That really isn’t the way “ overshoot and collapse” works. Whether this is evidence of a broader market retrenchment is a tougher question. When there is a “great crash”, there is usually a “hollowing out” of the market in which so-so pieces don’t hold their value. Then the hollow gets wider as better and worse pieces start to slip. Eventually, as with Persian rugs after the 1980’s, you get a stratification. The best pieces maintain their book value, even if no one wants to spend that kind of money, while the lower end survives. Don’t forget, even after Tulipmania ended, tulips still cost a little money.
For this auction, lots of possibilities. Perhaps the pieces just aren’t in a lot of people’s interests (tastes do change). Also, it may be that discretionary funds have tightened up now that the pandemic is over, and discretionary buys are down (go to any good restaurants lately?). Or, buying strategies have changed (why throw in a bid which is going to lose?). Or we are just seeing the continuing “aging out” process where older wealthier people don’t want to buy and not enough new comic buyers are stimulating demand. Or, too many prices were artificially inflated by dealers and speculators, and the chickens have come home to roost.
Personally, I think it’s a mix. And, I wouldn’t count on yesterday’s hit staying at the top.