Valuation of website depends on (1) it’s current income (2) it’s growth prospect. If a site’s income is affected by the global financial crisis — for example dipping advertising income due to reduced marketing budget, lower affiliation commission due to less consumer spending, etc — then it would definitely affect a site’s valuation. It will especially be true if this crisis takes a few years to ride out.

Also as you said, more sales means it’s buyers’ market, i.e. lower price.

Not looking good.