I haven’t seen the price of sheep hunts come down ever. In fact your lucky if you see them stay flat. isnt happening, even wait till the cows come home.
There are not enough public tags and private hunts for bighorn rams in North America to meet the demand. Even if half the demand falls away in the next recession there are 100x the hunters each year wanting a sheep tag as there are sheep tags.
You will see a major impact during the next recession on prices of elk hunts for 280 class bulls, deer hunts for 140 class deer, pronghorn hunts, turkey hunts, pheasant hunts, dove hunts, geese and duck hunts. Hard to justify a hunt during a recession that will be waiting for you in a few years when your finances bounce back.
I predict WY sheep and moose point-builders will have another cull of 25% of more of the non-residents paying $150/year or whatever WY feels they want to charge what they assume are 1%ers in the point game.
There should be a major shake-out of the outfitter business as well. Lots of older guys seem to be running those operations and I doubt any are getting rich doing hunts. There are certain fixed costs to being an outfitter such as the gear and insurance so losing 25% of your hunts during a recession could be the "screw this" moment.
Odds should get better on applications where have to front the tag cost. Should be some good deals on what were $60K trucks when bought new. Might be some nice, used top brand optics for 50% of retail.
Time will tell. Hard to predict a recession but I know right now I am getting bids for a repipe job on an older home and the bidders are all but sending me flowers to award them the bid. Something is slowing in the plumbing trades.