Dealer here, but I’m weighing in anyways.
I would say that the market was NOT slow from October through January. It was really quite strong.
I personally noticed some impact immediately after the election, but it was short lived, and late November through January was stellar.
Starting February, I started seeing a purchasing slowdown in my largest customer base, who I would classify as fairly affluent (but not in the top 1% per capita), while anyone I would consider a luxury / top 1% client is buying more than ever.
Part of this slowdown this month is normal. January through March tend to be a little slower in general due to recouping from the holidays and heading into tax season. But economic and political volatility is impacting purchase consideration as well, and I’ve heard concerns from a few of my clients.
Reale prices on the market, while relevant to all of the above, have also been affected by what others say based on how individual brands are doing in market, scarcity, and demand.
The market and supply / availability / saturation of products have also evolved. There are more brands/products now than ever before, especially in the digital domain, and vast improvement in products especially since 2020, which result in a slower rate of turnover of gear (e.g. DAC searches/cycles were likely more frequent than they are today because the baseline has improved significantly).
And yes, I believe too many people are asking too much for some of their used gear. So it’s very multidimensional.
FWIW, given the chatter on Audio Research, I just sold an ARC REF 75 SE at full asking price within days of it being listed. And I’ve seen it listed for lower in the market in the past. I think there is still value in many of their products, but people are thinking twice about which products from respective brands deliver the value they seek. I can imaging a newer set of REF 160 monos may move slower due to escalating tube prices, and many other ARC components, especially vintage, are not moving like they used to simply because they can’t compete from a performance perspective to more modern products at lower price points on the market.