The value will drop lower with newer, and more common signatures that can be easily purchased without the personalization. Why spend money on a signature made out to "Paul" when your name is John, and there are many other opportunities to acquire a signature without the personalized inscription.
With older, more rare and expensive signatures (like Connie Mack) the value will still drop but not as much. This would be a great opportunity for a collector on budget to get the signature at a great price. There would be slightly more collectors, other than Paul, interested in the signature. More demand, higher value.
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