It's both.

Record price at auction for an original 1st year Orange Krate was something like $185,000 (sold by the Schwinn museum a few years ago, zero miles came off assy line and went into the museum in 63 or 64)

Some collect to Stingray/Krates, but you can get one in as good or better shape for a lot less.

The guy is dreaming on his price. Stingrays selling at that price point don't have scratches or other defects in the paint down to bare metal. (Unless, of course, the buyer is a complete imbecile without a spec of operational gray matter between the ears.)