You must not collect Sailor Moon cels then -j/k.

I can't speak for other series, but many of the 
pan and oversized cels from the SM series are 
cut.  Many don't have the registration holes 
anymore and some even have some paint cut-off.  I 
can't really tell you how much it devalues the 
cel (if at all) because many times the fact that 
it is cut is not communicated prior to the sale 
so it's hard to compare.  It's just another one 
of those "cel conditions" to consider when 
pricing a cel for yourself.

What I would like to know is who does this to 
their cels (other than clueless friends ^_~)?  I 
have heard some people claim it's done by the 
studio and others say it's done by a cel 
collector that previously owned it.  It's hard to 
believe so many cel collectors would actually do 
this **starts to sweat just thinking about 
that**,  but is it just coincidence that those 
now cut cels fit perfectly in a cel book?  And, 
I've seen many huge and intact cels come from 
Toei - why cut some and not others?  The world 
may never know. . .

I know this really isn't the point of your post.  
I tend to agree with you - I have never seen a 
regular sized cel cut and it probably would be 
pretty near worthless.  But on the other hand, 
one of my most valuable and favorite cels is 
actually a cut cel.

Lisa ^_^
   ~aka Luna-Art