The price of collectibles seems to be falling back into vaguely rational territory. There are lots of reasons why that might be happening, but the simplest possible explanation is just that more of them are being made.
If you can manufacture something in high demand, then you have a huge incentive to create more of that thing — whether it's watches or sneakers or shares of a company.
When that happens, the law of supply and demand tends to ensure that the secondary-market price of that object is likely to fall.In 2021, global supply-chain problems were in large part responsible for a surge of second-hand prices for sneakers, watches, and other collectibles. In many cases, self-fulfilling speculative frenzies broke out, with astonishing rises in price.
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