FWIW overall camera prices are still lower than they were in the 90's. Two big things: the last generation of high grade cameras is still in its depreciation slump (although this will change, and probably pretty soon). And the internet means buyers aren't held captive by local camera shops/camera shows - which is a big deal. A lot of the older "rare" cameras turned out to not be so rare when the internet lets you find one for sale in another state or another country even.
The decline of film has had an impact, but I don't think it has made as a deep of a cut as some people think. A lot of people have hung onto cameras they like, or invested a lot of money in, even if they switched primarily to digital. And those who didn't switch scooped up a lot of the better equipment. The decline of film only tanked prices on consumer level equipment, the last generations of which are also still in their depreciation slump (and will likely not come out of it, for I can barely see a market for it in the future).
The internet has also led to some price bubbles. Bokeh Kings, Bokeh Monsters, etc. Some of these bubbles take four or five years to pop, but eventually prices even out again. And I will always have to remark on the Diana camera bubble, where boxed Diana cameras were getting $200+ on ebay for a couple of years, and now boxed examples are getting maybe $50 or $60 if the seller is lucky. Leica has a long standing hype cult which means prices are usually high, although again, we've seen fads for particular lenses or models inflate prices here and there until people get bored.
