grading" to "QA2" which is nice to see.

People will complain, but at the end of the day I'll get my cards back which is the most importmant take away from all of this isn't it

[JoeAdam]

Originally Posted by hermanotarjeta

I still think the main issue is the incredible liability of holding and storing millions of expensive cards in their warehouses.

Not to mention the extra space you need.

[kabrune2]

Originally Posted by KhalDrogo

Nothing. I don't think the number of subs worth less than the cost of grading is that high. No group sub will be pulling their cards out. Leaving individual submitters, who I would wager are a little better about what they send in.

You'd have to send an entire sub of pure trash to not get $25 a card from it.

You mean like paper base cards from 2021 Topps Series 1? I’ve seen several group submitters complain that 15-20% of their submissions are not cards that should be subbed, or at the very least a long odds bet.

[KhalDrogo]

Originally Posted by kabrune2

You mean like paper base cards from 2021 Topps Series 1? I’ve seen several group submitters complain that 15-20% of their submissions are not cards that should be subbed, or at the very least a long odds bet.

You think guys like Adell, Bohm, Pache, and Bart are going to be less than $25 for PSA 10s?

[base set]

Originally Posted by Snakeonia

Way to go everyone. This is as much of a story as the wallstreet bets gamestop stuff. An entire market sector has crashed under a mountain of cardboard. Stacks on stacks of of 1990 pro set. 1991 fleer as far as the eye can see has suffocated any semblance of a coherent market. People shipping 4 cards in a refrigerator box to keep them safe. Gold is everywhere.

Anyone thinking of filming a documentary. Would be great like a once a year independent film. Quotes from people on blowout. Screen shots from Facebook. Interviews with people on the front lines of retail (store clerks and flippers). Project 2020. Would make for a fabulous show. Would definitely help somehow if needed.


Sent from my iPhone using Tapatalk

Well cards so popular now PSA is in the TMZ headlines today

[ThoseBackPages]

SGC raised their rates. today of all days! LOL!!!!!!!

[Cardfanattic]

Originally Posted by ThoseBackPages

SGC raised their rates. today of all days! LOL!!!!!!!

Bad new


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[airforce21one]

Originally Posted by KhalDrogo

You think guys like Adell, Bohm, Pache, and Bart are going to be less than $25 for PSA 10s?

What percentage of base cards are getting PSA 10s?

[Systemtrend]

Originally Posted by airforce21one

What percentage of base cards are getting PSA 10s?

For the brand new stuff probably very high chance of PSA 10 unless PSA rigs it and mostly just gives out PSA 9 to not tank the PSA 10 markets. I have a feeling they still likely do this rather than create PSA 10 populations in the multiple hundreds of thousands.