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HankronRod, your point is valid that collecting is in the eye of the beholder. If someone enjoys collecting pictures cut out of a magazine, that's great. It's a hobby and it should be about collecting what the individual wants to collect, whether or not the material is in vogue.
The significant issue with the paper cutouts is how they are represented by the seller. If the seller said, "This is a picture that I just cutout out from page 10 of a Reach guide I have. Go see my other eBay auction to see the picture I cut out of page 27"-- not only would there not be a problem with the description, but he would they would probably have never sold for $500 or $900 like they used to. The problem is that he words and frames these pictures he cut out of his magazine deceptively-- so as to artificially raise the price.
There is nothing wrong with selling cutout pictures or cleanex or baseball cards-- AS LONG as the seller descrives the accurately and sincerely. Meaning without any deception or insincerity so as to artificially raise the price a substantial amount. Just as the bidder has the right to collect whatever she wants, she also has the right to be informed on exacty what she is bidding.
If your point was that the overpayers for these items are dumb and blindly see a holder and think it's gold-- I agree with you.