IMHO Baseball cards are more correlated to employment than stocks.
The only way I can see baseball cards affected by this market swoon is that it becomes a source of funds. But why would you sell something that retained its value better only to buy a falling knife that is still overvalued.
Employment on the other hand forces your hand. People without a job have other priorities than their hobby, so anything salable is on the table. And supply and demand, when there are more sellers than buyers in an illiquid market, especially the less vintage market, volatility can be exponential.
That also said, similar to the market, the first to go are the “non-investment” cards, then the family heirlooms. So when we do get a bout of high unemployment again, high quality will outperform low quality (same factor analysis phenomenon as in stocks). First five HOF (particularly Ruth’s and cobbs and Wagners) + Joe Jax > other HOFs and non HOF
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