In answer to Leon’s original question—No. Rarity does not depress price. If there is one Four Base Hit of player X, the card would be worth more than if there were 10 cards of player X. However, as was pointed out above, supply is only half of the value equation. If there is little demand for the series the card is in then even being rare may not translate to much value. Being part of a collected set, especially a really popular set, translates rarity/scarcity into significant value. The T206 Wagner is not a rare card; it is just a scarce card of a popular player in a heavily collected set. Virtually every Old Judge pose is scarcer than the T206 Wagner, but there isn’t one, except maybe the Anson in Uniform, that is in the same zip code for value as the Wagner.
Some cards can be hyped to create enough demand to overcome seemingly adequate supply. The ‘52 Topps Mantle is the poster boy for this. This card isn’t rare; it’s not even scarce. However, the hype, and the registry disease, have made it one of the top few cards in the hobby. Go figure. In some respects, this is a hobby of sheep collecting cards.
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