One Company, 80 Percent of Grading: The FTC Probe and Antitrust Suit Reshaping the Hobby
PSA parent Collectors Holdings now controls roughly 80 percent of the U.S. card grading market after acquiring SGC and Beckett. A congressman has asked the FTC to investigate, and a class-action antitrust suit is moving through the courts.
The most consequential story in the hobby right now is not a new release or a record sale. It is a question of who controls the grading slab your cards live in - and the answer, increasingly, is a single company.
One Roof, Most Of The Market
Collectors Holdings, the parent company of PSA, now controls roughly 80 percent of the U.S. card grading market by volume. The company acquired SGC in February 2024 and completed its acquisition of Beckett (BGS) in December 2025. With three of the four major graders under one corporate umbrella, the competitive landscape that collectors took for granted has changed dramatically.
To put the scale in perspective: PSA graded about 1.66 million cards in November 2025. The nearest independent competitor, CGC, graded roughly 425,000 in the same window.
Washington Takes Notice
The consolidation has drawn government attention. A New York congressman has formally asked the Federal Trade Commission to investigate Collectors Holdings for potential antitrust violations, arguing that control of more than 80 percent of the grading market raises serious monopoly concerns. When card grading becomes a topic on Capitol Hill, you know the hobby has grown up.
The Lawsuit
The legal pressure is not just political. A class-action antitrust suit, Rasmussen v. Collectors Holdings, Inc., was filed on April 14, 2026, in the U.S. District Court for the Central District of California. The core theory is straightforward: by acquiring its two main rivals, Collectors allegedly removed the competitive constraints that previously kept grading prices low, turnaround times fast, and quality standards high.
What Collectors Have Already Seen
The concern is not hypothetical. After PSA bought SGC, observers point to a familiar pattern:
- Prices rose across submission tiers.
- Group-submission discounts were eliminated.
- Submissions declined as costs climbed.
- Turnaround times stretched even as the backlog grew.
Legal experts warn that if the same playbook follows the Beckett acquisition, the result would not favor consumers.
What It Means For You
If you submit cards for grading, this story directly affects your wallet. With most of the market consolidated, your leverage as a customer shrinks and your alternatives narrow. The practical takeaway is to know your options - independent graders like CGC remain in the market - and to grade strategically rather than reflexively. Reserve the slab for cards where the grade genuinely adds value.
The Bottom Line
This is a developing story with real stakes for every collector who has ever cracked open a submission form. Whether regulators step in or the courts force changes, the outcome will shape grading costs and competition for years. We will be following it closely.
This article is for informational purposes only and does not constitute legal or financial advice.