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Question:
Who has regulatory oversight over collectibles authenticity, safety and quality?
Answer:
You asked a dam good question - I sure wished I knew. As far as I can tell, there are a variety of oversight authorities, but I don’t know if they are all regulatory, let alone their exact roles other than what is outlined here.
The first way there is oversight is thanks to the Federal Trade Commission who has oversight over trade activities - internal and external. They are concerned about a variety of things - with the largest being how the company acts with their products in the stream of commerce. This is where most concepts related to competition and antitrust reside.
The second oversight avenue is via the professional or amateur leagues that usually over see the use of images, names, logos and statistics. For example, if you have a product you want to sell nationally dealing with football, you have to get a license from the NFL. Often, they will help ensure quality, quantity and authenticity - but not always.
The third oversight area is with the company that produced the item. Often these companies attempt to produce the highest quality collectible possible, while ensuring a profit. For example, companies like Upper Deck work hard to both ensure their products are real, but also that they are registered, licensed and provide a certificate of authenticity that they stand behind. This is important because if a company is found to be producing poor quality collectibles, or even fake/wrong collectibles, then their image is at stake, and along with it, future profits. In other words, with each product produced, the company’s image is on the line, and thus a wrong product can mean disaster for any future releases.
The fourth oversight area is with the state’s Attorney General. If you can convince someone that there is a problem in this office, then they will often step in on your behalf. For example, if they find that fraud or some type of inducement is involved in the sale of that product, then they will step in.
The fifth oversight area is that of the courts. Yes, if you do have a problem with a product, you can sue. There are numerous ways consumers can sue - individually, as a business or even via class action. The option to sue should not be taken lightly, and should be designed to achieve the best results with the available resources.
The final and most important way consumers have oversight over collectibles, is well, with themselves. You see, The Best Consumer Is An Educated Consumer - and that means before you listen to any show, use advice from any article or do some deal with an individual, you should learn all you can about what you are buying, and thus ensure you are spending your money properly.
In other words, in the last result, its buyer beware.
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