Quote:
"I think that some of the price contraction in this hobby is also due to the exit or disappointment suffered by 'speculators', those people who buy only for the upside and are not truly collectors. When the upside disappears, so do they and they take their inflationary pressures with them."

John:
The above is certainly another aspect here and one,to a degree, that has been discussed before. You present an alternative scenario to the speculator.* You buy excellent quality,pay the price to acquire items in this category and have the financial means to just retain the items if the overall market goes sour as it has presently done.
I look at my own collection as fluid with the understanding that anything in it is and perhaps most of it will be subject to sale at some time as my interests change. However; I have never been in nor do I intend to ever get in the position where I Have to sell some items. This is what I believe has happened to the speculators in this hobby particularly those that overextended them selves.
As I have said before; This to me is a hobby. Unless you are a full time dealer in militaria I would think it would be prudent to treat collecting that way.

*The term "investor" is probably apropriate here but I personally don't consider hobbies an investment and as a matter of fact neither does the IRS. Just try putting a bunch of daggers into an IRA.
Jim