well this is scary!
blurryface
Posts: 5,136 ✭✭✭✭✭
from goldin auctions:
It's important for Goldin to ensure that everything we sell is as described, is authentic and meets the standards we set as a company. Given this, we have removed Lot #8 - 1986-87 Fleer #57 Michael Jordan Rookie Card - PSA GEM MT 10 from the current July auction. We noticed that upon examination of the card that it may not warrant a PSA GEM MT 10 assessment. We informed PSA of the issue, and with our consignor’s approval, we will be sending the card back to PSA for review.
We will be replacing Lot #8 with a different PSA GEM MT 10 example of the same card that was slated for a future auction. We have sent out an e-mail informing all of the bidders that the card was replaced and a new example is in its place. It's important for Goldin Auctions to ensure that all cards we sell are as described and meet the standards we set as a company. The trust we have built among the hobby is worth far more than any one transaction and we appreciate everyone's continued support as we scale.
Ken Goldin
Goldin Auctions
Comments
now that some of the owners who partially own psa now partly own goldin, consignors have to worry about their low end 10s getting sent over to psa and possibly have them regraded? if it turns out to be trimmed, what happens then?
i would be extremely hesitant to send any of my cards there no matter how confident i was in their original assessment. besides, shouldnt goldin have done this first before even being slotted for the auction?
eta: then sliding another card into the slot with existing bids? this is crazy. just end that slot.
yeah, if there was something so egregious that they are pulling the card, you would think that would have been picked up on before it was put in the catalog. I didn't look at the card but this seems very odd .......
Conflict of interest...Goldin Auctions----->PSA
JUST END IT FFS! What a terrible decision to slide in a different copy.
Think of the implication of this subpar 10 thing, though. Can anyone scrutinize a high profile 10 and demand it gets reviewed? or only its owner?
I appreciate PSA wanting to right the wrongs of the past but this feels like Pandora's box to me.
Side note - I'm deleting all picture evidence of all of my PSA 10s.
Afternoon,
PSA buying Goldin Auctions....over and under on shenanigans starting? Couple months, well I got the under! I'm Just glad I don't play in those arenas. As I said at the time....HOW CAN THIS NOT BE A MAJOR CONFLICT OF INTEREST? JUST SAYING>>>>>YeeHaw!
Neil
This would either be a 10 misgraded due to obvious flaws, or a 10 with a different card swapped in, right?
OMG! what a bad move. Don't list it if you are not comfortable with the card for any reason.
The icing on the cake is to replace it with another.
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Hey guys... PSA did not purchase Goldin Auctions. PSA is not involved in last week's news that Collectors Holdings has acquired Goldin Auctions. Berkshire Hathaway owns several independently-operated companies in the insurance industry, Collectors Holdings will own many independently-operated companies in the collectibles industry. As far as a card being sent back to PSA for grade review, it's not a common occurrence, but it happens now and again, from big customers, small customers, and anywhere in between. Can't really comment on whether it should have happened pre-listing or not.
In fairness, this is what we want AHs to do, right? If something is funky, get it unfunked.
Now, as far as not doing it before the auction started and not killing the slot and just sliding in another example.... eh, probably less than ideal. But I wouldn't call it nefarious, just poor judgment by whoever made that call. Just reset the slot with the new card and everything is good.
Arthur
that's a big my bad. extremely poor verbiage on my part
should have said same owners, i guess?
(not being a smartazz, please don't take it that way at all)
eta: went back and edited original post as i do agree w what todd stated. psa certainly does not own goldin in any way, shape or form.
like ya said. it is and it isn't. sliding another card in is crazy, imo. i have certainly never heard of it happening before. i would also be very worried if it were my card that was slid in. seems ripe for a return if the market continues south.
Could this be one of the PWCC altered cards that somehow snuck into PSA holders and was noticed by someone and somehow gets sent back to PSA for re-grading ? OR mabe disappears forever?
from what I saw in the scans shown in the blowout thread, it was a card graded YEARS ago and has some staining on the back that could've become more prevalent over the years after it was graded. not one of the newer slips thats PWCC has been accused of selling as of late. I would be inclined to give it the benefit of the doubt for now.
myslabs.to/smzcards
With that being said then I guess it's safe to assume that Jordan is heading to the back of the line and it will be months before it gets reviewed and we find out it's fate.
How much did it sale for is one of the funniest and most ignorant things I've ever heard.
it seems the card wasnt altered or anything. rather had previous stains that continually got worse as time progressed. it was an earlier cert and i can attest i have a card that had a slight stain when i first bought it. i tucked it away and pulled it out after a few years and the stain had got progressively worse. i doubt we will ever hear bc of the standard nda but should/would be an extremely interesting case here considering how long ago the card was graded mixed w the cards appreciation & the grade guaranty.
This is interesting. Are they stains or are they discolorations in the paper stock? I have to assume a stain would be a wax one?
Arthur
Todd I am not sure this is a completely fair analogy. I would say it is more akin to General Motors owns Chevrolet. If General Motors owns a parts manufacturer - Chevrolet does not own that parts manufacturer - however you can bet General Motors is going to make sure Chevy gets parts before Ford. If Golden needs something graded quickly for an auction - I would think someone who is a higher up at Collectors Holding could make a phone call and get something to happen.
Collectors Holding could operate in a way where they are completely separate and all transactions are independent - or they could not. The ability to influence is there. Time will show if they are truly operated separately or just legally so. There are synergies that could be tapped into (I.e. down the road PSA could allow you to check a box and automatically have it sent to Golden for consignment) that could start down a path of not being operated separately. I think most collectors see this as something that could happen and people will look at anything between the two companies with skepticism. As collectors we have had a lot of bad actors in the hobby over the years - our skepticism is a result of a myriad of previous scandals.
In this case I think it has nothing to do with the purchase and PSA is on the hook with their guarantee to reimburse the consigner if the card is regraded (and no nefarious activities happened with the holder). It really would be in PSA’s best short term financial interest not to regrade. Golden gets their money and PSA does not have to issue a check to pay on their guarantee. I think this same thing would have happened without the sale - Golden could have had several key customers say something that made them have it checked out. If there are a lot of Jordan rookies in the queue for future auctions - Golden may want to make sure a 10 is a 10 looking out for their best interests - they do not want a low price to set the bar for their other 10s and they saw a low price coming on this card. I do not see how this helps the two entities both come out ahead as a downgrade means a big payout from PSA.
It could be a card that as damaged in the holder.
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