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MVSNYCi can speak to this...
first of all (dave), PSA has been around since about 1991 (you really didn't start seeing slabs at shows, however, until about 1996 or so...someone correct me if i am wrong, but about 7 years ago or so, mke bake (former head grader at PSA) & steve Rocchi (former president of PSA), started GAI...that's today's history lesson.
now, onto early card prices. around 1998/99 you could buy a PSA 9 common for around $1000 (check the old mastro's catalogs/prices realized), i have a catalog from 1999, they hadm no joke, almost half of all of the PSA 9 population in the auction, some where listed as singles, then they had entire lots (28 SLer PSA 9's) sold for $28k ($1000 each)...this was mind boggling at the time. page after page, PSA 9's...most sold right around that $1000 price...
a close friend of mine, who is a BIG time collector, bought a ton of PSA 9's around 2000-2002, he paid $900-1200 per card, on average...guess what? he has made his money 10 fold today...
i bought my first PSA 8 about 3 years ago for $450, wilbur goode...i just sold him for $2000+, not 8's are on the rise again.
interesting topic.
p.s. 3 years ago, i was buying PSA 6's @ $60 each, and PSA 7's @ $150 each.