If getting older has taught me anything, it’s that things change. This includes not only head hair but also body hair. Who would have thought that while I’m losing precious locks from my scalp, I could be growing a new goatee in my pants?
Also, the prices of retro games are skyrocketing and the sellers of retro games have gone completely crazy. I almost forgot to mention it. I guess I got distracted by the body hair.
Prices for retro games may have peaked
But seriously, when you started collecting retro games ten years ago, it was a free-for-all. And by that I mean the games were almost literally for free. For everyone! Classic games 10 years ago were very cheap. They have only become very expensive in the last couple of years.
I remember I picked up the Castlevania Double Pack for the Game Boy Advance for about $25. It was in 2018. You’d be hard-pressed to find one for less than $100 today. However, keep in mind that it is still cheaper today than it was 6 months ago. And if you can find a good deal (here’s my eBay affiliate link), I suggest you grab it. The games are wonderful.
Silent Hill 2 and 3? Not really. In 2020, I wrote a pretty viral article about how crazy PS2 prices have become. (Check it out!) Now that the pandemic has calmed down a bit, price increases have slowed. Values are still rising across the board, but not as fast.
And for some reason some Playstation 2 games seem to be resisting the post-Covid price drop. Marvel Vs. Capcom 2 dropped significantly, but the Silent Hill games continue to grow. I don’t know why, but this confirms my theory that the market has gone completely crazy.
In mid-2020, I was able to purchase Silent Hill 3 for about $60. The copy I received came bundled (CiB) with the soundtrack disc. And it’s in great shape! Today, the same game fetches a whopping $180 on eBay.
Not only games have become funny. Gaming-related nostalgia items have also gotten out of hand. I purchased a full and intact (and pretty crisp!) copy of Nintendo Power Vol 1 back in 2019 for around $75. And I thought it was a lot! But in the fall of 2021, this bad boy peaked around $700. I should have sold my copy then and bought it again now.
Today, Nintendo Power Vol 1 and 2 are a a lot more reasonable. Here’s another eBay link if you want to see for yourself. Even though their price has come down again and these items seem to be much easier to find, NP 1 and 2 are still two of my most prized in-game possessions.
The last 2 years
There were many years when I preferred the older games because they were cheaper. I was broke and couldn’t afford new games (the PS3 was the “relevant” console at the time.) The days of cheap old games were good while they lasted, but now most NES cartridges have been sitting in people’s basements and attics for like 35 freaking years . These cartridges, like us, are not getting any younger. And it’s even harder to find ones that still look good.
So it’s easy to see why retro games continue to command high prices. There is a limited supply of old games. The number of games in circulation continues to dwindle as collectors receive and keep their prizes and never put them on the market.
During 2020, a new wave of collectors caused a surge in demand. It’s hard to tell if the supply has increased or decreased, because even though new collectors have been taking games off the market as soon as they hit the list, every broke nerd started seeing dollar signs as they rummaged through their parents’ attics to dig up more old games. The catch is that many of them weren’t trying to sell these games at current market rates, they were listing them at 10-100 times the market price. Maybe more.
In this case, it does not matter whether the supply has increased or decreased. What did matter was that the price of old games was skyrocketing for completely arbitrary reasons (See also: Greed)
The situation was not helped by the fact that much of the American workforce was stuck in quarantine at the time. I don’t have the numbers to back it up, but I suspect the millennial population was the majority – or at least a lot— recently isolated workers who stay at home. Tech jobs and corporate jobs lend themselves quite well to working from home, and the average age of tech workers at the time was about 39.
So thousands and thousands of working adults from the NES/SNES generation are stuck at home sad for several months. Pretty much everyone picked up a hobby of some sort during their adjustment, and collecting retro games is pretty damn fun, and most millennials—at least the ones who could work from home—were making decent money at the time… So yeah! This is where the rise in prices began. At least so my accept it.
But wait, there’s more!
Sometime during this period, Wata Games and Heritage Auctions started doing their shenanigans. If you don’t know about it, you’re missing out on a terrible story. This is a story about tragedy and passion, intrigue and betrayal. And you can read my thorough (and hopefully entertaining) post about it here:
What, you’re not going to read this? Okay, here’s the gist: Heritage Auctions has begun selling Wata-marked collectible video games for record sums. You might remember that shuttered Super Mario Bros that cost $2 million. Yes, it was them. Along with tons of other games selling for crazy amounts.
But it turns out that the same group of businessmen are working behind the scenes at both Wata and Heritage to make sure these games sell for the sums that make the news. There was a whole (actual) conspiracy to artificially inflate the prices of retro games.
Up until that point, every nerd with a few rounds of ammo in their attic was digging them up and trying to sell them on eBay for incredibly stupid prices. Other idiots bought them at stupid prices. So, the price spike erupted again. It was an ear of corn. And it sucks!
And by the way, Wata Games is now facing a class action lawsuit for manipulating the market to enrich itself. It is almost certain that they are guilty, but it is still unclear whether the lawsuit will be successful. I can’t wait to see.
Collecting retro games in 2022
So what’s up today? Has the retro gaming bubble officially burst? Is it safe to start collecting again?
Well, they say, you can’t put toothpaste back in the tube. Some people have seen how insanely profitable selling retro games can be and will always feel like their games are worth more than they really are.
On the other hand, the value of an item is what someone is willing to pay for it. Here’s to capitalism. The buy side and the sell side are in a constant struggle to thwart each other.
I’m pretty sure this generation has normalized insane game prices to the point where they’ll never be cheap again. But the current prices are like this artificially high. So there is definitely a place to go back to.
Millennials return to the office, children return to school, hobbies are forgotten in quarantine. People who got into collecting games are losing interest. And more importantly, people who have become addicted to speculation and scalping are losing interest. So the demand is falling. At least a few quarantined collections are being sold back into circulation, increasing the supply. It’s a kind of double whammy that should cause the market to crash.
And yet…
The price of Super Castlevania IV has definitely dropped since early 2022. But I would hardly call it a crash. And it already pops back up.
Silent Hill 3 has been on a bit of a roll, but now that it was at its peak, it’s only a few percent cheaper.
Of course, working with Pricecharting has its share of errors. But the data it provides is generally reliable.
I think the bottom line here is that games are still overpriced and people are still willing to pay too much while star sellers are ridiculously listing their retro games for way, way, the way beyond their proper value. Never mind that their listings never sell. I guess just having the potential to make money makes them feel rich.
Should you start a retro game collection in 2022
If you’re just now thinking about starting your retro collecting journey, you should at least know what you’re getting into. It is expensive. And in many cases there is no reason for it.
These Super Mario Bros basket lists (pictured) are just one example of the awfulness stupidity all this. SMB/Duck Hunt is one of the most common games. Almost every child had a copy. The $4.99 ad is priced accordingly.
However, prices are unlikely to fall much. If at all. Barring a drop in demand and a slight increase in supply, these things are still 35 years old. And there are millions of former children with whom fond memories are connected. And that will never change.
Among other factors, the price cut for Nintendo Power may indicate that the nostalgia fever has been satisfied for many fans. Maybe collectors got fed up with the stupid prices, or maybe collectors just got all the games they wanted. In any case, we hope this is a sign of what the retro gaming bubble is finally starting to pop! it is possible
If you want to collect and you have disposable income, you should go for it. And if prices do fall, it really doesn’t matter what because I’m guessing you won’t be selling your collection anyway. These are your memories and an eternal source of good entertainment. You are not going to “flip” these things for profit. But that’s the difference between a hobby and a job.
Just know that the prices and attitudes of sellers in 2022 are mostly a meaningless joke. Don’t be the boss.
Happy hunting.