I thought prices were easing back a little bit. I'm not so sure the supply is drying up. S&W made a lot of revolvers and as prices go up, more old ones seem to come out of the woodwork.
The first M28-2 I bought (a six incher) cost me $250, and I thought that was a good deal. A week later, I saw a very similar one at a different shop for $225. How could I pass it up if the other one was such a good deal?
Auction prices can be a little deceptive in that people sometimes get auction fever. You never know, the "winner" may back out, making that high price just more vapor on the internet.