In 1776, Scottish philosopher and economist Adam Smith wrote The Wealth of Nations. This would become one of the most influential economic books ever written and would help lay the groundwork for modern capitalism. Even to this day, the book is not without its critics and is still discussed in classrooms throughout the world. That said, one of the core fundamentals of the book was Smiths own disdain for monopolies, going as far as calling them a fundamental threat to free society and general prosperity. Unfortunately, todays business environment is very much different than it was in 1776, and one can make the case that most modern-day monopolies are not only ignored by the government, but also somewhat encouraged. As a devoted student of economics, I would be incredibly curious as to how Adam Smith would view the antiques and collectibles trade if he was alive today. Would he view the high-profile auction houses and prolific third-party grading companies as having too much power over the markets they serve? Would he condemn corporate conglomerates who control both auction houses and grading companies under the same parent company? Would he have an opinion on the amount of companies that are being acquired and sustained through opaque private equity? Would he prevent certain companies in the trade from acquiring other similar companies in an attempt to exert control over certain collectible markets? You may be wondering why I am asking these questions, and I assure you there is a reason. Because on Dec. 15, 2025, while most of us were preparing for the upcoming holidays, it was announced that Collectors, parent company of PSA (Professional Sports Authenticator), which is also a major third-party grading conglomerate, had just agreed to acquire one of their largest competitors, Beckett. Up until this point, Beckett, which owns and operates BGS (Beckett Grading Services), was a major third-party trading card grader and direct competitor of PSA. PSA is currently the dominant player in the third-party trading card market. If you know anyone who collects sports cards, Pokemon cards, or any kind of trading card that can be third-party graded, chances are they have cards graded by PSA in their collections. When news of the proposed acquisition broke, it sent shock waves through the industry. Social media influencers, YouTubers, industry insiders, auction companies, and even high-profile collectors all took to social media to comment on the proposed sale. Some expressed support for the acquisition because this meant that the trading card market, at least for graded cards, was consolidating, and as a result, newer collectors wouldnt have to become an expert in understanding which grading company they should send their cards to. This is a weak argument in my opinion. Others, like myself, took an entirely different view and expressed concern that PSA was attempting to corner the market. This is because back in February of 2024, Collectors (PSAs parent company) also purchased another competitor in this same space. Sportscard Guaranty Corporation (also known as SGC, because you cant name a third-party grading company without using an acronym apparently), was also another albeit smaller competitor to PSA that achieved some success in this market. Unfortunately, with PSAs parent company now poised to be in control of both SGC and Beckett, this leaves only one major leading third-party grading company in direct competition with them. That company is, of course, CGC (Certified Guaranty Company). The same company that grades comic books and video games also grades trading cards. I am sure at this point in the article some of you are thinking that maybe I am overreacting to this news. I assure you I am not. If this acquisition is allowed to go through, PSAs parent company Collectors will control close to 80 percent of the entire market for the grading of trading cards. Even if the company allows both SGC and Beckett to be run independently of PSA and still operate, should one company be allowed to wield this much control in a market that is rapidly growing and will soon have a market cap close to that of the rare coin market? May I remind readers that there are currently three prominent top tier third-party grading companies that cater to the rare coin marketplace. They are PCGS (Professional Coin Grading Service), which is ironically also owned and controlled by Collectors; NGC (Numismatic Grading Company), which is owned by the same parent company as CGC; and last, but certainly not least, CAC (Certified Acceptance Corporation), which started out grading only certified coins already graded by both PCGS and NGC, but has now moved onto grading coins themselves. If the acquisition of Beckett by Collectors does not constitute a direct monopoly, what does? While it is true the overall graded trading card market is somewhat diverse and fragmented with smaller grading companies still operating in this market, none of these companies at present time have the clout and recognition that PSA does. Dont believe me? Just check auction price records for cards graded by PSA and compare those results to cards graded by any of the smaller players in this space. There is virtually no comparison, as PSA has become the market standard. PSA currently grades close to a million cards per month, and at times of high demand, the company has had to suspend new submissions just so they could catch up on the amount of back submissions being sent in on a regular basis. Rather than purchase their competitors, perhaps PSA should put that capital to work in improving their current grading process and turnaround times. Incidentally, I am not the only one who holds this opinion. A few days after the acquisition was announced, Congressman Pat Ryan, who represents New Yorks 18th congressional district, demanded that the FTC should investigate Collectors attempt to monopolize trading card grading. This represents the first time that I can recall of any request for government involvement in the collectibles trade from an acting congressman, and I welcome this investigation. I understand that my opinion on this matter is quite controversial to some. That said, I wont be holding my breath for any kind of government oversight because I have been screaming for government intervention in these markets for years now, and it seems to always fall on deaf ears. It would appear, however, that this is the first time my prayers have actually at least been acknowledged. Still, I seem to forget this isnt the 1990s anymore, but here we are, and we will see what develops. Shawn Surmick has been an avid collector since the age of 12. He currently resides in his hometown of Boyertown, Pa., and is a passionate collector of antiques and collectibles. His articles focus on various topics affecting the marketplace.