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I guess I'm really wondering why there are not more TPGs to drive healthy competition and lower prices?
I guess I'm really wondering why there are not more TPGs to drive healthy competition and lower prices?
There isn't enough work any more. After two decades of grading everything in sight, Classics grading is no longer the cash cow it used to be. Most of what deserves a slab, has one and the rest tends to be passing between hands who don't mind turning turning raw coins. So, the only real growth opportunity is Modern coins.
The trouble with Moderns is, they're all pretty darn good. MS/PR70 is no longer difficult, and even with Business Strikes little additional value is offered below MS66. So they have to do what it takes to generate excitement.
I won't be surprised if there's a merger within the next decade. My hope is that it's between PCGS and NGC - counterintuitively, I think that would ensure ANACS' future (as the only remaining TPG) and the overall future of grading better than one of the bigs absorbing ANACS. I just don't think there's enough business for both PCGS and NGC to survive into the forseeable future.
Look for aggressive expansion into World markets, as well, but that's going to take deep pockets in order to make the TPG concept popular internationally in the first place. If PCGS and NGC do that independently, it could be Pyrrhic.























