Here's an example about one area of collecting that has done poorly in recent years. As some of you know I collect rare baseball books, and when I wrote my article in 1995 in issue #3 of VCBC, baseball books were a hot collectible. Today, fifteen years later, many rare baseball books can be bought for 50-75% of their 1995 levels! Not only has there been no price appreciation in nearly a generation, but prices have actually come down.
Why? Because there are less serious book collectors today than there were then. When the big collectors sold their collections, there was nobody to take their place. I can recall buying a very nice copy of Peverelly's 1866 America's Pastime in the early 1990's from a private collector for $3100, selling it some years later, and then buying the exact same copy a couple of years ago from a major auction house for $1675! Today it might even be worth less than that.
Now the baseball card market is deeper than the book market, and it is likely that the same thing won't happen with cards. But it goes to show that if the pool of collectors got smaller, it would have a major impact.
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