A good question. Personally I've always preferred Steeleye to Fairport but, off the top of my head here are a few possible answers to your question: Fairport 'fell' into folk whereas Steeleye were folk who 'fell' into rock. Steeleye were from the wrong side of the tracks. Most of Fairport's cannon of work has been self penned by the likes of Richard Thompson, Sandy Denny etc. whereas Steeleye relied more on traditional material and the self penned material was not considered to be by the quality of writers Fairport had. Fairport had the 'dead pop star' effect with the tragic deaths of members (or ex members). But perhaps it is that Fairport Convention got there first.
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