As Jay says this has been discussed in a few other places... Now I am all for reworking the cue if it is in danger of further damage, or just is plain screwed up..
However there is a huge mistake by not separating the mint all originals with values exceeding 50-75% or more, over their restored counterparts.
For Example ONLY:
Titlist Balabushka, standard 1 1/2" delrin butt cap, plain or window style, Cortland wrap, etc.. 2 Bushka shafts, 12.7MM, expected condition 70-75%. Now this cue would have a value of lets say 6500.00
Now lets say you stumble across a mint 95% 13mm, original finish, excellent condition, no wrap discoloration PROVEN example.. whats that worth? Better yet based on rarity of the model AND the condition, this cue should probably be a 13k cue. Out of 12-14 hundred, how many do you think survived in this kind of shape?
Adversely, a cue that has been rewrapped, two new NON original shafts, (None original to the cue included) refinished.. DOESN'T MATTER WHO DID THE WORK... This is a $4k - 4.5k cue... why? It could be argued that the playabilty of Balabushka is in the shafts? So what are you getting? You're only really getting half a Bushka.
The other reason that the separations needs to be there, is that someone that can't afford the 13k version, but could swing the 4k version, till he saved his money for the better piece, these people are needed collectors, and are introductory collectors that can't get in because of the current mindset.
By the market saying every restored piece is worth as much as the original, kills it, period. There is no reason to seek out the mint all originals. Just get any old piece of sh*t , send it to Sherbine and now you got your 8K cue.
I think any future blue book would need to address this is great detail to help the hobby grow.
Just MHO...
BTW any refinished guitar.. starts at HALF value of the all original. That is a pretty hard rule of thumb and its in the Vintage Guitar Guides main section.
Joe