Question on pricing when submitting Silver Age book 2 2

[Davidb71]

I am sure this is a question that has been asked before and when I did a quick search I didn't see it but what if the value I submitted for a book for grading is actually higher than what I thought? Will CGC reach out and amend my original invoice since it hasn't been charged yet? For example - if I thought the book I submitted has a value of $300 and after grading it gets a higher grade than I thought and it is worth more, will they let me know and just amend my invoice? I don't think that is going to be the case on what i submitted but would like to know for future books.  Thank you everyone.  

[CGC Mike]

Declared Value Policy

Submitters to CGC are required to list a declared value for each collectible in their submission. The declared value is the submitter’s best estimate of the current FMV of the collectible, based on a recent purchase price, a comparable sales result, a price guide or other reasonable method. For ungraded (raw) collectibles, base the declared value on an ungraded example. For graded (encapsulated) collectibles, base the declared value on an equivalent collectible of the same grade.

CGC does not assign values to collectibles. If CGC determines that a collectible is undervalued and does not qualify for the tier or services selected, it may adjust the tier and charge the appropriate difference in CGC services, grading and/or services fees based on its determination of the collectible’s current Fair Market Value. (Note: CGC will adjust the tier even if the collectible is later determined to be not genuine, altered or otherwise ungradable.) CGC will not, however, change the declared value originally assigned by the submitter.

In the extremely rare event that a collectible is lost or damaged while at CGC’s facility, the submitter will be compensated based on the collectible’s current Fair Market Value (as defined below) in the condition in which it was received by CGC; provided that in no event will the compensation exceed the declared value listed by the submitter on the CGC Submission Form. It is therefore very important that the declared value listed by the submitter represent the collectible’s current fair market value.

Fair Market Value: For the purposes of this Policy, the “current Fair Market Value” is the value of the collectible if it were to be sold, as determined by CGC in its sole reasonably exercised discretion. CGC will determine the current Fair Market Value of a collectible based upon what CGC believes, in its sole reasonably exercised opinion, to be reliable current market information. CGC may use actual pricing and sales information available to it, including prices in the actual transaction history of the collectible in question. However, due to the volatile nature of the collectible market and Internet auctions/sales as well as the differences in buying habits of different individuals, such information may not necessarily represent the accurate current Fair Market Value of any particular collectible, which again, will be determined by CGC in its sole reasonably exercised discretion. CGC reserves the right to use the declared value listed by the submitter on the CGC Submission Form as the current Fair Market Value, and in no event will CGC’s determination of current Fair Market Value exceed the declared value listed by the submitter on the CGC Submission Form. CGC’s determination of the current Fair Market Value will be absolute and binding on all parties.

[Davidb71]

Thank you. I gave it a declared value, but I am just not sure if I undervalued it, but I think I submitted a fair value.  Appreciate the response.

[kcm54]

It's important to note that you should use the RAW value of the comic in its approximate condition, not what it might get after grading (which is presumably higher).

[Davidb71]

On 4/23/2024 at 8:52 AM, kcm54 said:

It's important to note that you should use the RAW value of the comic in its approximate condition, not what it might get after grading (which is presumably higher).

Thanks.  I did it at what the graded price would be so thanks for tip 

[GBI Comics]

David & Mike, as a new member this information is great.  I am still not 100% confident in how to assess the FMV but I think I have a much better idea now.  The insight relative to judging the FMV based on the comics RAW nature is important.

Since Ebay provides the recent actual sale amount of many Silver Age books I can use that as a reasonable benchmark. 

[Poprex]

This answered some of my questions also.  Thanks!