Disclaimer: The following is for informational and entertainment purposes only. This is not financial advice nor an endorsement of any particular collectible.

When it comes to grading cards, PSA and BGS are the two most prominent names in the hobby. Both companies have strong reputations, but recent trends show that PSA slabs pretty consistently sell for higher prices than their equivalently graded BGS counterparts. To explore this discrepancy, let’s examine a case study of a 2009 Topps Stephen Curry rookie card I recently purchased.

Case Study: 2009 Topps Stephen Curry Rookie Card

I purchased a BGS 8.5 (no subgrades) Topps 2009 Curry rookie card for $740, which aligns with the recent sales of other BGS 8.5 copies:

• $800
• $715
• $615.05
• $737
• $645

In contrast, the five most recent sales for a PSA 8 are:

• $850
• $849.99
• $825
• $800
• $810

Despite being graded 0.5 lower, PSA cards consistently command a premium over BGS slabs — although PSA doesn’t use half grades, meaning these could theoretically represent equivalent grades

This trend isn’t unique to the Curry, it’s reflected across other high-profile cards as well. For example:

• Two copies of the same Shohei Ohtani rookie card sold recently: a BGS 9.5 went for $96,000, while a PSA 10 sold for $210,000 — more than double the price despite both being “Gem Mint” condition

Why Are PSA Cards Selling for More?

1. Market Perception & Popularity

PSA has emerged as the dominant grading company in recent years, overtaking BGS in market share and brand loyalty. Collectors often view PSA slabs as more desirable and liquid, especially for resale purposes.

2. Visual Appeal of Grades

The difference between a PSA 10 and a BGS 9.5 is purely numerical—both represent “Gem Mint” condition—but the visual impact of seeing a “10” carries more weight in the market. Buyers are willing to pay a premium for what feels like perfection, even if the actual condition is identical.

Is There An Arbitrage Opportunity?

While PSA is currently the gold standard for grading, I personally believe this premium presents an arbitrage opportunity for collectors willing to buy undervalued BGS slabs. Here’s why I think this gap could narrow in the future:

• Cost of Grading: It’s cheaper to grade with BGS than PSA right now. As PSA continues to raise prices (making grading nearly prohibitive for lower-value cards), collectors may turn back to BGS as a more affordable option
• Service Complaints: While PSA commands higher resale premiums, their service isn’t perfect—complaints about slow turnaround times and lack of transparency persist in the hobby community
• Trust in BGS Grading Standards: BGS hasn’t lost credibility among collectors; its grading standards remain highly regarded. Many buyers purchase BGS slabs with confidence that they could receive equivalent grades from PSA if regraded—a potential arbitrage play for flipping cards
• Market Correction Potential: If more collectors start buying BGS slabs at discounted prices and regrading them with PSA (or simply trusting BGS grades outright), it’s possible that demand for BGS slabs will rise again—bringing prices closer in line with PSA over time

This theory could be wrong—PSA’s dominance may continue—but I see potential in buying undervalued BGS slabs now with the hope that they’ll regain parity with PSA prices in the future.

Final Thoughts: Choosing Between PSA and BGS

For collectors focused on resale potential, PSA is undoubtedly the leader in today’s market due to its popularity and liquidity.

However, grading is ultimately subjective; most collectors simply want verification that their card is authentic and in good condition. As long as BGS maintains its reputation for accuracy and consistency, I will continue buying equivalently graded cards at steep discounts compared to PSA—even though I acknowledge that current market conditions favor PSA slabs.