Well, we have evidence of it happening before. Look at Atari now.
Of course, that had a bit to do with most of the games not having much appeal outside of collecting.
Also, common games are still common, people are just idiotic. Plus it's supply and demand. That's why I can get a game like Namco Museum Vol 5 for $25 shipped. I wouldn't say it's super rare, but it's definitely hard to find (3 CIB copies FS on ebay currently), and something you basically never see in the wild. Whereas Super Mario 64 (a game that I could build a mansion out of the carts and has a DS reprint) has a tough time going for less than $20 these days.
WAT: http://www.ebay.com/itm/Super-Mario-...item5b0a2c1856
Since they relisted it, I'm guessing the winner didn't pay. Still hilarious though.