GemRate released its May 2026 grading industry report today, and the numbers tell a story of a market that's cooling slightly month-over-month but remains significantly hotter than last year — with major shifts happening beneath the surface.

The Big Picture

Total grading activity dipped below the 3 million card mark for the first time in months, coming in at 2.95 million cards graded across all major services. That's a 5% decline from April and approximately 145,000 fewer cards crossing graders' benches.

But don't let the headline number fool you. April had 22 business days while May had only 20. On a per-business-day basis, grading activity actually rose 5% — meaning the underlying demand hasn't softened. Collectors are still submitting, just across a shorter month.

Year-over-year, the industry is up 20%, reinforcing that the post-pandemic grading boom has settled into a new, elevated baseline.

PSA Still Dominates, But Growth Slows

PSA graded 2.07 million cards in May, claiming 70% market share. That's down 7% from April but up 25% year-over-year. On a per-business-day basis, PSA was actually up 3% — suggesting the monthly dip is purely calendar-driven, not demand-driven.

The industry giant continues to process at a staggering pace, averaging over 103,000 cards per business day in May.

CGC — The Fanatics Factor

CGC graded 641,000 cards in May, also down 7% month-over-month but up 12% year-over-year. However, there's an asterisk next to this number. CGC added approximately 35,000 semi-rigid AUTH cards to its population report in May, primarily tied to its Fanatics partnership. Strip those out, and CGC's organic grading volume was closer to 606,000 — a steeper decline than the headline suggests.

Beckett Hits a Record High

The biggest story of the month might be Beckett. The Dallas-based grader graded 145,000 cards in May — up a staggering 49% month-over-month and 145% year-over-year. That's a record high for Beckett in the modern era.

Beckett's surge suggests collectors are increasingly willing to look beyond the Big Two, especially for vintage and higher-end submissions where Beckett's 10-point sub-grades and thicker holders still carry weight.

TAG Holds Steady

TAG graded 52,000 cards in May, up 8% month-over-month and 40% year-over-year. The tech-forward grader continues its steady climb, appealing to collectors who want AI-powered accuracy and transparent grading reports. At its current trajectory, TAG could overtake SGC within two months.

SGC in Freefall

The biggest loser of May was SGC. The vintage-centric grader processed just 48,000 cards — down 4% month-over-month and a shocking 67% year-over-year. Even on a per-business-day basis, SGC managed only a 5% increase, far below the industry average.

SGC's decline has been sharp and sustained. The grader that once challenged PSA's monopoly on vintage cards has seen its market share erode as CGC and TAG have both taken slices of the pie. On the current trajectory, SGC will fall below TAG within months and may find itself competing with Beckett for fourth place rather than challenging for second.

The Verdict

The grading industry is healthy — just not for everyone. PSA remains untouchable at 70% market share. Beckett is having a renaissance. TAG is the quiet climber. But SGC's collapse raises real questions about whether the market can support five major graders long-term. The May data suggests consolidation may be coming sooner than anyone expects.