I think to reduce instruments to the price is unconstructive and degrading. I know a man who has a very rare (allegedly) - er - not to give clues to identity - Wossname Dogshit Special guitar. It looks horrid, it sounds horrid, it plays horrid. I note on the Superman thread there is mention (by Richard Bridge) of square wheels made of butter - and other 'catters leaping in to say that no-one would be stupid enough to collect them. That guitar is that bad. Or worse.

As to the Hofner discussed here, who cares what it is worth? If it sounds nice, get or keep it playable and keep it. Otherwise Darwin it.