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John SI find it increasingly difficult to believe that prices will continue to escalate. The auctions are a tell-tale sign that the market is exerting pressure on collectors to sell items that they probably anticipated holding onto forever. It seeems that each auction tops the last with quantity and quality of material. Where is it all coming from? Don't tell me that every Grandma decided to clean out her attic in the last two years. Dealers continue to complain that their supply of vintage is drying up. If you have saved any of your old catalogs take a look at the inventory from as recent as the late 90's compared to now. The internet and its ease of accesibility has destroyed most dealers. A 16% consignment fee or $5 on eBay is much easier to swallow than a dealer offering 50% of book. The internet has made auctions much more attractive as well. I'm sure most of you remember making countless telephone calls with equal amounts of busy signals before internet bidding. As all this material enters the market, demand will decrease. Fewer new vintage collectors (or maybe more appropriately, investors) will be attracted to the hobby because values will plateau.
Personally, my wantlists, which I thought would never be completed, have been ammended two or three times over the last five years. In 1996, if someone would have shown me my current inventory I would have laughed. It has nothing to do with finances. It has everything to do with how the internet has made everything, including vintage cards, much more accessable.