As stated, it's a combination of factors. Demand is the number one reason, and there is no question that baseball cards and memorabilia have been a very popular collectable. Also, no question there is price manipulation and hoarding going on. Where there is money to be made, there will always be unsavory people involved.
Also third party grading has been a huge factor in escalating prices. We would never have all the so-called investors in the hobby without the slabs. In fact, the single greatest factor in price escalation, IMO, is the number printed on the label.
This has pretty much always been an overheated market, where the must-have-it-now mentality often rules. For me, it has taken much of the fun out. It's become too commodified and less of a relaxing hobby. Cards are too expensive. That's not to say they can't go higher, but I've discovered I can live happily without them.
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