Take for example an early Remington model 512 in 22lr from 1941. It was brought to me in pretty rough shape. I discussed with the customer his plans for the firearm. He wanted it in shooting condition. I agreed to clean, inspect and repair worn and used parts. though not an extremely valuable piece, I felt the age of the rifle was enough to warrant not refinish the firearm itself. I delicately removed surface rust but left the patina intact and replaced the few parts that were needed. The stock itself had a few dents, which of course were left alone. The trigger guard, bolt and buttplate had seen their fair share of abuse. none of it a detriment to the function of the firearm.
The day came to return the piece. To my surprise, the owner was not very happy with the work that I had performed. He expressed that he thought I was going to refinish the rifle. I explained that due to the age and rarity of the rifle I was not going to ruin the value of such a firearm by doing such work. Needless to say he was more interested in having it for his grandchildren to enjoy for many years as a good looking firearm. I reiterated the fact that doing so would drop the value of the firearm. When it was all said and done, the man walked away with a bright shiny new looking rifle.
Now before you pass judgement, hear me out. Short of begging the customer to leave the firearm alone and enjoy a great piece of history. I did manage to get him thinking. Instructing him on value of "as is" being more than refinished. Sadly, he expressed it did not matter to him because he was not going to sell (famous last words). He expressed as well if I was unwilling to do the work he would just do it himself. I felt at that point I was backed into a corner. Either I did it the right way or the customer would ruin an otherwise functioning historical firearm.
There has been a craze going around for the last few years of coloring firearms. We at Color Country Firearms do quite a few ourselves. Cerakote being our go to coating. We have coated Taurus, Keltec, Ruger, Sccy, Glock, Sig and many others. Most of newer manufacture and valuing less than $600.00. Which to us is within the realm of possibility. Yet there is a few newer manufacturers we would not do. Kimber being one, unless that Kimber was in rough shape and the work would not devalue the firearm more than already has been. Korth being another brand left well enough alone. But if you have the cash to drop on a fine made firearm you are more than likely to keep it looking as best you can. To say the least, the opinions on this subject run the gamut. Some would have no qualms about spraying any newer firearm, regardless of cost/value and make.
Older firearms are a class all their own. Usually anything 15 or so years old, of course depending on manufacture, I will not refinish. For example, a first Generation Glock is out of the question. Though a second generation is not. Even though a first gen is not overly valuable, I will not based on my own principles. Military surplus is another I have no problems makin' pretty, albeit it is not rare or extremely valuable. M1 Garand, Russian made Mosins, Early model M1a etc. are off the list. Though AK's and even newer high dollar AR pattern rifles are well within scope to be done.
When it comes to refinishing your firearm, do your homework. The internet is full of values for almost every firearm out there. If you can't find much information on the firearm you own I would hazard a bet it is worth more than money. Candidacy for refinishing must be scrutinized thoroughly before proceeding. There are plenty of Gunsmiths and good people that do refinishing and coating. Find them and ask questions. Not that a firearm forum on the Net is not a good place to find good opinions, but there are many who would lead you astray. In the firearm comunity it is hard to get across to some folks that not all rust is bad. A firearm is nothing like a 1969 Chevy Camaro, once restored it can be worth tens of thousands of dollars. Sometimes it's just better to leave well enough alone.
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