John Lennon got a Rickenbacker guitar a little before the Beatles got big, and in photos from 1962-6 you can see that guitar gradually deteriorating until he stopped playing it. A knob disappeared, was replaced with one that didn't match, duck tape appeared on the jack, and so on. Years later he had the guitar repaired and refinished the way he'd wanted to when he was playing it every day, and they basically made it into a new guitar. Obviously that beat up old guitar was worth more than the refinished one, but it was his guitar and he didn't want a beat up old guitar and he didn't care if it had once belonged to John Lennon cuz, after all, he was John Lennon.
What do you want an old bike for? Wouldn't you rather have a new one?

I would rather not refinish a bike that still has its original paint. Once that's gone, it's different.