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Judge DredI don't think that I'd turn down an insanely ridiculously high offer for a any card I had. Don't get me wrong, it doesn't mean that I don't care about my collection, it just means that I could probably use the money to purchase many other items to take the place of the rare item that was sold.
A rare item wouldn't become more rare because it was sold at such a high price but the list of people that would have the means to procure that item would probably be reduced which would make a legitimate buyer for the item more "rare" (not the card).
The $10M question - could someone spend that much on rare cards - Yes, it all depends upon the willingness of people to sell their cards. If there were a lot of hold outs (sellers that would only take top $$) then the $10M could be gone quickly, if the buyer was frugal then it may take a while to spend that amount.