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 Post subject: Grading of proofs?
PostPosted: Thu Sep 18, 2008 8:40 am 
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I noticed that lot 12719 from last nights HA auction, a TN proof with green tint, did not sell and is still available for a BIN of $488. There were 12 in Christie’s.

PMG graded the proof as U60 Net, even though it has 2 significant taped tears at the POC’s. I guess that this means that it would have graded several points higher if it did not have the tears, maybe even Gem. However, I find it strange that a note with tears would grade as U. I know that it is not unusual for proofs to have these kinds of tears, but a grade should be absolute and not relative. In the past, before TPG’s, proofs often did not even receive a “grade”. They were designated as “proofs” and any deficiencies were mentioned. If an issued note had these tears, I doubt that it would grade as U60?

Any thoughts on the grading of proofs, especially by the TPG’s?


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 Post subject: Re: Grading of proofs?
PostPosted: Thu Sep 18, 2008 9:24 am 
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Personally, I prefer my proofs to be "raw". Grading gives folks a way to judge the relative values of notes that are numerous and widely separated in terms of quality. In other words, grading really applies more when quality trumps scarcity as the dominant factor of the value.

The value of proof notes is generally more affected by the scarcity than the quality. As such, the added value of grading proof notes is (or at least in my opinion should be) minimal. However, dealers who have made a practice of selling graded notes have developed an expectation that getting high grades for notes increases their value exponentially. This leads them to expect unrealistic returns for their graded proof notes.

On the other hand, if their strategy works and people actually display a willingness to pay a lot more for graded proofs than they would for the same proofs in raw form, then I'm obviously full of beans (and the gas they produce) and the trend will continue to move in that direction.

Should that occur, it would be my hope that the TPGs develop stronger expertise as differentiating between genuine proofs, proprietary proofs, modern pulls, and outright fakes (altered plates from counterfeit detector, altered remainders, etc.)

- Greg


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 Post subject: Re: Grading of proofs?
PostPosted: Fri Sep 19, 2008 10:49 pm 
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Well, I succumbed and bought the note. I looked it over hard and was amused at the errors made by PMG. They labeled it a TN-15-G8b, but it obviously isn't. One wonders if they simply took the submitter's word on what it was.

Anyway, I haven't decided whether to leave it incorrectly slabbed as an amusement or cut it out.

- Greg


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 Post subject: Re: Grading of proofs?
PostPosted: Sat Sep 20, 2008 10:29 am 
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Congrats!

I'd take a while to think about it before cutting it out.

I personally don't like the slabs because I find them harder to put in an album.

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