I think it is too many auction houses and too little quality material. Oh sure, if you are interested in the shiny new stuff there is a large supply, but most of the better shiny stuff goes to Goldin. If you put aside T206s which there appears to be an endless supply of, vintage material is scarce and, more particularly 19th century better material is rare. That is why auction houses are offering ever increasing shares of the buyers premium for quality consignments. It’s a joke when auction houses send out emails that they are willing to waive seller’s fees for quality material. If you have quality material and you don’t get a BP rebate you are leaving money on the table.
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