Here is Mr. Shiller’s checklist.
--Sharp increases in the price of an asset
--Great public excitement about said increases
--An accompanying media frenzy
--Stories of people earning a lot of money, causing envy among people who aren’t
--Growing interest in the asset class among the general public
--“New era” theories to justify unprecedented price increases
--A decline in lending standards
This fits modern collecting very well but I question the last five as to vintage cards. I see a lot of people who were collectors getting back into it and a lot of long-time collectors getting into it heavily on a FOMO basis, but not members of the general public going nuts. Little media that isn't focused on modern or that damned 1952 T Mantle. Don't know about new era theories; the song remains the same as far as I can tell. The greats are still greats. And if I ask someone to borrow money to buy old baseball cards they still look at me like I'm nuts.
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