To paraphrase Lawrence Livermore, this market is only bad if you are a seller. If you've wanted a specific lens for a long time but couldn't (or wouldn't) pay the price back then - this is a wonderful market!
I've been buying second-hand manual focus Pentax and K-mount third-party lenses for more than 15 years. Early-on I financed my purchases buying under-priced lenses on eBay and re-listing them Buy-it-Now or buying complete packages of a camera, some lenses and accessories and selling the items individually. That opportunity has largely passed now.
Some of my early lenses (K35/3.5 and K28/3.5, for instance) have declined 65% in market price since 2000 or 2001 and I couldn't care less than I do. A few have held their value or even risen (K30/2.8, K50/1.2) and quite recently there have been some surprises, like the K200/2.5 that languished in the Marketplace for weeks at $250. That lens was reliably $375 - $400 for many years.
Most of my lenses have stayed within 10% of what I paid - because I was careful about what I paid.
In my opinion the K-FF won't have any effect whatsoever on
most used lens prices. First, too much time has passed and many former owners of used lenses, who had been waiting for a Pentax FF, have moved on. They either sold them (to speculators) or traded them in to dealers when they bought a new mount. Second, KEH seems to have gathered significant reach and market share at the expense of eBay the last five years - so much that they can 'make the market' in certain brands or lenses. They seem to treat Pentax gear as 'quick turn' gear now - they don't seem willing to carry inventory at a decent price; they'd rather lower the price and turn over Pentax inventory.
Lastly, it is
possible Ricoh is discounting their global inventory of lenses somewhat in preparation for new and updated lenses sure to come next year and the year following.