My feeling is that the market has been pretty much the same for the last five years or so. Right about the end of 2011-beginning of 2012, consumers interested in nicely finished vintage-y bikes started to seriously decline. Prior to that, I'd put an ad up on CL for a refurbished mid-late 80's Cannondale or Schwinn and it would be sold for the asking price within a day or two. After that, it became multiple ad postings, more scams, fewer honestly interested buyers. Although I eventually sell everything I build, the process is much, much slower. Yes, I sell for a premium price, but these are premium bikes, built and refinished with the best possible bits.

Interesting too, that at the same time the supply of refurbishable bikes waxes and wanes. One would expect that good cheap bikes would be easily located, but I may go through a period of several months without coming across anything worth purchasing. Then all of a sudden a whole bunch appears. So, I guess it's good to be prepared with ready cash. Over the winter I acquired five Cannondales (some here, some local). Two are ready for sale, two are already at the new powder coaters, and the fifth will go when we get back from Palm Springs.

Upper end stuff is certainly out there, and I believe that a lot more will surface as older collectors pass away or downsize. Even the expensive stuff (say, $1000 or more) is not so pricey when compared to a new midlevel carbon bike. Some of it is clearly overpriced by owners who don't want to take the depreciation hit or family members who believe they've inherited a rare gem, but that stuff has always been out there and eventually self-corrects. The really expensive stuff that is honestly worth $3-5,000 will continue to sell to people who really want a Herse, Tomii, etc.

Anyway, just my $.02, seen from where I am.