Collecting isn't logical under any circumstances, but as I said originally, nobody wants to feel stupid.

Wealthy people have been drawn to baseball cards because of the steady rise in values since the 1980s. Wealthy people like to invest in things that make them more money.

For one thing, it would clearly depend on rarity. If something is a card or jersey that you wanted, and you feel you might not ever see it again for sale in your reasonable lifetime, you might pay anything if money didn’t matter. If it’s a Jordan Rookie or even a Mantle Rookie, you can let it go and wait for another. It’s a human judgment call at any price to anyone.

So you think there are a lot of "wealthy people" that have come into the hobby and have no interest in the cards themselves, or the history behind them, etc? I don't. Surely there are some, and some investor groups, that have come in, as I mentioned in my original post, but I'd guess most "wealthy people" buying cards also have at least some affinity for the cards themselves.

Of course, in any particular instance, it might depend on rarity, but rare or not, the result is always the same: The bidding always stops somewhere.

I’m with you. I suspect that rich people running around buying cards are collectors and enthusiasts first, and hope to make a little money in the bargain as a nice side effect. Or at least not lose too much. But maybe I’m just projecting.

Pure investors with zero interest in the sport or in the underlying cards themselves seem like they could exist, but seem like they would be less likely to buy more than a few nice pieces here and there.

I would cite Ken Kendrick as a great example of this theory. Billionaire with a large and incredibly valuable collection, including THE Wagner. Even if he’s hoping to make some good money on the collection, it’s hard to imagine it’s his primary motivation. And now someone who knows a lot more about Ken and his collection will chime in to tell me how wrong I am.