I "sold in the cold" with a significant (for me) consignment of non-T206 prewar HOFers in the fall 2014 REA auction. I lost some $$$ (in the larger scheme of things no big deal). Definitely a learning experience. Scarcity seems to have been a necessary, but not sufficient, condition for a decent hammer price. For example, Burkett Koester's SGC 40 did well. But Faber Holsum Type 1 PSA 5 didn't.
I kept my medium grade (4, 5) Ruth, Gehrig and Wagner -- which is in synch with what has been said here. There is a definite price split going on. Cards of players whose fame transcends era (Ruth, Gehrig, Cy Young) are incresingly coveted, whereas cards of players who whose fame is trapped in an era are languishing -- even if they are HOFers. Additionally, as card knowledge increases, there is a slow but steady price divergence between truly scarcer cards -- which are rising -- and the more mundane -- which are falling. Finally, heavily collected sets, T206 comes to mind
, are generally doing better than lightly collected sets (almost everything else).
Just my opinion.
Edited to add: So I guess what I am saying is you should pony-up if a T206 Young (Glove Shows) Brown Lenox comes to auction.