Originally Posted by
MrEss
I'm pretty sure it's the issue of legitimacy. Cars are one of the few things where a refinish doesn't destroy the "collector" value, chiefly because other things are used to establish that the car is what the seller claims it is. Pick your favorite American musclecar and scope out the prices for a "numbers matching" example vs one that's had a motor and transmission swap.
This forum is really good at identifying frames based upon information other than the authority of original decals, but the "collector" market doesn't really care. Antiques are the same way; without the original finish, doubt is cast upon whether it really is what you say it is.
I keep using "collector" in quotes because with a few exceptions, even the financial argument is a storm in a teacup. It'd be financially foolish to spend $1k to have Waterford do a gorgeous job on a beat up old steel Trek only to have its "value" drop from $200 to $150... but if that paint kept you up at night with excitement about how gorgeous it was, it might be a good buy.
I really like a lot of the things that are said when this topic comes up, especially by randyjawa. To me, the most important thing is to remember that it's not an investment. Every dime spent on repainting has to pay you back in increased enjoyment of the bike, because it's sure not going to pay you back in resale value.
I think collector is the real issue, if I buy an old bicycle with the idea that it will be museum restored to be put on display or traded with other collectors, then keeping the existing paint makes sense. I say existing paint because there is no way to prove it wasn't already repainted at some point. In some cases, notably the Italian frames, the original paint jobs were pretty crappy, so the chance that someone stripped and repainted it back in the day is reasonably high if the paint is still in good shape.
If I buy a bicycle with the intent on a functional restoration (where I will ride it), I may replace some components with ones that will work better for me, then the existing paint has no affect on the value, and can actually hurt it, because I then need to worry more about the frame rusting out. The Norco which is a modern AL frame bicycle, may get a partial repaint this winter, if I can't match up the colour. I would guess that most bicycle companies use auto paints, so I will check out the paints at the local auto supply shop first. Think is in 2025 when it becomes C&V will someone think that the then beat up paint, needs to be preserved because it's original?