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It was a bubble, and like any other bubble, most of the speculators have left.
What we saw in 2012-2014/15 was never sustainable, I mean "custom makers" coming out of every hole in the ground and selling knives for $500-$1000?
Just like any other market, there are crazy times and normal times. The weirdest part is the end of a "crazy time" because it's hard to come to terms with the sudden changes, and market realities that where ignored because everything sold in 1 minute, and everything just went up in value.
This is a good point. Are we trending toward paying more for knives than they are worth?It might also be the fact that knives just cost so much more now. Nowadays, decent knives cost hundreds of bucks, and folks who paid that, will generally try to recoup that sort of outlay if they sell on the Exchange.