I purchased 2 Winchester model 21s that had been upgraded and did not hesitate to purchase. The first started its life as a Field grade 20 gauge in 1941. Factory records indicated such. The gun had grade 6 style,engraving but since it did not letter as such, I paid less than what it was worth. Further research and speaking with Pauline Muerrle she was able to find the records where the gun went back to the factory in 1945 and was engraved by George Ulrich. And the restocked in 1957.
The other was a gun purchased by Marshall Fields and then custom engraved for the President of Marshall Field, Hughston McBain for his 25 th anniversary. The gun was engraved by Arnold Griebel it is believed and is a spectacular shotgun.
Both guns upgraded under different surcomstances but I believe value added in both these upgrades once the history was located.