Jeff P. wrote, in part:
This topic has probably been hashed around on the list more than Blond Lebanese in Madison during the late '60's. However, given some of the recent E-bay prices for unrestored "rats", I think the topic can safely be revisited.
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The answer to the question is: it all depends. But, then, you knew that.
Two observations I can make, after having paid for a number of restorations, some quite expensive:
1) For me, personally, original paint and graphics are always more satisfying to have than a repaint, no matter how artful. And this view has been growing on me pretty strongly in the last year or two, to the point now where I would be very reluctant to have another frame restored. They just don't do the trick anymore, for me.
there are possible exceptions. I had a Bianchi Paris-Roubaix restored by CyclArt some years ago, and Jim and his crew did a great "velotique" job on it. So good that it fooled a few people who really should have known better. Jim made that bike look like an authentically clean, used bike from the 1940s. Even at that though, Chuck Schmidt's extremely well-worn PR from the same period, with original paint, is more pleasing, in my view.
My sense has always been that if your restoration could be plausibly regarded as original, then the job has been done about as well as can be done. But....it's still not as pleasing, nor, usually, as valuable, as original, especially with highly collectible bikes.
2) Some bikes stand restoring better than others. That is, some bikes are just more pleasing in restoration than others are, and I would class a Cinelli of the kind you have as one that stands restoration better. Something I've observed over the years is that frames that were finished fairly simply originally tend to be more satisfying in restoration. I've seen a number of repainted Cinellis, and the good ones are always quite pleasing. Not as pleasing as original, but more pleasing than something else would be.
Frames with very elaborate paint-jobs just don't seem to work as well in restoration. I've had a couple of these done, including a Mondia Special some years ago, and while the restoration was beautifully executed, it just never had the pizzazz that an original would have..even a worn original, imho.
Some people, though, love shiny, new-looking restorations. The beauty of the new finish alone is reward enough, apparently. I must say I envy those who feel this way, since having a good restoration done is mostly a matter of money...and correct knowledge of what's needed, an not-inconsiderable issue.
Acquiring a collectible bike or frame in clean, original condition, though, is a matter of money, and luck..very different business.
so, it's back to "it depends." Mostly it depends on you.
Charles Andrews
SoCal