Why is unrestored vintage better than restored?

[Rolex2]

I have quite a few of those Bulova and Elgin deco watches from the 30s and 40s.
I buy 'em off ebay, $25-75. I look for watches where the gold plate is OK and the dial looks decent, and the movement looks clean and is running. You polish them up with cape cod cloth, and they look almost like new. Some of the gold-plated bracelet-bands on these watches are unique and interesting.

I've seen what they call "new-old" watches on ebay. Old watches completely redone to look like new. These tend to be expensive. Maybe $200-300. And they look too new to be genuine.

Ideally, you want a watch with a "patina"-- a gentle age look. Not dirty or marked up. The dial should be intact and cleanable if needed. I don't have a problem with redone dials if it's done professionally and close to the original. In which case, it isn't very noticeable and can improve the appearance of the watch.