Declared Value Policy
Submitters to CGC are required to list a declared value for each collectible in their submission. By submitting a collectible and listing a declared value, the submitter agrees that the declared value represents the current fair market value (FMV) of the submitted collectible. The declared value must represent the FMV of a genuine collectible of that same issue and variety in the same approximate condition.
If you do not know the collectible’s current fair market value, you can assign a declared value based on the price you paid for the collectible (if purchased recently), a value you found in a price guide, the price a dealer offered to pay you for the collectible or other reasonable determining method.
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 CCS 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.
The declared value is used to insure a collectible while it is at CGC’s facility. In addition, 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.
Please note that this policy also applies for submissions to Classic Collectible Services (CCS), an affiliate of CGC, if CCS services are selected on the CGC Submission Form.