In particular lines of pipes, to those who know, smoke, and study them, good and inferior years of production can be identified. Still, when you shop for estate pipes, there is the prejudice that all old pipes are better than new pipes, or even really old pipes are better than old but more recent pipes. It's marketing. There is one other somewhat viable argument, and that is that the older pipes are most often more scarce. Some materials, shapes, designs, and carvers are just no longer available, and this makes them scarce and desirable -- sometimes rightly so, sometimes not. I don't have any scarce, rare, or particularly antique pipes, but even some of mine that are just thirty or forty years old simply can't be bought anymore -- not those sizes, not those shapes, not those brands. I guess, at least technically, and in a knowledgable market, that should make them more valuable. But "pre-transition" estate pipes should be looked at carefully. Pipes take wear, aren't always stored well, weren't so well-made in the first place. It's a nice claim, and sometimes an asset, but not a halo.