Exactly right. I'm in more of a position to know than most... I spent 2 years putting my own 600-page guide together (for my own buying and selling purposes -- not for re-sale) and update it regularly. OPG may be too low on a number of "key" books, but is way inflated on the vast majority of GA. In fact, the dirty little secret that is seldom talked about is that most GA issues have been gradually falling in value over the years as newer generations have no connection to it.
Except for certain highlight issues, the majority of Dell, Fawcett, Quality, Lev Gleason, western, romance, movie tie-in, and other lesser known issues sell for well below OPG, and generally then only if they are marketed as a bargain in comparison to OPG prices (30% off guide, 50% off guide, etc.). I'm talking mainstream grades here... 2.0 to 8.0... as pedigrees and ultra high-grades are a world unto themselves. Even most non-key DC books sell for under guide at present.
The dilemma for OPG however, is that many of these comics sell at all only when seen as a "bargain". If OPG lowers a $100 western, say, to a more realistic value of $50... does the new market value immediately fall to $25? Lower it to $25, and is it now $12? It would be difficult for the guide to keep up with the ever-changing prices brought on by the guide's very attempt to come into line with the market.
Yet that said, I believe there is more need for published price guides now then ever. EBay is not trustworthy on scarcer books... too much manipulation and also fears that the seller isn't describing the book properly (page count, etc.). Analyzing GPA is a science... one few folks take the time to learn. The "free" online guides are worth what you pay for them. There is still a need for a learned well-thought out guide/guides in the marketplace to properly assess values and trends for those who can't or don't want to take the time. (When I put the pulp guides together years ago, it was a challenge to make sure I didn't over value books because of a few sales that turned out to be the same two guys battling each other for books... once they obtained them, prices again settled back to previous levels).
OPG is a wealth of data. No price guide can keep up with certain volatile items in a given short period, but I think if OPG dropped all of the "cover price or less" material out of the guide and concentrated on actual collectible issues (with a larger font that could actually be read), and dropped its fear of showing downward movements, it could rise back to being the primary go-to source it once was.
Very well said. I would love if there was a site that tracked all market sales and posted results in a semi real time way. A sort of dealer database that would allow sellers to post sales or pull from auction sites directly. There would have to be fail safes in place so someone couldn't post fraudulent numbers, but some form of database like this would be nice.