Money in the Hobby

[Yoda]

After perusing the early bids in the current Heritage "Platinum Night" auction, I am reminded again of the large pools of capital ready to pounce on any high graded star/HOF card. It got me thinking back to college Economics 101 with
price elasticity, supply and demand curves, equilibrium points and the like.
What factors are at play? Here are just a few random thoughts:-
1. With the stock market at record highs and the Trump tax bill safely passed, people with large amounts disposable income people are feeling confident, and this has translated into new, existing and once dormant collectors bidding up cards. Given all recent media musings that old baseball cards of the immortals is a good investment, perhaps many may look at card purchases as asset reallocation instead of reliving boyhoods.
2. There will always be more money in the country than old, nice cards. Unless there is some crisis that spooks financial markets and creates a dumping of all those beautiful Ruth, Cobb and Jackson cards, doesn't that mean that prices are elastic and should continue to rise.
3. So many great old cards have been offered for sale over the last 10 years I
wonder how many new finds can be expected and, of course, there are serious
affluent collectors who have no intention of ever selling anything; they just love their cards too much.
Personally, Heritage has some eye-watering cards on display, but I am already priced out.