While it is certain that prices depend on the demand of the card, I do think it would be nice to have a more precise scale that simply refers to absolute rarity. The coin world has a number of different scales to express that, the Sheldon Rarity Scale, the Universal Rarity Scale, and the Sholten Scale.
It would be nice if someone in the baseball card world created a rarity scale for cards, as it would hold auction houses accountable for how rare they describe a card. I think nowadays, auction houses often exaggerate a card's rarity, to the detrimental effect of the collector.
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