I am a great fan of old pianos which have been restored. My primary instrument is a 1915 Mason & Risch 165cm grand, rebuilt and restored in 1985. Well worth the $5000 investment, and it plays and sounds as good as any newer Japanese grand I have come across. The ornate carving in the legs, pedal supports and music stand are not to be found in stock pianos these days.
A family member of mine has a mid-late 1800's Chickering square grand he had restored in 1995. It is a beautiful ornate piece of furniture, but sadly, not a musician's instrument. The action is poor and it does not hold tune well, problems I understand which were typical of square grands.
There is a misconception that older instruments are better. Perhaps this is true with strings and some wind instruments with few moving parts, but a complex piano mechanism can wear beyond repair if it has been played a lot. I guess not all pianos are good candidates for restoration.
New grand pianos are a pleasure to play, but they are ridiculously overpriced, and rather plain looking by yesterday's standards.