I think David's (Rocky Mountaineer) comments are largely on target when one thinks of collecting as the pursuit of expensive things that appreciate in value.
IMHO, there are still plenty of people interested in collecting. But the prices they are willing to pay are much lower, and the items that are commonly of interest are changing.
And like Ace, many are purchasing these items to use, as opposed to displaying, or just having.
I also think that for the most part, younger people are not interested in collecting or operating "O" gauge trains, having neither the extra money nor the space to allocate to trains.
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