I knew this was a very subjective question to ask, and I did it more as musing out-loud because I wasn’t really sure how I felt about it. When I asked how modernizing a vintage bike would affect(rather effect I think) the value, I meant more than just the dollar value, but the aesthetic value as well. It’s understood that an old bike that has been upgraded with modern components is going to be worth more money based on the cost of the parts alone. But, does that make it more valuable. As an amateur enthusiast bike appreciator/refurbisher/collector (however you want to call it), when I’m looking for a new project, I get excited when I find a bike that appears to be in all original condition. I remember buying an 85 Bianchi limited with 6spd 600 a year ago and was THRILLED to refurbish a bike that I felt was the same bike that rolled off the showroom floor back in 85 right down to the bar tape and pedal straps. I guess it has something to do with feeling like you own and especially ridden a piece of history. If you have to sell your bikes to fund new projects as I do, I think you will find that you can ask a little more for a desirable vintage bike with all-original parts.