A 1961-62 Fleer Wilt Chamberlain rookie card has been downgraded from a Gem Mint 10 to a Mint 9 by PSA. The difference in current market value led to around a $800,000 loss for the collector.
How did this happen?
Sources tell cllct the card featured an old label and was submitted for reholdering before being consigned to Heritage Auctions.
The card once again got a 10 in a new holder. It then sold for $976,000.
Uneasy with the quality of the 10, the winning bidder submitted for a grade guarantee review, PSA said.
“After review, it was determined that the card should be graded PSA 9, per PSA grading standards” PSA said in a statement to cllct. “The owner was compensated for the difference in value under the terms of the PSA Grade Guarantee.”
The last PSA 9 example to sell at public auction fetched $132,000 at Heritage in December 2024, according to data tool Card Ladder's records.
It is not known how much the collector was compensated. PSA’s current terms and conditions only allow $250,000 in compensation per case and $500,000 per lifetime per customer.
PSA in rare cases has deactivated certs when it feels like fraud has taken place. Many collectors would be wary to ask for PSA to give them a grade review because compensation value is unilaterally determined by PSA.
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Darren Rovell is the founder of cllct and one of the country's leading reporters on the collectibles market. He previously worked for ESPN, CNBC and The Action Network.