kkards, asked this question on the post, and I'm answering it here.

FWIW, this is how I see it: 

If you wear them, enjoy them, are a shoe-person, know what you have, are not overwhelmed by your selection, and most importantly, can STORE your large footwear collection in an organized way - you can have many, many pairs!

I have friends and clients with over 120 pairs of shoes, and the management of their large capsules is meticulous. They tick off the criteria listed above with ease. I don't think they have too many shoes. Some can store more. 

I also have friends and clients with 15 pairs of shoes, and it's too many for them. They are overwhelmed and do better with fewer pairs. 

My late Dad in the Netherlands - age 89 - had THREE pairs of shoes for many years and that was the perfect amount for him. Brown sturdy lace-ups. Black dressy lace-ups. Birkenstocks for at home. He needed absolutely nothing else. 

Currently, I have about 30 pairs of shoes (live in a 4 season climate). No seasonal switcheroo. That includes two pairs of sneakers that are for doggie-beach-days only, at home slippers, snow boots, and three pairs of formal shoes that come out once a year. I can store NOTHING MORE in our small loft, and am not a shoe-person. Clutter and overflow stress me out so I'm strict about the numbers. I would do better with 25 pairs from a storage point of view. I also have a few footwear holes that need filling. I will be passing on some old worn out shoes, and less than perfectly comfy shoes too. I would like to get down to 25 pairs. 

I also have 25 bags! Surprisingly, I can store them beautifully, use them all the time, and absolutely love them. I swap them out frequently. My bag is a more important part of my outfit than my shoes. I am a handbag-person!

It would be nice to have 25 bags AND go down to 25 pairs of shoes. 

Yes, you can have too many pairs of shoes. There is no one number to rule them all. FIND YOUR SWEET SPOT. Mine is 25. My friend's is 125. My Dad's was 3.