I think it has. Sadly everything has gotten out of control price wise. Housing, vehicles, etc…
I am a frugal person and I am also not a person who has ever had much money in my life. I work hard, pay my bills but the thought of people paying even $10,000 for a horse ( let alone $50,000 +) that can slip in it’s stall/ pasture and be worth basically nothing in a heartbeat is mind boggling.
I guess if you can pay it and afford the insurance to recoup your investment it is worth the gamble but I think the current prices are out of control. Even grade horses on CL are going for $10,000 if they are ridable.