I purchased several moderately priced bikes last year and most of them are good enough to be considered collectable. However, twice in the last few months walked away from grail bikes that were produced in small numbers by a great builder. I've finally admitted to myself that some bikes are exceptionally valuable and I'm not willing pay the required price, even when I know the price is reasonable. One of these bikes I was outbid on, the other bike was never sold by the seller.

Below a certain price point, I'm willing to take a reasonable risk on a bike or frameset. I always intend to ride bikes I collect. It doesn't need to be perfect as long as it's a desirable bike and an excellent performer at a moderate price. I could sell or part out these bikes and quickly recoup 80% of my investment. However, most of my bikes are not for sale, not now and not in the future.

Rare bikes at higher prices produce apprehension. I'd be happy to acquire a grail bike in excellent condition at a bargain price, but quickly become uncomfortable when the price crosses a certain doller value. Is this a common barrier to acquisition? Do you have a price ceiling that you stay below?