The last time I was considering purchasing lawsuit/Matsumoku basses was many years ago (about 10-15 years ago). Over a few years, I was watching the market, checking out ones I came across in stores and later on cl, reading up on their histories from various and scattered sources. When I first started looking into them, it was common for a good lawsuit bass to go from around $200-400 (I know this was right around 2001-2 because I was just finishing up college). By the time, I finally had some money aside a couple years later, prices had shot up in the $5-800 range. There was a perception when I first started looking into them, that the lawsuit basses were undervalued, thus the interest and climb in prices. Did it vary by brand? Somewhat. Was that jump in price (and the continual climb in valuation) based on rarity? Again, somewhat. The 70s aren't happening again except in some quantum universe which doesn't have access to this universe's ebay unfortunately.
But a perception fueled a demand which took the lawsuit basses out of the realm of undervalued. I felt like I watched it in real time over a few years as I was socking away little by little as I desperately wanted upgrade my crap Epiphone p-copy but was sooo epicly broke (again, this was just around the time I finished college, the economy was garbage, I was working a couple jobs, and could basically feed and shelter myself and put gas in my car to get to work and that was about it). The perception changed from being lesser copies to being superior workmanship to their counterparts. So it can't just be availability playing a role. What I found in playing various lawsuit basses is that, like I mentioned in my prior post, some are surprisingly good, some are trash, and most are just okay.
So, yes, I think overvaluation is an apt term here. You may still disagree, but I think your disagreement is whether they are overvalued or now correctly valued. For so many just okay models out there, I would have to put myself in the "generally overvalued" camp as I think a perception has taken root that isn't entirely justified. That is, generally overvalued with the every so often big score like your Ibanez.