I was taught a lesson about part-ing "up" bikes vs. buying the whole package. I decided to take a pass on a green 1972 bike 2 years ago rather than pay the asking price ($500) for that bike. Since that time i've never seen one like it. I didn't realize at the time that that the paint job alone (not even the chrome) would cost $500 to reproduce, albeit in better condition, but then i'd also have to pay for a frameset, some chrome, and an early 1970's matched campy grouppo.
These days when I make a bid I try to think in terms of opportunity and replacement costs. If I see a bike (like a raleigh competition 531 throughout stuffed with zeus parts) going for an absurdly cheap price (try $125) on ebay I always place a bid on the bike thinking i'll rent it for a few weeks and have some fun with it and then i'll do a better job of finding someone who values said bicycle.
If people find a need to "part out" campy bikes, then perhaps its because other people (like Peter Johnson) :
http://www.campyonly.com/
Are HOARDING boatloads of IDLE PARTS that are just sitting in drawers not being used by anybody !! Now THAT is a REAL crime !!
- Don Gillies
San Diego, CA