Are you talking about Cleo's 10 year disassembled project? Or Steve Jacobsen's restoration, minus engine? Big difference.
When calculating used plane values, we don't always start with the same premises....
Used planes are valued in most "blue book" examples with a 6-mo. old annual, all AD's complied, all records, and a mid-time engine.
A project with no engine/prop cannot meet those criteria, so you must re-establish a base-line.
Rough estimate: An estimate of a mid-time, airworthy airplane is worth about $40K-$50K. But that doesn't mean that when split into two major parts that a mid-time engine/prop is worth about $20K-$25K, and the airframe (with a good interior and good avionics) be worth another $20K-$25K. A project requiring $5K-$10K of labor to obtain an engine/prop and get it all put together, inspected, and flying makes the airframe worth considerably less, in my opinion, than a complete, airworthy, flying example.
Don't think I'd pay over $5K-$7K for the airframe-only portion of the projects I've seen. (And a disproportionate number of projects do not have their complete interiors or avionics, and the records are an entirely 'nother
story.)
Kind of a shocker, when you look at it that way, huh? (Gives a whole new perspective to those who think they have a valuable airplane stored out there behind the shed. And it may explain why so many "projects" never fly again and end up in the scrap heap when the estate is settled.)