Authentication has now spread to the pricey world of sports championship rings and awards.
PSA/DNA Authentication Services is now accepting championship rings, trophies and awards for certification. Certified items will be issued an illustrated Letter of Authenticity that includes a detailed description of the item and photographic images from several different views of it.
The first championship item certified with this new PSA/DNA service is a 1999 New York Yankees staff member World Series championship ring valued at $35,000.
“To help collectors and dealers avoid unknowingly buying knock-offs, counterfeits or replicas, we are expanding our authentication services to include championship memorabilia such as World Series and Super Bowl rings, World Series trophies, Cy Young Awards and other sports rings, trophies and awards. The PSA/DNA third-party opinion certification process will provide stability in the marketplace and peace of mind for buyers and sellers of these rare and often extremely valuable items,” said Joe Orlando, President of PSA/DNA, a division of Collectors Universe, Inc.
PSA/DNA consultant and veteran championship memorabilia dealer TJ Kaye of Boca Raton, Florida, will lead the PSA/DNA certification team for these items.
“This service will be a great improvement for the sports collectibles hobby because of the amount of replicas, copies and fakes of championship rings and trophies in the marketplace. This will enhance the values of genuine championship memorabilia,” said Kaye.
Somewhat ironically, Collectors Universe also announced that it has decided to exit the business of authenticating and grading diamonds and colored gemstones, effective immediately.
“We incurred impairment charges with respect to our jewelry businesses atJune 30, 2008 and again atDecember 31, 2008, due to the severity of the economic recession and the worsening of the credit crisis inthe United States and the resulting uncertainties as to the level of revenues we could expect from our jewelry businesses in future periods,” said CEO Michael Haynes. “The continuation and possible extension of these economic conditions has led us to conclude that it is unlikely these businesses will be able to achieve the goals we had established for them when we first acquired those companies.”
Haynes said leaving the jewelry business will help the company in other arenas, enabling CU to “give full attention to and focus our significant resources, energy and liquidity on our core businesses in collectibles, where we have decades of experience and a proven record of success.”
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