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Thread: CGC Addresses Concerns Over Purchase Of Classics Incorporated

  1. #1
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    Default CGC Addresses Concerns Over Purchase Of Classics Incorporated

    A week or so ago, CGC announced they had bought Classics Incorporated and were moving them in house. Some collectors expressed concerns, without response. Then on Thanksgiving, Bleeding Cool ran an article on the purchase echoing a few of those concerns. And suddenly, by the end of that day, a response was issued;
    Thank you all for your feedback on our latest acquisition. While it is difficult to get into an ongoing dialogue with the many CGC users, we would like, at a minimum, to respond to some of the questions that have been raised.

    We have every intention to continue to operate transparently and welcome both criticism and thoughts on how we can best serve the hobby.

    While many of you are very critical about some of our business decisions and other operating issues, I will address the following:

    Turnaround timesNo one is more frustrated than all of us at CGC with how far behind we have fallen and we are doing everything in our power to get caught up. Grading is not a business that can be rushed for obvious reasons. Being a CGC grader is not as easy as some of you may think and hiring qualified people that want to grade all day versus working in the marketplace is not an easy hire. We are constantly looking for qualified graders and if any of you would like to apply, we will be happy to evaluate your skills.

    Conflict of InterestAt the end of the day our credibility is the most integral component of CGC. We have worked for over a decade to build this company into what it has become today. We have no interest in assigning the wrong grade to any book and I can assure you, from the top down at CGC, we all feel the same way. We are not in this for any short-term gain and would like to remain your grading service of choice forever. We take our responsibility to the hobby very seriously and will never abuse your trust.

    As all of this relates to the purchase of Classics Incorporated, I am happy to consult with an advisory group of your peers to make sure that we do this properly. We are here to make money but we are also here to be transparent and do what is best for the hobby. While it is hard to please everyone, we will certainly go out of our way to address as many of the legitimate concerns that you have. The following is a list of the most frequently asked questions and responses:

    Can Matt still sell comics?No, Matt cannot engage in selling comics just like the rest of the employees employed by the Certified Collectibles Group.

    Is Matt still pressing right now?Yes, Matt is still taking submissions as normal until the changeover on 2/1/13.

    When is the cutoff for submitting to Classics before merging?Any books not finished in Dallas right before 2/1/13 will be transferred to the new office, completed and submitted as usual. This transfer will occur seamlessly.

    How will the submission process for pressing change?Customers will still submit through the Classics site as usual. We will most likely streamline the submission form making it even easier.

    Resto removal?Classics will still offer this service. However, Classics can now work with CGC to ensure all removal is achieved before grading which will eliminate wasted CGC fees.

    Will Classics still offer a screening service?Yes, but only a prescreen service. The traditional proscreen service where Matt assigns a potential grade will end as of 2/1/13.

    Will graders undergrade to help pressing business?Absolutely not. CGC grading will not change from what it has always been.

    If a book is pressed by Classics, will it get an automatic upgrade?No, the grade of the book is the grade of the book. Not all books are upgraded because they have been pressed. All books from Classics will still be objectively graded, just like every other submission. This is not an upgrade service in any way and there is no assurance that the book will upgrade.

    As an independent member of the Certified Collectibles Group (CCG) of companies, Classics will operate as a stand alone business separate from CGC.

    Will CGC still accept books pressed by other companies/people?Absolutely. The purpose of this acquisition is to offer a high end, streamlined service that our clients deserve. It is not to put anyone out of business.

    Will Classics?s pressing fees change?Pricing structure and new turnaround times will be announced shortly.

    If there are any other questions regarding the merger, please email them to either Harshen Patel at hpatel@cgccomics.com or Matt Nelson at comics@classicsincorporated.com . We?ll release another email answering your additional questions. I want to thank all of you for your input and passion about the hobby and our business. We will continue to keep all of you in the loop as we make final decisions regarding logistics for the Classics integration.

    Regards,Steve EichenbaumCEOCertified Collectibles Group
    There are plenty more questions to be asked of course...

  2. #2

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    This news release is internally contradictory. In one breath CGC states, "As an independent member of the Certified Collectibles Group (CCG) of companies, Classics will operate as a stand alone business separate from CGC" and in another it claims "Classics can now work with CGC to ensure all removal is achieved before grading which will eliminate wasted CGC fees." CGC merely gives empty rhetoric in response to concerns about the actual and apparent conflict of interest. There is trouble in CGC paradise. CGC's reign at the top may come to an end because of shortsightedness and greed. It is a shame.

  3. #3
    Bleeding Cool Mike H.'s Avatar
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    I've never been able to understand how CGC can be trusted. What sort of checks and balances are really in place? Even if they have the best of intentions, there is just too much room for human error and corruption to occur. Encasing comics in plastic and then saying whatever grade the book has been given is nullified the moment the book is removed from the slab has always said "scam" to me. If the day ever comes when someone is able to prove that even one book has been falsely graded, it's going to make the grades of every other book the company has ever touched worthless.
    Last edited by Mike H.; 11-24-2012 at 11:25 AM. Reason: spelling error

  4. #4
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    Nice attempt at spin but an appraiser owning a company that improves condition for the explicit purpose of improving appraisal value is an inherent, indefensible, inseparable conflict of interest. The very definition of a conflict of interest that cannot in any possible way be reconciled. On one level, it's akin to the Secretary of the Interior coming from Big Oil or any other fossil fuel industry on another level, it's essentially a vertical monopoly in appraisal.

  5. #5
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    How do you unrestore a book?

    For that matter, I don't get the whole "pressing" thing,either.

  6. #6
    Bleeding Cool Mike H.'s Avatar
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    Quote Originally Posted by MrNitekatt View Post
    How do you unrestore a book?
    They give it to a 4 year old for an hour.

  7. #7
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    Yeah, I never really understood the whole CGC grading thing. I don't need some other person to tell me what condition my comic is in, I can just look at the damned thing. Determining the grade of a comic book takes like ten seconds if you know what you're looking for. And these CGC guys want us to believe that a 9.5 book that isn't in their plastic case is worth less than one that is? I just don't see the value of CGC.

  8. #8
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    Quote Originally Posted by Mike H. View Post
    I've never been able to understand how CGC can be trusted. What sort of checks and balances are really in place? Even if they have the best of intentions, there is just too much room for human error and corruption to occur. Encasing comics in plastic and then saying whatever grade the book has been given is nullified the moment the book is removed from the slab has always said "scam" to me. If the day ever comes when someone is able to prove that even one book has been falsely graded, it's going to make the grades of every other book the company has ever touched worthless.
    There have also been cases where people have, on purpose, sent a book in twice. They send it in, it gets a 9.2. They open it, send it back in, it gets an 8.5


    Quote Originally Posted by Rich Johnston View Post
    We have every intention to continue to operate transparently and welcome both criticism and thoughts on how we can best serve the hobby.
    You can best serve the hobby by going out of business

  9. #9
    Wrote the Book on Cool doomedhuh's Avatar
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    I've always thought CGC was a scam

  10. #10
    Wrote the Book on Cool papabear's Avatar
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    Quote Originally Posted by Mike H. View Post
    They give it to a 4 year old for an hour.
    An Hour? I can't trust my 4 year old to touch a comic for 60 seconds. Give him 60 minutes with one and there won't be anything left but the staples.

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