Inside the card-grading empire shaping the price of Pokémon cards

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Collectors may have more grading options than ever, but many still turn to Professional Sports Authenticator, or PSA — even as the industry leader works through a backlog of millions of cards. Demand for grading — an act of verifying a card’s authenticity and condition — has grown as collectors increasingly treat trading and vintage sports cards as alternative investments. PSA reported a backlog of 7.2 million items on Oct. 20, down from 12.4 million in July. The company suspended cheaper submission services in June to ease the backlog before reopening its Value service on Oct. 29. Even so, some sellers would rather wait for a PSA label than send their cards to a competitor, dealers told CNBC.