Personally, I think Balenciaga has over-produced, and as a result .. they are not selling the bags like before. In addition, all their "cuts" (e.g., no feet on the PT, no more pocket on the back of the mirror, etc.) have affected their 'cache'.
I used to buy quite a few bags each Year/Season; not anymore. With the cost being what it is and the quality of some of the bags not like they used to be, I think twice before pulling the trigger now. Kinda sad ...
Ceejay, I agree with your sentiment. I think Bal has overproduced since f/w 2005. The quality has definitely not where it used to be.