It’s been a rough week for those who grade cards that aren’t worth a lot of money.
Two days after PSA suspended all but its highest tiers of service, SGC announced it was raising prices for the authentication and grading of any cards valued at under $1,500 from $25 to $75. The company promises a 20-25 day estimated turnaround time.
The size of the increase and the timing of the news led some to speculate that it may have been an April Fool’s joke but the new rates were already visible on the company’s website.
SGC President Peter Steinberg stated Thursday morning that the number of cards received had increased by over 500% during a 24-hour period preceding the announcement. Part of that crush of submissions likely had to do with collectors and dealers reacting to PSA’s decision to essentially take a break in an effort to put a dent in that company’s multi-million card backlog.
SGC, too, was inundated with submissions during 2020 but had worked its way out of its own backlog. In making that announcement last month, SGC moved its base rate from $15 to $25 and hinted that an even higher rate might be coming.
“Our entire team cares about how you’re feeling and we know that this means we will be ‘pricing out’ a large group of cards,” he wrote. “Please understand that this is temporary and we will continue to build at an unmatched rate. Although I cannot pinpoint exactly when it will take place, SGC will be lowering our prices as soon as we feel we can effectively meet the demand. Until then, we will continue to grow this amazing team, expand our operation, and build our capacity higher and higher every day.”