In December 2025, Collectors Universe completed its acquisition of Beckett Grading Services (BGS), a move that fundamentally reshaped the card grading industry. With this single transaction, Collectors Universe now owns three of the four major grading companies: PSA, BGS, and Sportscard Guaranty (SGC). The question of whether PSA constitutes a monopoly is no longer a hypothetical debate—it’s a market reality that has prompted formal government scrutiny. As of November 2025, Collectors Universe-owned companies graded 1.769 million cards out of 2.233 million total industry submissions, representing approximately 79% market share.
The answer is nuanced but concerning: PSA alone doesn’t operate as a technical monopoly, but its parent company Collectors Universe does now control monopolistic market share through horizontal consolidation. This distinction matters for collectors because it affects pricing, service options, and the industry’s long-term health. The concentration became severe enough that in January 2026, U.S. Representative Pat Ryan formally requested the Federal Trade Commission investigate potential antitrust violations.
Table of Contents
- How Did One Company Come to Control 80% of the Card Grading Market?
- What Do the Numbers Actually Tell Us About Market Control?
- How Does PSA’s Price Increase Reflect Monopolistic Behavior?
- Is CGC’s Rapid Growth a Sign of Real Competition?
- What Did the FTC Investigation Request Mean for the Industry?
- How Does PSA’s Market Position Affect Card Values and Pricing?
- What’s the Likely Outcome of the Current Market Situation?
- Conclusion
- Frequently Asked Questions
How Did One Company Come to Control 80% of the Card Grading Market?
The consolidation happened gradually but accelerated dramatically in 2024 and 2025. psa had already established dominance as the premium grading standard, holding approximately 60% market share in 2024 when it graded 15.33 million cards. This was substantial but not unprecedented—one company holding a strong majority in an industry isn’t automatically illegal. However, the Beckett acquisition changed the equation fundamentally. By acquiring BGS, one of the only major independent competitors, Collectors Universe eliminated a choice for collectors who preferred BGS’s grading standards or reputation. A collector previously choosing between PSA and BGS—the two most established names—now faces the reality that both companies have the same parent.
The path to consolidation began years earlier. Collectors Universe acquired SGC (the oldest grading company, dating to 1998) and folded it into its portfolio. Then came the larger Beckett acquisition. This isn’t how competitive markets typically evolve. Rather than competition driving better services and lower prices, consolidation removed alternatives and increased pricing power. The industry’s trajectory resembles media consolidation, telecommunications mergers, or social media dominance—where one company absorbs rivals and controls the market.
What Do the Numbers Actually Tell Us About Market Control?
The November 2025 market share snapshot reveals the concentration’s severity: Collectors Universe-owned companies graded 1.769 million cards versus CGC’s 425,000 cards and smaller graders handling the remainder. In percentage terms, that’s 79% versus roughly 19% for CGC, with 2% distributed among smaller players like Subgrades or local graders. For context, the Federal Trade Commission typically scrutinizes market consolidations when one company controls 30% or more of a market, depending on the industry. At 79%, Collectors Universe far exceeds normal antitrust thresholds.
A critical limitation of these numbers: they represent a snapshot from November 2025, and the industry has continued to shift since then. The total industry graded over 26 million cards in 2025 alone, reflecting continued explosive growth in card collecting as an investment sector. However, growth doesn’t solve the consolidation problem—even if the total market expands, Collectors Universe’s control over the vast majority means collectors have limited meaningful alternatives. A collector wanting a card graded by an independent company has essentially one practical choice: CGC. This is precisely the kind of market structure that antitrust law exists to prevent.
How Does PSA’s Price Increase Reflect Monopolistic Behavior?
In February 2026, PSA raised its submission prices across multiple service tiers, a move that underscores how market concentration affects collectors directly. The Value Bulk tier increased to $24.99 per card with a 95-business-day turnaround, while the faster Value tier climbed to $32.99 per card with a 75-business-day window. These aren’t marginal adjustments—they represent meaningful cost increases for collectors who submit cards regularly. For someone submitting 100 cards, the increase amounts to $500 in additional costs. The timing matters.
PSA implemented this price increase shortly after the Beckett acquisition consolidated the market, exactly when collectors had fewer alternatives. In a competitive market, a price increase of this magnitude would likely drive volume to competitors. However, PSA’s dominance means many collectors feel compelled to use their service regardless—they submit to PSA because that’s where the market expects cards to be graded, because PSA-graded cards command premium prices, and because there’s less uncertainty around PSA’s future. It’s a self-reinforcing cycle where market leadership becomes harder to challenge. A collector might switch to CGC or another grader, but they risk having their cards valued lower simply because the market prefers the PSA brand.
Is CGC’s Rapid Growth a Sign of Real Competition?
CGC experienced remarkable growth in the first half of 2025, achieving 189% year-over-year growth in sports card submissions with a total volume increase of 140% compared to the prior year. This expansion is real and suggests CGC is successfully positioning itself as an alternative. The company has invested significantly in building trust with collectors, offering services that differ slightly from PSA’s approach, and aggressively pursuing market share. For many collectors, CGC has become a legitimate second option, particularly for less expensive cards where the cost difference between graders matters most.
However, CGC’s growth, while impressive in percentage terms, still leaves Collectors Universe companies with roughly 80% of submissions. This is the key limitation of the “competition is emerging” argument. CGC would need several more years of 100%+ growth just to reach parity with Collectors Universe, and there’s no guarantee that trajectory will continue. CGC’s growth does matter—it proves that dominance can be challenged—but it also reveals how deep Collectors Universe’s moat truly is. Additionally, CGC remains the only fully independent major grader among what collectors call the “Big Four.” If Collectors Universe acquired CGC, the market would revert to a near-total monopoly.
What Did the FTC Investigation Request Mean for the Industry?
Representative Pat Ryan’s January 2, 2026 formal request to the Federal Trade Commission for an antitrust investigation provided collectors with concrete evidence that Beckett’s acquisition crossed a line that concerned policymakers. The request cited the monopoly concerns explicitly and asked the FTC to examine whether Collectors Universe’s consolidation violated antitrust law. This wasn’t a vague complaint—it was a formal government request backed by documented market analysis. The fact that a U.S. congressman felt compelled to take this action indicates that the market concentration had become difficult to ignore.
The investigation represents a significant uncertainty for the industry. If the FTC determines that the Beckett acquisition constitutes an illegal monopolization attempt, potential remedies could include forcing Collectors Universe to divest either PSA or BGS—essentially reversing the consolidation. Alternatively, the FTC might approve the consolidation with behavioral restrictions, such as price caps or service mandates. The warning here is that regulatory uncertainty makes long-term planning difficult for the companies involved and for collectors. If you’re considering bulk grading for long-term investment, regulatory limbo creates risk that terms, pricing, or service quality could change unexpectedly.
How Does PSA’s Market Position Affect Card Values and Pricing?
PSA’s dominance influences the pricing of every graded card in the market because PSA grades command a premium compared to competitors. A 1999 Pokémon Charizard Base Set card graded PSA 9 might sell for significantly more than an identical card graded CGC 9, even if the actual card quality is identical. This pricing differential reflects market preference, brand trust, and the size of the potential buyer pool. Collectors expect PSA grades on high-value cards, and dealers factor this expectation into their pricing.
The example extends to lower-value cards too—a commons graded PSA 10 might be worth $2-3, while the same card graded by a smaller grader might be worth under $1. This pricing structure means PSA effectively sets the price floor for graded cards. As long as collectors perceive PSA as the market standard and Collectors Universe controls PSA, the company wields tremendous pricing power. Even when CGC-graded cards gain acceptance, they typically trade at a discount to PSA equivalents, essentially penalizing collectors for choosing the non-Collectors Universe option. This creates a catch-22: collectors might prefer to use CGC or another grader, but they know the market will value their cards lower if they do.
What’s the Likely Outcome of the Current Market Situation?
The card grading industry faces a pivotal moment. If the FTC investigation results in a decision that Collectors Universe must divest either PSA or BGS, the market could return to genuine competition with multiple independent companies. This outcome would likely benefit collectors through renewed price competition and service innovation. However, if the FTC approves the consolidation or places only minor restrictions on Collectors Universe, the market will likely remain highly concentrated, with CGC as the sole meaningful competitor and smaller graders serving niche uses.
Looking forward, the most probable scenario involves some form of FTC action in 2026 or 2027, but the outcome remains uncertain. In the interim, collectors should assume that PSA pricing will remain high relative to alternatives because Collectors Universe faces no competitive pressure to reduce costs. This reality argues for considering CGC or other graders for bulk submissions or lower-value cards, while reserving PSA submissions for high-value cards where the market premium justifies the cost. The market is unlikely to return to true competition voluntarily—change will require government intervention or sustained competitive pressure from CGC.
Conclusion
Is PSA a monopoly now? Technically, PSA remains one company, but its parent, Collectors Universe, operates a monopolistic market structure by controlling approximately 80% of card grading submissions. The December 2025 Beckett acquisition consolidated market power to a degree that prompted formal FTC investigation requests, marking a watershed moment for the industry. This isn’t theoretical harm—collectors are already experiencing price increases, reduced alternatives, and an ecosystem where one company sets the terms for the entire market.
The path forward depends on regulatory action and CGC’s ability to maintain its growth trajectory as a viable alternative. Collectors should understand that market dynamics have fundamentally shifted and that the days of robust price competition in card grading are, for now, behind us. If you’re planning significant grading submissions, factor in the current pricing environment and consider diversifying your submissions across multiple graders rather than assuming PSA will be the default choice indefinitely.
Frequently Asked Questions
Is PSA technically a monopoly?
PSA itself is one company competing against others, so it’s not a technical monopoly. However, its parent company Collectors Universe controls three of four major graders and 80% of market volume, which is monopolistic market control.
Why does PSA’s brand matter so much if they’re not legally a monopoly?
Brand dominance and market share create pricing power regardless of legal monopoly status. Collectors expect PSA grades, dealers price cards based on PSA equivalents, and there’s insufficient alternative options. This gives PSA monopoly-like pricing power without legal monopoly status.
Will the FTC investigation stop the Beckett deal?
The FTC investigation may force a divestiture or impose restrictions, but the acquisition is already complete. Remedies would likely involve unwinding the deal (forcing Collectors Universe to divest either PSA or BGS) or behavioral restrictions on pricing and service.
Should I use CGC instead of PSA?
CGC is a legitimate alternative for cards where the price premium doesn’t justify PSA’s higher cost. However, your cards will likely be valued at a discount to PSA equivalents in the secondary market, a tradeoff to consider based on your goals.
What happens if CGC is acquired too?
That would effectively create a total monopoly, as CGC is the last independent major grader. Collectors Universe hasn’t announced acquisition plans for CGC, but the risk exists if CGC remains the only viable competitor.
When will we know the FTC investigation outcome?
Major antitrust investigations typically take 1-2 years. We likely won’t see a final determination until late 2026 or 2027, creating ongoing uncertainty for the industry.
