They are talking it over now and trying to decide which direction to go in. Probably will get a professional appraisal for the first step and then decide if they want to restore it before selling or sell it as is and let the buyer do the work?
We had a recommendation on a restoration place down in Durham, NC, Hanson & Crawford. Best guess was $700-1000 for the cost.
That the value restored was likely $13-20k or so, less as is obviously.
Would love to get your thoughts, should we have it restored so we can get top dollar for it, or would we be better off to let the buyer use their own Luthier?
I own a similar guitar, perhaps from the same batch. If I were you friends I would sell it as is. The guitar will not bring 20K restored, maybe 13K, as is maybe 10K. Understand selling a guitar like this is a pain even if you know guitars a real pain when you don't. Pay for an evaluation of the guitar. Have someone write up a description of the issues in and out, someone who knows vintage guitars. Depending on where the guitar is located finding that person can be difficult. Buyers spending this kind of money naturally want to know in detail what they are buying. The J55 was made in limited quantity and that helps, but there is a limit. Take an 8K offer as it sits and be done with it. I would not pay to have it restored in hopes of getting more money.
T.