Is it just my imagination, or are prices on estate pipes getting higher and higher? Is demand that high? Or supply that low? Or do sellers have an inflated view of the value of an old pipe? Not talking about Bangs, etc., just standard Stanwell's, Savinelli's, etc.
Depends on when you buy and what you buy.
Purchased estates in the last year:
Stanwell 64M Churchwarden $96
Stanwell 20M reg. era $50
Stanwell 64 Sterling $50
Scottish clay system pipe w/case $38
Ben Wade Giant (Charatan) $50
Stanwell 63M Brass Band $150
Matched pair of blasted Italian pipes pre-1979 $50
Kiko meerschaum leather covered opera pipe $21
Nørding Guinness World Record Pipe $55
4 estate pipe lot $20
(London made extra large Canadian, London made large lovat, unsmoked Kaywoodie Red Root billiard, and a Whitehall Grand National Pot)
Also traded some tobacco samples to a friend for a Riegel's 184 (Comoy made) bent brandy.
The Riegel's and the Whitehall are my best smokers, and are remarkably ugly pipes. Well crafted, but with blotchy, rather wild looking grain. Both pipes exhibit dense grain patterns, and are remarkably light, and the briar they are made from is not found on the market today. I would guess at minimum, they were made from 100+ year old Algerian briar.
I'm told the World record pipes sold for between $600-700 back in the early 90's. Very few were made. No clue on today's value.
The Ben Wade Giant has some spectacular grain, as well as some of the most Danish looking rustication I've ever seen come out of England.
In short, I would be hard pressed to find pipes today, new made, that used briar as old or as good as those pipes. An extra half century of aging doesn't really seem to affect briar in a negative way. In addition, I would need to pay extra for that quality of briar. While I can afford the occasional $300 pipe, it comes with it's own problems (1) I have to explain to the wife why a $300 pipe is worth $300 and why I need it and (2) it's two less $100 pipes I could add to my collection.
This is actually the first time I've added up my pipe spending for the year. $600ish, not including accessories, stands, and tobacco.
...best not to dwell on that, eh?...
For me, I like estate pipes. They come with a sense of history and of continuing a craft. Old tools have the same effect on me. I like the way Algerian briar smokes and tastes, I like the way Grecian briar looks, and I prefer 'Danish modern' pipe designs, especially those created by Sixten Ivarsson for Stanwell. Finally, I prefer military mounts, pipes with plateau and/or rustication, and bent Dublins.
This all gives me a specific genre to collect, a sub-set to focus on, and a smattering of shapes I like. It helps to keep me from going overboard on every deal I see.
Edit: I also have a thing for vintage Italian made RO-EL stands. Have a 2 stand ($14 shipped), a 7 stand ($27 shipped), and a combination humidor 6 stand ($35 shipped). All matching in style, and all made of teak. There's something about the simple mid-century modern look they have. It appeals to me. Being patient meant I didn't have to pay triple the price, which is what most sellers seem to want.
To the OP. You will find YOUR niche, what you like. If you are lucky, the tobacco will call louder than the pipes and you will get a good cellar going and not wind up with a pipe for every tobacco.