This photo shows collectible cards from the Pokémon Trading Card Game (TCG) on display at an amateur collector’s apartment in Paris on March 11, 2026, including a mint card featuring Pikachu that was graded by the French card grading service PCA. The value of Pokemon cards depicting small monsters, which attract not only children but also adult enthusiasts, has soared in recent years. Collecting Pokemon cards has become a form of investment that goes beyond collecting, trading, and playing. (Photo by Martin LELIEVRE/AFP via Getty Images)
Martin Lelièvre | AFP | Getty Images
Collectors may have more grading options than ever before, but many still rely on Professional Sports Authenticators (PSAs), even with industry leaders working through a backlog of millions of cards.
As collectors increasingly treat trading cards and vintage sports cards as alternative investments, there is a growing demand for grading, the act of verifying a card’s authenticity and condition.
PSA reported on October 20 that its backlog was 7.2 million items, down from 12.4 million items in July. The company suspended its low-cost submission service in June to ease the backlog, then restarted its value service on October 29.
Still, some sellers prefer to wait for a PSA label to be issued rather than send the cards to a competitor, dealers told CNBC.
“At the end of the day, it’s all about secondary market value,” said Jeff Wilson, founder and CEO of CardsHQ, which operates one of the world’s largest sports card shops.
PSA-grade cards typically command higher prices than comparable grades from competitors, providing an incentive for collectors and investors to select PSA for higher returns, Wilson said.
The financial difference can be significant.
A Charizard-grade PSA 9 from the 1999 base set sold for about $3,440 on eBay on September 29, compared to a copy of CGC 9 sold the same day for about $1,890, according to a CNBC review of price charting records.
This price differential strengthens PSA’s lead and gives PSA’s decisions regarding fees and submission services greater leverage over the resale market.
PSA had not responded to CNBC’s detailed questions at the time of publication. In a public update, the company blamed the service restrictions and price changes on demand exceeding capacity and outlined investments aimed at reducing its backlog.
“Gold Standard”
The grading company verifies the card’s authenticity, assesses its condition, and seals the card in a protective plastic case called a slab. PSA uses a 10-point scale, and its highest grade, Gem Mint 10, is assigned to cards that are described as “virtually perfect.”
Similar to credit ratings in the bond market, card grades provide buyers and sellers with a common standard for evaluating condition.
This reduces friction in transactions by giving both parties a reference point based on past sales of the same card in the same grade.
An anonymous spokesperson for Singapore-based submission dealer Oxley Grading said the feature opened up the trading card market to more global participants and facilitated cross-border transactions.
MISSISSAUGA, CANADA – NOVEMBER 7: Sports trading cards are inspected and scored at the Sports Card Expo at the International Center on November 7, 2025 in Mississauga, Ontario, Canada. (Photo by Bruce Bennett/Getty Images)
Bruce Bennett Getty Images Sports | Getty Images
A spokesperson said PSA’s status as the industry’s “gold standard” is due to its early start, brand recognition and extensive history of completed sales.
“They have built very strong branding and many sales records,” the spokesperson said.
They estimate that approximately 90% of the grading cards provided to Oxley Grading for purchase are labeled with PSA.
This advantage creates a self-reinforcing cycle. Buyers want PSA-grade cards, and sellers have an incentive to use the company. The presence of a large number of PSA slabs in stores and online markets further strengthens the brand awareness and demand.
For sellers who choose a grader, its established resale demand can outweigh its competitors’ lower fees and faster delivery times.
collector empire
PSA is part of a larger collectibles business.
Parent company Collectors also owns competing ratings brands Beckett and SGC, as well as pricing data platform Card Ladder, PSA Vault and Financial Services. Vault links storage with sales through external marketplaces, including eBay.
These businesses cover most of Card’s commercial activities, including grading, pricing, storage, sales, and even financing for collectibles.
Collector’s three card grading brands accounted for approximately 71% of grading volume in August among the major companies surveyed by industry analyst GemRate. PSA alone accounted for about 65%, and the next largest company, CGC, accounted for about 28%.
Collector consolidation has also come under legal scrutiny.
A proposed class action lawsuit filed in April challenges Collectors’ acquisition of SGC and Beckett, alleging that the deal illegally reduced competition in card grading. This allegation has not been proven in court.
Collectors defended the acquisition of Beckett as a way to strengthen its trusted brand while retaining the ability for collectors to choose the best grading service for their items.
“We believe a strong, well-supported brand will help increase access to this hobby,” Collectors CEO Nat Turner said in the company’s 2025 acquisition announcement.
Market-dependent costs
For sellers who prioritize PSA resale premiums, changes to fees and submission services can change the economics of grading cards.
PSA increased fees on several existing tiers in February, including increasing Value Bulk from $21.99 to $24.99 and Value from $27.99 to $32.99. Estimated turnaround times for some services have also been extended, and the company said this change will help balance submission demands with grading capacity.
An Oxley Grading spokesperson said the suspension of cheaper plans in June further narrowed affordable options, while rising costs meant customers were becoming more selective about which cards they submitted.
Meanwhile, Wilson said the new regulations particularly impact collectors and dealers who buy ungraded cards, send them to PSA, and then resell them at high prices.
For cards priced under a few hundred dollars, that strategy becomes harder to justify, he said.
“We’re seeing more raw cards being bought and sold at card shows,” Wilson added, using the industry term for ungraded cards.
PSA admits that customers are waiting too long.
In its latest update on October 28, the company announced that the number of applications in April and May was 2.5 times the number of applications in the same months last year. It also released estimates for reduced turnaround times for standard and expedited services, but said new value applications would be processed at a slower pace than existing orders.
“While we have added an incredible amount of capacity, there is still work to be done,” Ryan Hoge, president of PSA and head of grading for Collectors, said in a statement.
For Wilson, this investment in production capacity is part of PSA’s appeal.
“In doing so, we have improved the experience for collectors,” he said.
CITY OF INDUSTRY, CA – NOVEMBER 29: A large selection of Dodgers pitcher Yoshinobu Yamao’s autographed Professional Sports Authenticator grade cards are on display and for sale at the Gemini Sports Cards & Memorabilia booth at the Frank & Sons Collectable Show on Saturday, November 29, 2025 in City of Industry, California. (Photo by Ronaldo Bolaños/Los Angeles Times, via Getty Images)
Ronaldo Bolaños | Los Angeles Times | Getty Images
limited bargaining power
With the dominance of top grades, collectors may have little room to resist.
An Oxley Grading spokesperson said the appeal of switching graders could diminish as collectors prefer PSA’s resale value, adding: “PSA’s lead comes from resale demand and liquidity, and other labels are still building on that.”
Amber Chua, operations manager at trading card platform TCG Marketplace, told CNBC that international customers may have fewer viable grading options since many of the major graders are based in the United States.
The most common complaints she hears are about long wait times and disappointment when the card rating is lower than the customer’s expectations.
Disputing the grade would require another shipment and wait, which could deter some collectors from contesting the results, she added.
“If you really want to sell, it will take you plenty of time.”
PSA did not respond to CNBC’s questions about the sources’ claims.
Under PSA terms, customers are responsible for grading and applicable shipping charges, and may request a paid review of disputed grades. The company also provides defect notes for eligible submissions that provide details on how the grade was determined.
CardsHQ’s Wilson said that some variation between ratings is an inherent challenge in any process that involves human judgment.
Challenge to PSA
Wilson disagrees with the idea that PSA doesn’t have an alternative for customers.
“First of all, there are alternatives,” he said, pointing to smaller rating agencies such as CGC, Beckett and TAG.
According to GemRate, CGC’s grading volume in August was more than double that of the same period last year, showing that rival graders are attracting business. Beckett, although owned by Collectors, has also experienced significant growth.
A spokeswoman for Oxley Grading said there may be room for a lower-cost service aimed at collectors who value a card’s artwork, sentimental value and preservation rather than maximizing its resale value.
Competition for the strongest financial return oriented sellers remains difficult.
Building a similar level of resale acceptability would require significant investment, and there is no guarantee that buyers will ultimately value the newcomer’s label as highly as PSA, the spokesperson said.
For Wilson, wider acceptance in the resale market is key to changing that balance.
“If the market at large starts to respect the value of other grading companies’ cards more, collectors will increasingly follow those companies,” he says.
