Disagree with the premise. New movies tend to have more plot holes, less characterization and worse writing. Improved effects only rarely make up that margin. I also find the following stories just as plausible as yours: "New movies are over-represented on the IMDB top 250 because they get bolstered by excited fans who just saw the film and haven't yet taken the time to digest the movie or see how it dates and who, often, haven't seen the old movies on the list." The Return of the King is not better than Blade Runner.
/done with my silly arguing for the day.
For what it's worth, when you look at rankings, they almost always exhibit a recency bias (Murray gives some examples in Human Accomplishment as he tries to correct for it), so I am pretty skeptical that the IMDB would exhibit an anti-recency bias.
IMDB top 250 list is dominated by old movies, which conflicts with my perception (shared by majority of people as far as I can tell) that new movies are far better than old movies (comparing either top with top or average with average).
I have a simple theory why IMDB is wrong: