I do not believe the current prices are where they "should" be just because of the this comment above. The statement that it is cheaper to buy than restore is quite true right now - unfortunately.. I would prefer to think that the "right price, is about what it would take to cover the cost of restoration. People are going to stop restoring cars if this keeps up and the rest of the old iron that is laying around will turn to earth and be gone forever.
I know I'm in the same boat as the OP. I've had a car for sale all year now for 60-70% of what I have into it - with no bites. Rather than keep dropping and dropping the price to give it away I just stopped trying. I came to grips with losing over $10K on the car but I just can't afford to lose a lot more than that.