mlm

This topic comes up frequently and repainted and rebuilt automobiles are often brought in as an example when asking why a restored luger is not worth nearly as much as an original finish luger. The problem with the analogy is that few if any original finish automobiles are available to collect. If a 98% orig finish car comes up against a 98% restored car, you can bet the orig finish car will have value far beyond the restored car. If there were no original finish lugers available, the highest prices paid for lugers would be for refinished lugers--but that is not the case.


This raises the issue restoration as a concept. In reality, you can't restore a luger but only recreate its factory appearance and configuration. Collectors value original information--about the parts, finish and usage of the gun. Refinishing, however good, is still a notch below the information presented to you in a trace of original finish. Therefore, when I value a luger offered for sale, I place a higher value on a low percent original finish luger than a comparable "restored/refinished" luger. The quality of the refinishes varies but a refinish means whatever trace of original information existed in the original finish is now gone and thus the gun is less valuable than one with some orig finish left remaining. When you buy a refinished luger, you are getting less history for your money than with an orig finish luger. To value lugers otherwise, is to value them on cosmetic/artistic appeal rather than historic appeal.


Keeping this in mind explains luger prices pretty accurately.