I agree the AH likely had little to do with the pricing. I also think the Mantle and Ruth examples above indicate that there is some softening for high-end commodity cards, which I think makes sense. I also think it may something to do with the fact that this was the 5th PSA 9 to trade in two years, 3 of which have sold in the last 6 months, adding validity to the theory that the "other bidder" wasn't there on this one to push the price to nearly $400k. Or perhaps that extra 1-2 bidders were not there because its much more attractive to have cash like that liquid, earning 5%, than in cardboard that may be sitting at top-of-the-market values.
Personally, I think its all of the above, but mainly I think we are seeing a sensible repricing on commodity-cards, which I note, tend to still be well above where things were before the pandemic (thus Adam's point).
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