PSA Downgrades $1M Wilt Chamberlain Rookie: Inside the $800,000 Loss

Right then, grab a chair because this one is going to hurt just reading it. We always tell you to "buy the card, not the grade," but one collector just learned that lesson in the most expensive way possible.

A 1961-62 Fleer Wilt Chamberlain rookie card—previously graded a PSA 10 (Gem Mint)—has officially been stripped of its gem status and downgraded to a PSA 9.

The Numbers This isn't just a drop in grade; it's a financial crater. The card sold back in August for a massive $976,000 (£770k) because, well, it was a PSA 10. The last PSA 9 to sell? It went for just $132,000 (£104k).

Do the maths, and that is a loss of roughly $800,000 in market value. Just like that. Poof.

What is a Grade Review? If you’re new to this, you might be wondering why anyone would send a "perfect" card back to be checked. A Grade Guarantee Review is a specific service where you pay PSA to re-examine a card that is already in one of their slabs.

• The Goal: You are asking them to verify if the grade is still accurate by today’s standards.

• The Risk: If they decide they made a mistake and the card is actually worse than the label says, they will downgrade it.

• The Reward: If they downgrade it, they are contractually obliged to pay you the difference in value (the "Financial Guarantee").

How did this happen? It’s a nightmare scenario. The card originally had an "old label" PSA 10 holder. It was reholdered (given a fresh slab) before being sold at auction. But the winning bidder—who paid nearly a million dollars—wasn't convinced.

They suspected the card was "weak" for a Gem Mint, so they triggered that Grade Review. PSA took a second look, agreed with the buyer, and knocked it down to a 9.

The Payout Now, PSA has to pay up. But here is the kicker: their terms usually cap compensation at $250,000 per case. We don't know if a special private settlement was reached, but if they stuck to the book, someone is still eating a half-million-dollar loss.

It’s a stark reminder for all of us: Grading is subjective, and even the "perfect" 10s might not be safe forever.