It was more a case of never throwing things out (or not throwing out when I should have). Several of the older ones had clearly been shrunk by the dry cleaners...
When I started my "day job", I wore a suit every day to work. Over time the Australian corporate workplace has become a lot more relaxed, and I've become more comfortable dressing down.
I still own about 40 ties. Complete waste, I wear a suit & tie a handful of times per year, only when absolutely necessary (e.g. compulsory dress code, ceremonial occasions, etc). Usual work attire these days is tailored trousers (or chinos), and a clean pressed "business" shirt.