What I find really disheartening is that these games are attracting such huge valuations simply because of the condition of their boxes! They aren't rare editions, or exclusive, pre-release code. The money has nothing to do with the game itself.
These bidders aren't game collectors, they are cardboard box collectors, nothing more.
It's a fair point, the whole concept of buying something in a sealed container, and never opening it because that would ruin the value, is a bit bonkers. Mind you, the same could be said of wine collectors - just how much 'fine wine' gets bought at auctions for it never to be opened? At least with the wine collectors, they don't think a bottle is worth 10x the going price simply because the label on it is slightly cleaner than another.
Not to Scotsman the whole thing, but I would say that yes, in my experience game collectors play their games. Maybe not all of them if their desire is to own a complete set or something, but generally speaking.
Boxes play into it, but a rare, desirable edition with a bad box will probably be worth more than a common edition with a good box. The box is just one more dimension to grade the games on because collectors are always looking for something more pristine, and cartridges will generally be in good shape.
I still think it's silly--I just get the "box" motivation.
These bidders aren't game collectors, they are cardboard box collectors, nothing more.