On this topic, I think the following is a good example : eBay item 150149298477
The bike, a Rene Herse tandem was as follows : originally a very nice chromed model, that had gone rusty, and been repainted orange over quite bad corrosion. Or that's what it looked like from the photos.
Front brazed-on hand changer cut off and replaced by a Simplex collar derailleur.
Rene Herse cranks probably replaced by Stronglight.
Nice parts left on the bike, but the overall condition was pretty rough.
Had the bike been mine, I would have set a reserve of 2500 USD, and been happy to sell it for that.
It actually sold a first time round for 3100 USD, the buyer then wisely (in my opinion) backed out, the tandem was relisted with a reserve and sold for over 5000 USD, a single bidder pushing it all the way to reserve.
So what do we conclude as to the estimate/value of that bike? That there are too many parameters at play for a guideline value to be given.... At least that is true for RH bikes that are all so different : each bike fairly unique in it's components, quality of frame finish, model, and present condition. Not to mention the size : how do you integrate the fact that a " japanese desirable" model won't be bid up by the japanese if too big? I wouldn't have wanted that bike, the buyer did : beauty is in the eye of the beholder.
If you are looking at more mass produced bikes, say a Colnago, with many reference eBay prices available at a click, then maybe you could fix a low/high estimate? But maybe Colnagos are not such a good example : there are so many different models with some/lots of/no pantographed parts. The guideline price would have to give two columns : complete bike/parted out.....
OK, let's consider Peugeot bikes, and the very sought after PX10 model. Fairly standard bikes, mass produced, all fitted out with the same parts for a given year, should be easy.... But hmmmmmmmmmmmmmmm, wait a minute, who would have got the end price right on that one that came up recently with the plastic levers?
So in the end, the answer is to watch eBay to get a very rough idea of what is going on, and if you want it, feel you can afford it, go for it... This is a personal pleasure market, not an investor's play field....
Alexander March Bordeaux France
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