The words "you own it, you can do whatever you like with it" don't sit well with me, even if they describe the legal situation accurately. I am inclined to think damaging and/or destroying objects of historical significance is, in its way, a crime against humanity. Obviously the level of the crime must be considered in proportion the the level of the object's historical significance, but the nature of the crime is the same either way. Given that the historical significance of any factory-made bicycle is practically nil, it is practically impossible to commit any great crime against humanity upon it; but if it were something of real significance, the potential is there.

Doohickie, here's a somewhat extreme case. Let's say I picked up a genuine Wright Brothers bike at a yard sale for ten bucks. It would now be mine to do as I want with it, right? Legally, yes, of course. But if I decided I didn't want a track bike with wooden rims, and decided to have proper Campy drops brazed in instead of the track ends, along with shifter bosses etc and a flashy repaint, then, don't you think that would be something akin to a sin? I do.

Grinding the derailleur hanger off a chrome Paramount? Oh, it's a silly thing to do, but let's not blow it out of proportion.