. . .sometimes the prices of these tools make no sense.
Back when many of us took "economics" classes we were told that price and demand follow a neat curve. So, we expect rational prices. That might work in free and transparent markets, with a zillion buyers, lots of suppliers, and few barriers to entry. But in small markets, with a few sales venues, buyers, or sellers, the "no sense" thing happens a lot.
I've been fixing up microscopes for a kids' science program I started. As with many items (likely antique machine tools these days as well), the market for used examples is dominated by Ebay -- and prices set with Ebay being pretty much the main readily-available source of information (but only for asking prices and the last 30 days or so).
Some sellers are convinced that everyone else's listing should be their price, too. Even if that listing has been up for a year or two. And one or two brands can become popular well beyond the actual quality of the item itself - like Starrett in machine tools or Olympus in microscopes or Kim Kardashian branded stuff in anything.
The same thing happens on Bookfinder with somewhat rare books. One out-of-print title will have a half dozen sellers around $200. The title may sit for years. Another, arguably a better book, will have half a dozen sellers around $3.99 plus shipping -- but sometimes still not all that many takers.
I suspect it really does come down to both buyers and sellers thinking there is a win-win -- and that's a whole lot harder in markets with few transactions and heavy influence by a tiny group of sales venues (Ebay, Facebook . . .), few suppliers, and a few buyer/collectors or others driven by some fashion or collecting habit and (maybe) lots to spend.
Truly rare tools have few venues. First they were being brought to shows and auctions like Martin Donnelly. Today it's probably mostly Ebay, with maybe Facebook on the rise. Craigslist has intentionally made it difficult to search beyond local listings. Ebay drops price information after 30 days and also now hides the offered and accepted prices. Donnelly always tried to get the highest prices for his sellers. So, buyers end up thinking (in the rare item cases) - maybe I'm paying too much. It may put a damper on demand - unless there is some near-fanatical group looking for an time? Ken Cope helped ease some of that concern, I'd think.
They also have few suppliers - these are rare tools after all. The asking prices seem to range from "hold out for the highest possible price ever achieved" for someone with a little to a lot of knowledge to "it's a rusty tool - how about a dollar?"
And they have relatively few buyers - sometimes with relatively simplistic notions of what to buy either for use in their shop or to add to a collection. Sometimes just a handful of collectors with a bit of disposable income may dominate a market - but when they're gone, they're gone.
I'm not sure it will ever make sense. I do think the stories to be told and the lessons to be learned from our industrial heritage (as far back as the Antikythera mechanism - a story lost) are more valuable than collecting, say, old Coke bottles or Hummel figurines.
