The matter of estate pricing is complicated.
To answer a question, the estate value of 50% of the pipe when new can include/exclude restoration. This I think is just one of the variables that determine an estate's price, and although 50% is that value's standard, that can vary given what someone wants to pay for it. The worst value is returned by individuals who specialize in estates and the B&Ms/mega shops that will only pay 30%. For instance a few years ago, when I "quit" smoking, an individual paid $1900.00 for 50 of my pipes. It's just as bad if you sell to the professional shops. In short, when selling don't plan on recouping anywhere near what you paid for a pipe. Selling to a private individual, an associate, is probably your best bet. Think of what you get for your car if you trade it in vs. an ad in the paper. The professionals are giving the value that suits them for their business, and their business is their livelihood.
A new pipe is a known quantity. The manufacturer sells for a set price, and the retailer that buys it pays it. Estate pipe value is more liquid. "Something is worth what someone will pay for it." If a B&M thinks they can sell an estate for an amount over 50% of its value new, that's where they will start. One of the most fair standards is that a B&M will base the selling price on what they paid for the pipe.
As regards new vs. estate, briar pipes often last for a long time. When I buy estate I exclude any pipe that is listed as "heavily enjoyed," or that list degradation in the chamber. I've often bought estates for $200.00-$300.00 as that was the only way I could afford a Castello or Matzhold.
