What's going on with the audio market?

The same thing is occurring in other luxury sectors. For example, sales of mechanical watches are also hurting. The slowdown in Asia is a major factor.  Another is the problem of oversupply.  This stuff has a long lifespan, unlike a cellphone. Without newbies entering the foodchain, our gear piles up, and eventually we can no longer justify another upgrade that will have only a minor effect on the listening experience. I wish I could take advantage of some of the nice gear currently on offer, but not unless I can sell some of what I already have.

i think the same problem that is going on in the watch market.  big money in asia was buying it all up, so companies started getting greedy and jacking up prices.  Now that the bottom fell out who's left to buy a 25k G series amp

"This stuff has a long lifespan, unlike a cellphone"

Hence the MkII dinner bells. "Come and get it!"

What I don't fully understand is how fragile the used market in the wake of audiogon changes. It appears to me the trading is way down; I have to wait forever to a particular item to be listed on any site.

This may be the "Big Payoff" for us loyals who spent our disposable income on gear instead of boring things like houses. If you've paid your dues and know what's what, you can (finally) pick up some bargains and have a reference quality system for half off.
Now if we would legalize weed, I could fade away in peace with the ultimate tweek.

Weed is legal in Colorado and I never heard anyone pay attention to it in Wyoming, Alaska and parts of California.