Not disputing that point, at all. I agree entirely.
The comparison is this: entry level copies of the big books have more bidders simply because there are more people who can swim at that end of the pool. As a result, entry level houses, like entry level copies of the bigger books, get an artificially higher dollar per square foot(for houses), and price per point(for comics). Once you’ve gotten you first house, or your first big book, you now have some equity with which to trade up to a better house, or a better copy of a big book. The buyers who come straight out of the gate, mostly do not have the means to jump straight to the bigger houses or the better copies of the bigger books.
You can look at the PPP on Cap 1, Bat 1, any of those. I guarantee you, that relative to the higher graded copies, the lower level(entry level, if you will), command a higher PPP. That’s because you have 10 bidders who can afford to bid at the lower levels, for every 2 who can afford to bid at the higher levels.