I think what most people are saying, which I totally agree with, is that there is not a single market for cards, but multiple markets. The major auction houses traffic almost exclusively in high end, graded cards of the most sought after stars. That market appears very hot, but is quickly transforming from a hobby market into an investment market. Much more data is available and there are many in the market whose primary focus is to turn a profit rather than acquire a prized collectible.
On the other hand, there is the traditional collectible market with its wide range of sub-markets: pre-war, post-war, modern, regional, etc. across one category; registry collectors, raw set builders, and so on in other categories. I think prices in this market tend to change much more slowly except where it bumps into the investment market. As someone who collects in this market - a raw set builder - it can be frustrating to see so much emphasis on high-end, investment grade cards that at times it seems like it gets harder and harder to find the cards I am looking for.
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