Conflict of interest? (New PSE seller site)
edueku
Posts: 985
in Stamps Forum
Have any of you received this email? What do you think? I think it is unlikely a COI but what is your opinion?
"To all PSE customers (like myself) who received the following email and
to whose email address was copied to all other customers (like myself):
After receiving this email, I sent a reply to Ms. Nicholas with a copy
to Mr. Sherman. I told them that I thought it was a clear conflict of
interest for PSE to be selling stamps which PSE had graded because PSE
can put any grade it wants on the stamp and also PSE sets the value in
its SMQ (which I have not yet received for Spring 2009, despite having
inquired about it). I added that it would not be a conflict if PSE sold
only PF-graded stamps and ungraded stamps. I did not receive the
courtesy of a reply from either Nicholas or Sherman.
I said that I would not buy any stamps from the website and I requested
that my email address be deleted from future mass mailings. I leave it
to you to decide what you should do."
Joseph Scafetta Jr.
Attorney-at-law
The site
"To all PSE customers (like myself) who received the following email and
to whose email address was copied to all other customers (like myself):
After receiving this email, I sent a reply to Ms. Nicholas with a copy
to Mr. Sherman. I told them that I thought it was a clear conflict of
interest for PSE to be selling stamps which PSE had graded because PSE
can put any grade it wants on the stamp and also PSE sets the value in
its SMQ (which I have not yet received for Spring 2009, despite having
inquired about it). I added that it would not be a conflict if PSE sold
only PF-graded stamps and ungraded stamps. I did not receive the
courtesy of a reply from either Nicholas or Sherman.
I said that I would not buy any stamps from the website and I requested
that my email address be deleted from future mass mailings. I leave it
to you to decide what you should do."
Joseph Scafetta Jr.
Attorney-at-law
The site
0
Comments
What Conflict?
I also don't see the conflict. PSE has nothing to do with selling any of those stamps. The site is a CLCT thing (the company that owns PCGS, PSE, etc.). It sounds to me like the author of the letter is mostly ticked off he did not get a personal reply to his letter.
I thought there might be a conflict of interest several years ago (2004?) when I think several of the stamps from the Scarsdale collection were shown in an issue of Linn's with their grades and prices realized (I think) At the time I thought how could PSE's few graders not know what/who's stamps they were grading (from such a high profile collection) and that the grades they awarded would affect the outcome of the auction prices, as well as spotlight PSE as having added a large percentage of value to the stamp by the grading service they provide. I still think that was a bit iffy, but I don't really see any perfect solution to a situation like that.
As far as the new site though I don't really see it. I have had few real disappointments with PSE and all of the staff I have ever spoken or emailed have always been on the 100% "up and up." I think there is a VERY minor potential for abuse but don't see that threat as realistic.