I get that you don't buy instruments for collector value, but my question was meant to get at whether others who paid more for a vintage instrument were necessarily making a "poor value judgment" if they were taking appreciation into account in their decision making process.
I guess it depends on what they want to do with their money. People do things all the time that I think reflect poor value judgment, and I'm sure some of the things I do would be similarly judged by them.
If someone has a lot of money that they can treat as discretionary, then they can afford to buy instruments on speculation (which is present regardless of how the market on a specific instrument has performed) and see whether the instruments appreciate.
But if they do that, IMO they'd better not play them - just put them into climate-controlled storage to preserve their value.
When I pay money for an instrument, it needs to be something I can afford to play.



