A beautiful #21 in the upcoming Siegel auction has an interesting history of previous sales. In 2007, the hammer price at a Siegel auction was $15,500. The next year it sold at a Spinks sale for $37,500. What struck me from images of the sales was the indisputable clean up of several perforations after the 2007 Siegel sale. My question is, how much of this is allowable without considering it an alteration? I guess the answer to that question is ultimately up to the buyer, but is it just a crap shoot to try and second guess what the PF or PSE will say? In this case, the PF certified it both before and after the perfs were cleaned up, and apparently didn't mention any alteration. I couldn't check either PF cert because the PF database is down right now. The 2011 PSE cert (#1237140) is clean, however.