New investors
The new "higher end" collector/investor is moving funds from the stock market, or low yield bonds, or out of crypocurrency into sports cards that are perceived to be a safer investment with more upside potential.
Cards of famous players selling for more than $1000 each are like gold nuggets the investor can store for a time, enjoy, show off, and then resell when the next hot investment comes along. The "Blue Chip" players like Ruth, Gehrig, Cobb, Mantle, and Jackie Robinson are easy for them to spend big bucks on.
These types of investors are used to buying at "market", which is the price it takes to win the auction no matter how high. The price to win is the current value, in that flawed logic.
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