I don't get the debate here.
Here's my rule: if parts likely to wear or break (this includes the paint and decals) can be replaced at a price I can afford, then I ride it no matter how valuable it is. If they can't be fixed, or I can't afford to pay for the replacements, then I don't ride it no matter how little it is worth. The only caveat here is that at least once or twice during ownership of something I can't afford to fix, I ride it anyway just to prove to myself that I am worth more than it. :-)
Frankly, I don't care if a vintage bike has ten or ten thousand miles on it if it looks like it has ten miles on it. Call me superficial. I buy based on condition, component quality, originality of components (not whether they were what actually was put on at the bike shop) and maybe based on if somebody famous road it. I sell to the highest bidder. In between I fiddle with it (my wife calls it work avoidance), ride it a little or alot, and enjoy the heck out of my stewardship and showing it to anyone who cares about such things.
What else is there? Yes, I'm a history buff. Yes, I like to make some money when I can. But those things rank pretty far down Maslow's Hierarchy of bicycle collecting. Owning, using and caring well for something wonderful is the thing.
Don Wilson Los Olivos, CA
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