Actually a masterpiece would be preserved. In times gone by great damage was done to cherished masterpieces because they were "refinished". In some cases precious little of the original work remains. A great effort is now made to minimize or undo the damage done by such "refinishes".
I can't argue with a proper preservation, or perhaps a properly done restoration. But most of what I have seen done to such cues is not restoration. Modern finishes and incorrect wraps.....those aren't restorations.
I grew up in a household filled with antiques from the Carnegie, Mellon, Rockefeller, and Heinze estates among others. I was raised around the preservation efforts of not only the home itself but the antiques that filled it. It was virtually a museum. I guess I have a different perspective than most about this matter regarding cues.
I think a time will come in the not too distant future when such matters will become more prominent with pool cues. There are a fair number of cues being refinished these days, and a fair number of them are collectible, already old, and will become genuine antiques. The current refinishes are likely to greatly diminish their inherent value as antiques. I am not just talking about their monetary value, but their value to posterity in general.
In many cases thoughtful consideration of the matter would likely lead to a reasonable conclusion of not refinishing but restoring and preserving, IMHO.