Anecdotal vintage observations, nonetheless...
Back in 2019-2021 I saw a lot of people come into vintage who were renewing their interest in collecting...mostly people who collected in the 80s/90s, but left the hobby. After quenching their thirst for re-gaining the cards they had as a kid, they wanted the pre-1980s cards they couldn't afford when they were kids.
The past few years I'm seeing a lot more people who are somewhat new to the hobby gravitate toward vintage. They're showing off the start of their new vintage collections and there seems to be a real focus on building a collection, not just buying to flip.
Who knows how long it will last. The seller part of me enjoyed the 2019+ boom. The buyer in me longs for the near decade long stagnation of prices before that era.
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