Depends on the carver. Legendary names like Nordh or Ivaarsson, sure, though maybe not by much. The buy in is pretty high as it is, and the potential upside may not really be much. And there are a lot of lesser known names that are getting our figures for their pipes whose names will probably fade, along the the prices for their pipes.
Collectibles of all kinds go in and out of fashion, with prices following suit. In 2008, people who needed to raise cash dumped their toys on the resale market and got less for them.
I don't think of pipes and tobaccos as an investment, but as a pleasure and an indulgence. My investment money goes into much more essential vehicles.