Among those who are quite wealthy, bicycle collecting is relatively inexpensive compared to collecting automobiles or expensive artwork.
That is because in the mega-buck price zone the market is driven by individuals with relatively large incomes. Interestingly, though, at a certain point - perhaps in the $1,500 and above market price becomes less of an issue. When the dollars increase beyond that, the field of buyers decreases. In the vintage lightweight market, there are many individuals willing and able to pay perhaps $350 - $750 for a bike. This is more pronounced when the item is more scarce. With relatively few buyers and sellers, a market transaction depends upon the perfect alignment of a perhaps reluctant seller and a cautious buyer. Prices also vary considerably even when buyers and sellers are well versed in the field.
Such a mistake is common with production bikes that were originally expensive but in reality were rather mediocre If an older bike is well abused but the seller thinks it is a much better bike than it really is, then the price may be way too high. Sometimes, though, they make the opposite mistake. In such a circumstance, the price it is advertised at may be far below current market levels. Instead, many buyers and sellers enter the market only once - i.e., to sell an older bike they have had for years and are now getting around to selling. If somebody were to call a few people who deal in vintage lightweights, or perhaps ask a VRBN subscriber, then they would have a reasonable amount of market knowledge. Often, that is the result of a lack of market information. If there is one notable feature to the vintage lightweight racing bicycle market it is the variability of prices. Also see the article on this site about buying and selling bicycles and bicycle equipment.