If you follow vintage auctions, you probably noticed 2 monster 1933 Goudey Ruth cards offered by Fanatics Collect in November. But in case you missed them here they are.

First up, #149, the “Red Ruth” in a PSA 8.5 with none higher. Pre-auction estimate was $1.5-3m, per Fanatics, and the card closed at $1.62 million.

The second Goudey Ruth featured in the same auction was card #53, a striking yellow wearing an SGC 8 tuxedo. Importantly, one card is graded higher at SGC, and there is a PSA 9 in existence. This card closed at a paltry (in comparison) $198,000.

Why Such a Gap in Price?

Both cards are obviously rare at this grade, and both are gorgeous examples. So why the striking difference in sale price? A $1.4 million difference for 2 similar cards seems puzzling at first glance.

Is “highest graded” that much more valuable than “only 2 higher”? Does this demonstrate the power of the PSA set registry premium? Honestly, I’ll never be in the position to bid on cards like these–but contemplating the nuances of the high-end market is fun. So let’s dive in.

The PSA 8.5

Fanatics explains the significance this way (paraphrased): Of the four Ruth cards in the ‘33 Goudey set, #149 has the lowest total non-Qualified PSA pop count, 1,148. Of those, there are 2 other 8.5’s, but none graded higher. The PWCC–A Eye Appeal designation likely adds some prestige, and the card does exhibit nearly perfect centering.

The SGC 8

In contrast, Fanatics pitches the SGC example this way (also paraphrased): Card #53 is actually the shortest printed of the 4 Ruths in this set. This card also landed the PWCC-A Eye Appeal rating. Despite being somewhat of a short print, the total population at this grade or above is higher than the PSA card. There are 6 total examples at SGC that have earned an 8 grade, with one graded higher at SGC. And there is one PSA 9 in existence currently.

Final Analysis

First, the PSA card looks like every bit of an 8.5, so it is higher grade than the SGC card, which also looks like a solid example. Populations of the cards are similar, so we should expect a premium for the 8.5. But $1.4 million??

Does “highest graded” vs. “second-highest graded” justify the price gap? Is it a set registry premium?

While we ponder, let’s take a look at that PSA 9 for card #53:

A couple of things stand out to me about this PSA 9:

1. It is surely a very old grade, and has been reholdered into a current PSA label. This is a popular trend for various reasons, aesthetics among them. Slabs can get scratched, labels sometimes warp, etc. But reholders are also done to sort of “mask” the obvious: older grades tended to be more generous than current. Which leads me to:

2. The PSA 9 appears to be at least mildly discolored in the upper left corner. The card also displays a very slight tilt. I’ll go out on a limb and say it would not pull a 9 if graded anew. If choosing between the cards raw, I think most would quickly select the SGC example. Am I wrong?

Honestly, I thought maybe spending some time with the data on these cards would help me justify the price gap. But my own personal final verdict? I don’t see $1.4 million in difference. But then again, it’s never a decision I will ever get to make!