We have to be very careful with the value questions. I like to take money totally out of this discussion. The dollar value of the car has very little to do the question as to what constitutes a restoration. Even more interesting is that recently restored cars are now worth less than a preserved car. No one said this was going to be easy.
I don't mean to use restoration as a pejorative here. I think of it more as a descriptive term.
Miles Collier and Fred Simeone use the term "Historical Fiction" when referencing some restorations. These restorations are similar to how colonial life is depicted in Williamsburg Va. Williamsburg is a wonderful place. It's just not an accurate reproduction of how people lived in that era. It's just too clean and perfect.
We see these fictional cars at PCA events. They're beautiful. The problem is they're far better than anything that left the factory.
As far as restoration being destruction I think we would all agree if I scraped all of the paint off of a Monet it would be destruction. The fact I then replicated the painting with extremely accurate colors and matched the original brushstrokes wouldn't alter the fact I destroyed the original.
There are times when a restoration is necessary (and a good thing) and other times when a car should never be totally restored.
BTW - Don't get me started on Barn Finds lol
Richard Newton