I think the hobby convention is to actually follw the greater common denominator.
That meaning that if the card names a popular (or HOF) player and depicts a more common player it will always sell for more than the common but probably less than it would had it depicted the popular/HOF player...thus following MORE the value of the popular player than the common. The other way around could also work as well... say, a more common players card actually depicts a popular/HOF player it would also sell for far more than the common and more closely to what the more popular/HOF card would sell for (for example if a Yum Yum "Williamson" card actually depicted Anson--it would sell for far more than if it actually depicted Williamson.)
-Rhett
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