As an economist, I find the concept of "price rationalization" fascinating. As a collector, I find this principle to be very helpful in justifying the acquisition of a clear "want". Lets face it, every single item that has ever been discussed on this list ultimately revolves around "wants". Nothing wrong with this, simply stating the obvious.
For those under the age of 50, two more poignant facets enters the "price rationalization" model when justifying the purchase of 70's vintage bicycles: personal inflation and discretionary income. The concept goes something like this:
At 42, I am guessing I am slightly below the median age of the readers of this list. My first purchase a true racing bike came in 1979 when I was 16 years old. It was a Campy Super Record equipped Gios and cost $925 out the door. Using a static inflation calculator, that translates to a 2005 inflation adjusted amount of approximately $2620. However, I think that only tells part of the story for the under 50 crowd. In 1979 I was earning $3.50 an hour at my part time job after school. The purchase my $950 Gios required the expenditure of 271 hours of my labor. As a 20 hour per week part timer, that meant nearly 5 months or work.
Roll the clock up to 2005 and lets look at that now vintage Gios. Two years ago I was able to find one that was virtually NOS. Not only that, it was from 1979 and was my size, my color, and equipped as I rode it. Actually better: the bike I rode did not have the pantographed chainring and seat post. I paid $1950 to acquire this bike 2 years ago. The same bike that required 271 hours of labor in 1979 was paid for in 2003 by lunch, requiring just more than 4 labor hours.
Although I now have monetary issues like rent, payroll, legal bills, etc. that I never dreamed of as a teenager, the fact remains: for the vast majority of the under 50 crowd, we have a much higher proportionate level of discretionary spending than we did in the 1970's. We can indulge our psychological desire to repurchase our childhood. For the most part, these desires can be met pretty cheap. Do your own math even using the recent eBay 1972 DeRosa at $7225 as the benchmark. And bear in mind the DeRosa is the new high watermark in terms of price. While there may ultimately emerge an exception to this concept, for the most part it underlies the notion that, at least in realm of bicycle collecting, the endeavor is still quite affordable.
Brett Horton San Francisco, CA
"C. Andrews" <chasds@mindspring.com> wrote: <snip> A bike that cost 500 bucks in 1972, would sell for $2280 today, adjusted for inflation A bike that cost 800 bucks in 1975, would sell for $2996 today.<snip>
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