Maravich and money laundering

[auburn35]

Didn't see this auction covered much at all in the hobby, but last month, the US Treasury auctioned off one of the two PSA 10 1970 Pete Maravich RC's.

Took a while, but the government finally posted the auction results today. $330k - buyer Rob Gough

If you're familiar with the story, you nay remember that the pop 1, PSA 10 1948 George Mikan was also part of the money laundering case and ended up being donated to the Smithsonian (National Museum of American History).

Here's some old links to story, if anyone was interested. Pretty crazy, even without the cards. With money laundering still an often discussed topic with current sales, which cards might the government seize in the future?

Money Laundering, Murder and a Museum: What Became of the PSA 10 George Mikan Rookie Card
https://www.sportscollectorsdaily.co...n-rookie-card/

Offshore Internet Sports Betting Company Agrees to Forfeit Over $46.8 Million in Proceeds to Resolve Criminal Investigation
https://www.justice.gov/usao-edpa/pr...llion-proceeds

[Retired hobbist]

This had me initially confused as Pistol Pete has been dead for 35 years...

If you look at a valuable card as similar to a bond or a precious metal bar having criminal proceeds hidden away in these things isn't a shock.

[the mesiah]

Terrible trimming job, but I guess buy the grade not the card

[anusinha]

Raw Jordan rookies for 8500 each?

Sounds like the government can pay off the national debt by just selling reprints of this

[auburn35]

Originally Posted by anusinha

Raw Jordan rookies for 8500 each?

Sounds like the government can pay off the national debt by just selling reprints of this

The auction didn't even have great photos, but it's possible the bidders viewed the cards in-person, during the live auction.

https://bid.cwsmarketing.com/lot-det...log%2Fid%2F151


I haven't seen the full list of items that were seized, but the Jordan's and the following lots share the same case #.
Thought it was interesting to have the Mikan, Maravich and then a group of ungraded items.

https://bid.cwsmarketing.com/lot-det...log%2Fid%2F151
(1) 1989 Upper Deck Ken Griffey Jr. #1 (Ungraded), first card from the debut Upper Deck Baseball set, with visible condition issues, including a soft corner with notable damage, subtle surface imperfections, and signs of wear consistent with handling, Note: valuation is for the card in as-is, ungraded condition. 1 EA

(2) 1984 Topps USFL Premier Reggie White #58 (Ungraded), rookie cards with sharp corners and edges, vibrant colors, and strong centering, Note: valuation is for the cards in as-is, ungraded condition. 2 EA

(1) 1977 Topps Robert Parish #111 (Ungraded), rookie card with excellent presentation, featuring sharp edges, vibrant colors, and strong centering, Note: valuation is for the card in as-is, ungraded condition. 1 EA

(1) 1986 Fleer Patrick Ewing #32 (Ungraded), rookie card showcases sharp edges, vivid colors, and excellent over-all presentation, Note: valuation is for the card in as-is, ungraded condition. 1 EA


https://bid.cwsmarketing.com/lot-det...log%2Fid%2F151

(1) 1984 Star SP Larry Bird #26 (Ungraded), card with sharp edges, clean surfaces, vibrant colors, and perfect centering, limited distribution, Note: valuation is for the card in as-is, ungraded condition. 1 EA

(1) 1980 Topps Bird/Erving/Johnson #34, 174, 139 (Ungraded), three-panel perforated rookie card intact (rare), sharp edges, vibrant colors, and strong centering, Note: valuation is for the card in as-is, ungraded condition. 1 EA

(1) 1972 Topps Julius Erving #195 (Ungraded) rookie card featuring vibrant colors, almost perfect centering, sharp edges and excellent overall presentation, in “near-mint” condition, Note: valuation is for the card in as-is, ungraded condition. 1 EA

https://bid.cwsmarketing.com/lot-det...log%2Fid%2F151

(1) 1985-86 Star NBA All Rookies Complete Set (Ungraded) , complete set of (11) cards, each card with sharp corners, vibrant colors, and outstanding centering, Note: valuation is for the card in as-is, ungraded condition. 1 EA

[bmf]

The problem is, with the Maravich in that old PSA holder, what grade would it get today? Very good chance it would not be a 10. That's why a lot of collectors steer away from those old PSA 10 holders.

[swerve]

Wow, that one Jordan looks stained and has a fish eye.

[auburn35]

Originally Posted by bmf

The problem is, with the Maravich in that old PSA holder, what grade would it get today? Very good chance it would not be a 10. That's why a lot of collectors steer away from those old PSA 10 holders.

It's funny, because people crack/cross cards all the time looking to get a bump, but you'll often see new/old slabs for sale with known issues. Obviously those don't "need" to be corrected, if they can be passed onto someone else.

Also, psa supposedly doesn't factor the grade upon a reholder. Just check if the case/card are legit.

For this submission type, the cards will not be graded. The cards will be received and then inspected by a member of the grading team to determine if the card and PSA holder are authentic.

https://www.psacard.com/services/tra...ading/reholder

[bmf]

Originally Posted by auburn35

It's funny, because people crack/cross cards all the time looking to get a bump, but you'll often see new/old slabs for sale with known issues. Obviously those don't "need" to be corrected, if they can be passed onto someone else.

Hot potato.

[bmf]

Originally Posted by auburn35

Also, psa supposedly doesn't factor the grade upon a reholder. Just check if the case/card are legit.

https://www.psacard.com/services/tra...ading/reholder

PSA is smart for that. They can just collect the large premium for the PSA 10 (again!) and put it in the new holder. Not to mention avoid all kinds of problems and liability for correcting loosely graded 10's from the past. Unfortunately, buyers of these cards down the line have no idea that they are getting loosely graded 10's (i.e., 8's and 9's) that have simply been re-holdered.

[auburn35]

Originally Posted by bmf

PSA is smart for that. They can just collect the large premium for the PSA 10 (again!) and put it in the new holder. Not to mention avoid all kinds of problems and liability for correcting loosely graded 10's from the past. Unfortunately, buyers of these cards down the line have no idea that they are getting loosely graded 10's (i.e., 8's and 9's) that have simply been re-holdered.

Yeah, these situations occur all the time.
Here's a good, recent example.

https://x.com/BenMBurrows/status/1926727409866281125

Someone bought ($19k) this old label "10" with lots of surface damage (missing foil) and were able to get psa to reholder the obviously damaged card into a new "10" holder, which later sold for $30k.

Shortly after that $30K sale, psa deactivated the cert.
PSA collects the original fee, reholder fee, and depending on the owner (if they follow their own policy), psa can avoid paying out on the grade guarantee for "Cards exhibiting defects from the manufacturer".

"Defects that occur due to the manner in which the cards were manufactured are not subject to the PSA Guarantee.