As someone who has won 6 in game contests so far, I don't mind this at all.
I have Bluebird earring, ahriman choker, mandragora choker, scarf of wondrous wit and the noble barding on my main. I got a 2nd mandragora choker on my alt.
I'm using noble barding on my main's choco atm just because I won it, but the only other two prizes I really ever glam are the two chokers. I'd possibly use the scarf more if it was dyeable... but it isn't so...
At any rate, I'd much prefer the option to buy the old contest items on my alts vs winning more contests. Especially if that meant they were gonna flush out the old prizes to roll in some new options. Even if it's just a period of exclusivity.