[quote name='starkillr']What do you mean by "grading" it? Is this some collector's appraisal of an item that's formalized and recognized?[/QUOTE]
Yes. For instance, if a collector buys an action figure that's rare, it's valuable. This value can be increased, sometimes exponentially, by having it graded. This gives a numerical value to the condition of the item, rather that "Mint" or the like. A vinyl cape Jawa is valuable, for instance, but if it's in package and graded, the value skyrockets. That's why I don't believe that getting the entire package graded would be worthwhile, as most collectors would really only care about the statue grade.