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Jason Land kinda got shot down, with most people responding that cards don't go down in value, they just plateau (or take a breather) for a while until they are back in fashion...
I have seen and heard to the contrary however, so I think the most reasonable way to approach it is to assume that cards can behave much like any other collectable for which there is a market...they will rise and fall...and it may be reasonable to assume that those which have climbed the highest the fastest, would be most vulnerable to a stock market-like correction (e.g. T206s over the past 24 months)
However, to this, I will add one caveat that may limit the downside: Baseball card collectors are much like buy-and-hold stock investors...folks who don't have any inclination to return their collection to market...I am one of them (for the most part), and there is probably some value in the thinking that we may be seeing a buying binge that will fill the closets for the next 50 years...
great topic...no real answer, other than I think it wise to think of the cards with a view towards cyclicality.