My Estimated value of submitted comic versus Actual value. What happens if I "overestimated" the value? 1 1

[cannal]

I recently submitted over a dozen comics for screening, pressing and grading. Being a newbie as far as grading and estimating a value of my comics, I assigned values to some of the rarer comics that may be more (or less) than the current market value, based on whatever the final grade is.

My question is, "How does CGC charge (or refund) for differences in estimated value versus the CGC-graded current market value of a given submission?" I'm sure that if I underestimated, CGC would somehow inform me and ask for the additional $$ - but what about the case where I may have overestimated? Does CGC inform me and send a refund to my credit card? In the case of multiple submissions/differences in values, do the estimations get summarized and applied to the single order number? That would make sense, but since I have no history of submissions, I just don't know how it works. Thanks for your reply. 

[NickiO CS]

Hello @cannal, 

Thank you for contacting us. We discourage overestimating the declared value of your items. If you overestimate the value, your items will not be bumped to a lower grading tier and in the event of loss, you will not be reimbursed more than the fair market value of the collectible. 

You are welcome to choose a higher grading tier if you are looking for a faster turnaround time. However, we would not suggest choosing a higher tier in order to select a higher declared value if it is not appropriate for your item.  

You can view all grading tiers, fees and turnaround times here: CGC Services & Fees | CGC (cgccomics.com).

Have a great day!

[cannal]

Hi NickiO,

I think you misunderstood my question. I wasn't referring to the grading tiers. I was referring to the "estimated value" that one has to provide when submitting comics for grading. For instance, if I assume a comic that I submitted is valued at $10K, because my assumption is based on it being graded 9.8 and fmv for a comic in 9.8 is indeed around $10K, then all is well - but what if (based on my lack of experience grading) I "overestimated" that value because the actual grade turns out to be 7.5? Let's assume for the sake of argument that the comic in CGC 7.5 has a fair market value of only $5K. Does the difference in fees charged for grading a $10K comic versus a $5K comic get reimbursed to my account? (3% of 10K grading fee is $300 and 3% of 5K is only $150) ...do I get reimbursed for the difference between what I was charged for my overestimation?

 

Edited February 3, 2023 by cannal

[MattM CS]

Hello @cannal,

Thank you for reaching out once again. As Nikki mentioned, no this is not reimbursed. Let us know if you have any other questions.