Refinishing my take
I for one fully embrace the view expressed on Luger collectability by Bill Utterback. I catergorize Luger finishes as factory original, arsenal re-finishes (these range in origins and time frames and must be evaluated as such but the mere fact that a Luger has been Arsenal re-worked does not in and of itself kill or in many cases hurt it's value ie all "MA" Lugers are arsenal re-finishes and these command a premium.), also you have expert restorations like the work performed by Ted. I believe that the finish that excludes any firearm from valid collection interest is the poor over buffed improper "gunsmith" and or "kitchen table" re-blue (and nickle plates) as these destroy the appeareance of how the piece looked when it was in official use. We can argue about this until the cows come home but I will insist that there is no single entity as a unified body of collectors that have one correct opinion and every item must be evaluated againist itself.
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