As this topic continually keeps popping up, I submit:
There are different degrees of restoration and repair. Some guns I completely restore, case color, blue/blacking and wood work. Some guns I restore only the wood and blue/blacking etc. I do all my own case colors, blue/blacking and wood repair and refinishing so cost is not a consideration.
I glass bed all the stocks with modern epoxies so long service life can be achieved with little care and zero cracking.
I think pride of ownership differs from individual to individual as it should. I personally don't care for patina (rust) or previous owners dents,dings and scratches whether it's on the metal or on the wood and I never buy guns that have been altered or butchered, i.e. rubber pads, cut, honed or re-bored re-choked barrels, personal engraving etc.
All the guns that I have restored and sold generally sell for twice as much or more than the same gun with the so often quoted "normal wear".....and I usually have people standing in line to buy these guns. This would indicate to me that a large portion of sportsmen/gun owners like nice clean, used guns that have been cosmetically and mechanically restored properly and they will pay extra for them.
12 bore Field L.C. Smith, refinished wood, blacking and CCH 1926 D.O.B......
16 bore L.C. Smith Field Grade 30" barrels after re-blacking....
Same Field Grade 16 bore 30" with refinished wood and blacking, factory CCH....1927 D.O.B.