Nashman
Riding a '38 Autocycle Deluxe
I think restored anything is aok and original anything is usually better ( to most). The thing is, beauty and value is in the eye of the beholder. I think the sentimentality of original things is dying off ( as are the people) with the newer generation, as quite simply they can't relate it to anything in their lifetime. Bright and shiny/bling has an obvious appeal. We can't all afford an original keepsake and there is limited supply. ( a car, a bicycle, a tractor, a bread bag clip).With all due respect to the 'restorers' mentioned, you're kidding yourself if you think any restored bicycle will be a good investment. Nice original unrestored examples will likely hold their value, but if you're looking at any of this as an investment, good luck to you and/or your heirs.
I for one have original examples of bicycles, vintage toys, cars, motorcycles, signs, juke box, coke machine, guitars etc..etc ....and some restorations, and even a few repops. They all have value to certain people ( me for one). How much value? It's what 2 people agree on what is a fair price to them, them alone. This DEAL/NO DEAL auction format on the Cabe is a good example, or other auctions on line or live.
I have bought more than a few well restored bicycles, some not done as well as I'd hoped, but still a decent example, and something I'm happy with. Lets assume there was profit for the seller on some of them. That was a good investment for them. I don't collect as an investment. I buy what I like and what I can afford. The economy and trends usually dictate the market size for anything. The state of the world right now financially is not great based on health concerns and all the negative spin off's. I think you all know what I'm talking about. Job loss, cash flow. Less travel. There will always be people with deep pockets, and speculators for quick buck spins.
I think ( my humble opinion) a well restored bicycle ( people named above#66, Bobby U. should be added) is a good investment. I'll attach a well restored 20" Schwinn Hornet Bobby U did up with some original paint parts. I didn't buy it as an investment, but I love it, it's well restored, rare, and I suspect if I was ever to sell it, I'd get my money back and have enjoyed it for years.
Not everyone likes "patina/barn finds/crusty" ( over used terms) and even a Frankenbike holds a certain charm if not misrepresented as "factory" original. I've said this before, that "original" is a factory nut and bolt/paint example, and they are few and far between. A hobby is a pastime to be enjoyed in whatever scale and depth a person wishes. To get caught up in what is best to invest, all is lost, and the fun is over.