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Posted By: Richard Masson

Lew Lipset presented a study in his Old Judge newsletters identifying the phenomenon of higher grade cards appreciating at a faster rate than VG cards.
I think he used price guides from early 80s vs. early 90s. This was well before grading and slabbing became popular, and in fact may have spawned that industry as high grade cards were "manufactured" to meet the demand. The situation was not too different from today, just with fewer zeroes at the end.