Perceived value. Similar to why people will pay many times more for one of your hand made pickups than they will for a mass produced one.
Except I don't charge many times more, unless you are counting cheap Asian pickups, and they don't sound very good most of the time. Im charging for the labor involved, and the uniqueness of what I offer, while keeping it priced to work well in the current market. I just raised prices $20 for the first time in about four years!
Charging many times more than the bass was worth new, use because it's old is fine. But the prices of some vintage instruments are way past perceived value. Is an old Strat really worth $20,000? I have a friend with a mid 60s Strat he had since he was a teenager. It's a nice guitar, but it's not all that much different from a new one.
They will always cost more than the average player can afford no matter how bad things get. And more than likely the export market will take up the slack.
Well think back in the 70s when you could get used basses fairly cheap. I bought a '73 Ric for $200 in '76. I bought an '81 Les Paul standard for $250 in '94. I also have a '59 Jazzmaster, '72 Mustang guitar, and a '60s Mosrite Ventures bass. None of them were over $500.
But when the vintage guitar craze started, the prices started going through the celling. And that's because people want to make a quick buck. For a lot less than $8000 you could have a much nicer bass built for you.
