I have some that I call my beaters. They get tossed around, cake coated rims, dents, scratches. They go in my pockets, the dashboard, the toolbox, where ever I need it. I love them no less than my dress pipes, my more gently cared for pipes, Viprati, Dunhill, even a Bjarne and Nording. These I smoke when I want to look good doing it. And, then there are my art pipes, or what I consider so, the Beckers and custom mades. These I do smoke and connect to the maestro who made it.
I do have a few that I've not smoked yet, bought during bouts of PAD, when I had more cents than sense. But, not many, and I am not conserving them for anything more than the right time and place.
I think that the whole idea of investment is overblown here. Yes, there are instances of people getting a return on a pipe, but very, very few. I believe it was the first PM Radio Show that I ever heard had Brian talking about how when you break it down, inflation, etc... there is no such thing as a return on your investment with pipes.
However, I am most grateful for the pipe collector who will offer up unsmoked pipes. For if it were not for these beloved collectors, how would we be able to ever have an opportunity to smoke some of these marvels for the first time.