The market for cds is different from vinyl. The former appeals to a general audience; the latter appeals to collectors (i.e., audiophiles). There are lots of substitutes for the former (radio, mp3s, youtube, etc), while there aren't many substitutes at all for the latter (maybe Japanese CD pressings?).

The more the former looks like the latter - e.g., obscure artists with small print runs issued on foreign labels - the more the prices will be similar or converge. In five years, CD prices may well be the same as vinly if things go entirely digital, and physical product (of any kind) become a specialized market.

In my view, prices are efficient - a consequence of institutional structure, demand, and supply. It's not a matter of what they should or ought to be.