[Kco]

$25,000 is probably the top of the market for 2 Ruth PSA 10 Cuts, which is what this could easily be turned into if so desired.

Again, yes, low quality cuts can be had for 3.5-4k, but you're not finding PSA 10s for under $11-12k per auto at auction. (look at the last few on Heritage for reference)

The fact that it's on the Hotel New York Stationary, which he frequented and is untouched, and was double graded 10 (not sure if most realize the grading premium tacked on of getting a 10 on a vintage Ruth, let alone both autos grading 10 on the same piece.), $23,000 is a premium price but you're not finding a Double signed Gem Mint 10 Ruth signed item anywhere else.

This isn't a piece that's going to lose value, if anything it'll gain over the average Ruth cuts over time as an untouched piece.