The market for autographed sports memorabilia is huge. In 2007, the sporting goods industry grossed an estimated $2 billion, and that number has grown even higher in the last three years.

For collectors who pay hundreds or thousands of dollars for sports memorabilia, the authenticity of an item is of primary concern. The industry’s leading autograph authenticator, PSA/DNA, recently claimed that only 33 percent of the more than 10,000 Tiger Woods and Michael Jordan autographs it analyzed were real, just one example of the ease with which sellers without reputation can introduce fraudulent items to the market.

When assigning the value of a sports memorabilia certificate of authenticity, some in the industry can’t help but think of the scene in Tommy Boy when Chris Farley’s character tries to undermine a competitor’s written product guarantee:

Tommy: Why would someone put a guarantee on a box? Hmm, very interesting. That’s how I see it, Ted. The guy puts a fancy guarantee in a box because he wants you to feel warm and toasty on the inside.

Client: Yes, it makes a man feel good.

Tommy: Of course I do. Why shouldn’t I? You figure if you put that little box under your pillow at night, the warranty fairy might come by and leave you a quarter, right, Ted?

Client: What is your point?

Tommy: The point is, how do you know the fairy isn’t some crazy glue sniffer? “Building scale airplanes” says the little fairy; Well, we’re not buying it. She sneaks into your house once, that’s all it takes. Next thing you know, the dresser is missing money and your daughter is pregnant. I’ve seen it a hundred times.

Glue sniffing aside, there is no guarantee that sports memorabilia accompanied by a letter of authenticity is legitimate, and one should not assume that memorabilia lacking a certificate are fraudulent. That said, a certificate of authenticity for a sports collectible, whether it’s an autographed baseball, a signed soccer jersey, or a pair of game-worn soccer cleats, holds an important place in the sports memorabilia market ecosystem.

Casual and professional sports memorabilia collectors considering the role a Certificate of Authenticity can play should note the following:

Consider the source

Earlier this summer, Washington Nationals phenom Stephen Strasburg’s former minor league team (Harrisburg Senators) held an auction that included a pair of autographed cleats worn by Strasburg. The cleats were accompanied by a letter of authenticity from the Harrisburg Senators Baseball Club, a credible league organization whose letter carries significant weight relative to lesser-known or established authenticators.

Another example is eTopps, a Topps service, which provides limited edition autographed cards accompanied by a Certificate of Authenticity (COA). The COA has the tag number associated with the particular card autographed. In both examples, the COAs and LOAs come from reputable organizations for which the buyer has at least some means of communicating with employees and staff. In other words, the source is important. COAs and LOAs from firms with less brand credibility, or who provide limited means of communication (PO Box address, no phone number) should serve as a red flag for collectors.

Just because eBay is legitimate, not all of its sellers are

eBay takes fraud very seriously and has invested significant resources and funds to do everything possible to protect honest buyers and sellers. But on eBay, as with any e-commerce site, those who are motivated to act criminally will do so. Sports collectors who purchase items on eBay that include a Certificate of Authenticity should not automatically assume that an item, or a Certificate, is legitimate. As mentioned above, carefully examine the vendor providing the certificate, as vendors may manufacture these certificates. At the same time, understand that a seller’s positive reviews are likely due to the seller’s diligence in shipping an item and “customer service,” and should not serve as a guarantee that the items he ships are authentic.

Understand the benefits, limits of a sports memorabilia Certificate of Authenticity

Certificates of Authenticity can accompany an item purchased on eBay or other online sites, or alternatively, fans and collectors can submit autographs, photos, etc. to an authentication service such as PSA|DNA. These services employ signing and authentication experts who will examine, for a fee, submitted items and provide Letters of Authenticity if the autograph is deemed authentic. Services like PSA|DNA guarantee that major auction houses (Christie’s, Mastro Fine Sport, Gray Flannel, Hunt Auctions, etc.) will either accept items accompanied by their Letters of Authenticity or provide a refund.