In the world of vintage steel guitars I've always wondered why originality doesn't seem to be all that much of a value-add? Old Fender and Gibson guitars instantly devalue a huge amount with any sort of non-original mods; i.e. new pickguard, pickup change, refinish (particularly disastrous for value). Steel guitars on the other hand seem somewhat immune to the non-original curse.
I guess part of it is that a steel guitar is as much a machine as it is a musical instrument, and it has to be functional. I had this conversation with a bud a while back, and his comment was that at some point, mechanical things wear out and you have to replace them or the guitar becomes unplayable. He likened it a water pump on a car. If you want to drive it, you have to fix it. That's why guys like Dean Chance and Michael Yahl (among many others) provide a valuable service in making quality replacement parts.
Still, I'm mystified why vintage Fender and Gibson guitars take a huge value-hit on any sort of modifications, and yet I routinely see old Emmons and Shobud guitars that have been 'restored' with non-essential, cosmetic mods; new Mica (or refinished), new fretboards, and often replacement PUs, and somehow, that doesn't really seem to have any serious impact on the desirability of the guitar, or it's market value.
Personally, I kind of prefer the 'honest' wear on a steel myself, given the option. Let it tell it's story. But I realize that a lot of steel players like a bright, shiny, new looking instrument. So it seems that bottom line; originality to a point, i.e. someone didn't turn an old Emmons into a wagon (do a search for that story if you haven't heard it
) matters some to value, but not much?EDIT: I'm not intending to try and talk someone out of, or blame anyone for a full-on, 'frame-off' restoration, just my 0.02.
