I'm going to disagree with the central premise of the original post: That "truly rare" and "ultra high grade" cards haven't declined in value.
This is not the case. I've seen everything go down, rare stuff of Shoeless Joe, Plank, etc., you name it, you can likely find an example of price depreciation in recent months/years.
The high-end art market took a big dive in this recession, and high-end baseball collectibles are not some magic category that is recession-proof.
The simple fact is there are a lot less wealthy people out there than there used to be, and bidding competition isn't what it used to be.
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