WoW, a gem-68 with this centering?

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This note sold in the TCNC auction at the Toronto Torex event last night for ~27K plus tax.  This surprised me!  From my experience, a note that is not perfectly centered and has no demerit points/fiber issues, would normally receive a maximum gem-65 grade.  So this leaves the question, do you think this was over-graded based on the centering?  This note in gem (lets say 65 points) books for 7 to 8 K, so did someone buy the holder and not the note?

I think you answered your own question.

I inspected this note and it most certainly was not the nicest Princess Pat note that I've handled.  I don't think the note should be penalized for having a large margin on the top as long as the other margins are decent but I've certainly seen notes with better margins all the way around.  It also had a very faint crease in the upper margin and couple of faint creases in the body of the note.

A true Gem is worth easily 10-15k in my opinion but certainly not 25-30k. I think it's obvious that the buyer wanted to own "the singe highest graded note" but perhaps they would have been well served to actually look at the note themselves and make their own judgment.

Hi Al, thanks for the info and your opinion.  It's always good to get others opinions and make sure my grading is still in check.  I viewed the note online and its only a one view plane, so I did not see the mentioned small creases.  I also noticed that one corner is somewhat round while two other corners have extra paper fibers.

 This is a prime example why I do not send my notes to U.S. grading companies and also why I am lenient to buy a U.S. TPG note.  Digital scans are nice but do not show everything due to one plane. 

This note in gem (lets say 65 points) books for 7 to 8 K, so did someone buy the holder and not the note?

15 K for the note 12 K for the holder

15 K for the note 12 K for the holder

well said : )