Prices, value, rarity, condition, usage, popularity and other important factors are very subjective. The worst thing to happen to mainstream collecting is price guides. People look at mint/complete or new/sealed prices and try to sell dirty/damaged, loose/incomplete items for the full price or more. Condition grading guides are also hugely misleading.
As long as people base the value of anything on what they think others value something for, the "market" will continue to be ruined and out of control because the anti-logic being used only drives prices in one direction.
High asking prices mean nothing. High selling prices aren't an indication of value or average selling price. One or two people may have a special reason to pay extra for something at a particular time. Often that reason can be as simple as gross ignorance. Low selling prices however are the only ones that carry any weight, since it means that the market as a whole couldn't be bothered to pay much for something. Unfortunately, too many people, particularly attempted gougers, ignore all low priced sales and overvalue all overpriced sales.