The reasons people buy gear vary widely, from collectability to value, to sound quality to looks, etc. I buy gear based on all these criteria, in varying percentages depending on the piece. But, I'm not interested in buying something that I can't use or something that can't be fixed so that it can be used. So, functionality is key in the long run.
That being said, I have determined (IMO) that there is definitely a way to restore gear that would logically cause it to retain the most value.
I'll use a recent restore of a McIntosh C-22 as an example. I picked it up for a fair price locally for a piece that wasn't fully functional, but had excellent cosmetics. Obviously it needed work, i.e. a restoration, but how to go about it to retain maximum value while enjoying the best sound? So, here's what I did...
1) Research - looked through AK and the greater internet for opinions on how the work should be done and what components to use. Given that this was a C-22 and not a Maggie 8802, I knew I needed to use high quality parts.
2) Study - I spent a lot of time looking at the service manual, especially the schematic, and also looking at the architecture of the piece, trying to tie the two together in my mind. It was helpful that I had done a number of MX-110 restorations, which are a lot more complicated than this piece, but have some similar features.
3) Work slowly - try and be as meticulous as possible. Goes without saying, right? However, every design is different, and the last thing I wanted to do was break things like connectors, or soldering points while trying to desolder old tired parts. A certain amount of that is unavoidable, but slow gentle work minimizes the collateral damage. When things aren't going your way or proceeding as planned, take a break.
4) Document document document.... - I tend to try and start threads on my restorations for a couple of reasons.
First, I know there's more that I don't know than what I do know. AK is a treasure trove of collected experience and unparalleled wisdom. OK some times you have to filter a little, but after 15 years on this forum, you get a good feel for who knows what they're doing and who's blowing smoke.
Secondly, doing a documented restore on AK creates a record of your work, and if you do a good job, garners some nice comments and compliments on your work. This can be invaluable in selling a piece down the road. If all I need to do is link an AK thread to a CL listing, and the thread will show everything I've done to the piece, what is there left to ask (or to prove)?
5) For the more valuable pieces like the C-22, I carefully retained every last component removed from the piece, and tried to do so in a manner that didn't destroy it. I collected them all in a bag and am keeping it together with the C-22, so that in the future if some potential buyer is hung up on originality, I can just hand them the bag and tell them that everything is there for the piece to be returned to it's OEM "glory", whatever that means. Find someone else to do the work though.
Just for example's sake,
here's the C-22 thread as posted. Apologies for the rambling pontification, but every once in awhile, I get in the mood...