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davidcyclebackI should note that, obviously, a Ty Cobb will sell for more than an equivillent Jeb Mowry (made up player, but if he existed he played briefly for the Highlanders, batted right and was nicknamed Highpockets). I was just offering reasons why people can find common player items desirable.
With many to most vintage college photo collectors, what team is shown is essential to deciding what to purchase. If a collector went to U of Texas and lives in Austin, he may have no interest in a Jim Brown photo as Brown went to Syracuse. This collector will pick an obscure Texas player over the greatest running back ever. This player will put a premium on famous players, but only those from U of Texas.
An influential force in collecting is team preferences. To the Yankees collector, anyone player who wore the Yankees pinstripes on the field is a member of the club. There's the story of the football(soccer) fan in London who filed for divorce when he discovered he had married a Liverpool rooter.
I grew up in Wisconsin, and my first jersey was a Bart Starr Packers jersey and one the early stuff animals given to me was a Buckey Badger. Many years later, would I pay more for a U of Wisconsin memorabilia over a comperative Iowa State or U of Maryland? Yes.