Another example, same grade, sold for $12,500 today.
It is FOMO. Many of the early Star Jordan cards have tripled or more in the last three months. The Spanish Merchante issues also are on the rise (they've tripled since I sold mine last year: D'OH!); even those ridiculous 1985 Prism Jewel Jordan stickers are through the roof. I think there is a growing understanding among collectors that the 1985 Star and Merchante cards really are his true rookie cards and that the 1986 cards are same age as the 1986 Fleer, so if you are priced out of the Fleer you can still play...well, could have. Also, some of the scuttlebutt in basketball collecting is a hope that under new management PSA will rethink its ban on certain issues like the Star cards. I have heard some people suggest that PSA deciding to grade them may lead to the early Star Jordan cards running to heights like the 1986 Fleer. Add that to the already scorching market and you are basically adding gas to a fire.
The irony is that the card in the OP isn't a rookie year issue. That honor goes to the 1985 Star issues.
Very pleased I picked this up last October; it's been a nice ride.
Also, basketball is an unusual market: lots of foreign fans and money as compared to baseball. The NBA is a truly global brand. Many collectors from overseas want the best examples and have the resources not to sweat an extra few thousand dollars.