There may be 45K in PSA 8 or better in existence, but how many of those are available to buy at any one time, and how many of those are forever buried in personal collections? I just did an ebay search for "1989 upper deck #1 griffey psa" and I got 94 hits.
As has been stated, Griffey is still extremely popular (one of the few with no PED black marks) and very collectible, so think of the thousands and thousands of Griffey fans vs. 94 hits on eBay. It's easy to see why his RC still commands $20.
To me, $20 is nothing to pay for one of the hobby's classic modern cards, even if there are a ton of them out there.
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