Personally, I think the Athletic article (
Link) is very reasonable in its analysis, and I agree with a lot of it. With the stock market dropping significantly, inflation, recession, etc, it makes sense that the card prices should also drop. However, there are still a lot of folks with plenty of money. The iconic or really rare prewar cards that everyone wants are not going down. (Modern is a different story with too much artificially created supply such as refractor variations.) I remember a few years back saying that I was waiting to buy the E98 Black Swamp Cobb PSA 9 when it hits $3-5K. That was a pipe dream that is never happening. I seriously doubt that the 1921 E121 Ruth in PSA 3 will ever come back to 10K or the 1915 CJ Cobb PSA 4 will similarly come back to $10-15K. Everyone wants these cards for their collection, including me!
Here's my recent Gehrig pickup that I paid out the wazoo for.