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Marc S.In my experience, a vintage player getting elected to the Hall of Fame causes a very very minor bump in prices. There are some collectors who only collect Hall of Fame players, thus increasing demand slightly.
Even with autographs, Hall of Fame status doesn't seem to confer much change in price. A player's stats seem to dictate how their career is viewed, and thus the demand side in autographs. For example, the only time that a player's autograph shows a huge increase in value with a Hall of Fame election is when the supply of signatures is very low (i.e. died young), or when it was not an expected election (like an umpire). Most turn-of-the-century stars have their "Hall of Fame electability" factored into the price. As a modern example, the prices of Nelson Fox's signatures have changed only slightly after his election, even though he has been deceased. His signature has always been at a premium due to the expectation he would be elected one day.
Cards work in much of the same way. It is only the type collectors (HOF players only) that really affect the demand-side of the price.