What’s worth more? Barn find or complete restore?

Amen, to what Reese said.

To me, a complete restore is a bike that's been rebuilt from scratch and in like new condition. It costs thousands of dollars to do this and I'm not sure you can find an inexpensive bike that's been completely restored.

If by "complete restore" you meant to describe a polished pig that appears clean but is really a POS, then yes you are much better with a barn find. I just overpaid for a polished pig because I could not find anything else. The bike is being completely restored as we speak.

Agree with Reese, I would much rather be the first one to perform the restore or refresh....but there are properly done restores and their price will reflect this. I like performing the restores so I have never bought a restored bike.

A restore should be worth more. My caveat would be depending on the desirability and originality of the barn find.
I purchased what one would consider a barn find 78 Maico 440. All original. It should be worth more then a fully restored one since it’s original and in excellent shape.
I wouldn’t buy a restored one since I have no long standing love affair with this brand.
If looking for a rider and my experience and skills mechanically lacking then a restored one may be a better purchase.

Barn find or restored both should be examined by someone familiar with what are some of the common mechanical issues with that model. Knowing and asking lots of questions of a restored model will tell you the level of restoration and also the experience of the one who suggests they did it.

Interesting question and thanks for asking.

Depends on the price, the condition of the barn find, and the quality of the rehabber. All other things being equal and its not a total rust trap (some people advertising barn finds must be confused with rubbish heap finds), I'd go with the barn find if I did not have a sense of the builder's bona vides on a rebuild