Quote:
Originally Posted by Yoda
My thought is that those that are willing to pay these mad prices don't care if the economy tanks simply because most likely they are the uber rich, eg. hedge and private dudes who simply want the best of a fixed supply commodity, ie. a '52 Topps Mick and have more than enough liquid funds to do whatever feels good when a copy comes around, and my what a flood we are now witnessing. Still if we go into another recession, I suspect holders of high grade copies will just sit tight rather than take a loss by selling. They didn't become the 1% by making stupid investments.
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Even the very rich take losses. Look at luxury real estate, the high end art market, jewelry. In a recession the uber rich, many of whom live well above their means, need to raise cash. They have lots of assets, but also lots of debt. Yes, the guys making a billion a year are immune, but the rest of the rich go into debt and bankruptcy like the rest of us. Just saying the guy who paid 500k for the psa 8 might need to sell in a financial crisis to prevent foreclosure on the beach house.