Not like I am any authority but I have thought about it some.
Uberti USFA guns are going for $1000+ plus easy these days. USFA USA guns are 1500+ or much higher mostly. A decent 3rd gen Colt is $1500+. But generally the Colt is a lot cheaper than a NIB USA USFA blue and cased right now. And I suspect it will be well into the future.
The best investment in a engraved gun IMO (for whatever that is worth) is always going to be a Colt. USFA USA guns 2nd on the list and a Uberti of any flavor 3rd. May be even a distinct third from the other 2.
But master level engraving with gold inlays and pearl is always going to be a 8 to 10K gun. At least that is what it will cost you to duplicate the gun (any gun) with the price of the gun included. Journeyman engraving likely worth half that, at least for me having examples of both.
Quality of the engraving is huge to the guys who with the education to recognize the difference. Not so much if you haven't been around engraved guns much. It is an expensive apprenticeship/learning curve.
At some point you are putting lipstick on a pig. But where do you draw the line? Factory Uberti? Uberti USFA are some pretty nice guns. Cimerron Ubertis are nice guns as well. USA USFA guns arguably better than a Colt for fit and function. But they will never have the cache and history behind them a Colt has.
I had the chance to buy two gold inlayed guns built on USFA guns. One was a Uberti the other a USA gun. I liked the Uberti better actually for the engraving and caliber. I only bought the USA USFA gun. I would have bought both but the engraver started telling me, "What does it matter? You'll never shoot them!"
And I thought..."you're an idiot". Guns are made to be shot. At least mine are! When you forget that, your "art" building is already in the shit house IMO. A really good pistolsmith can generally make a pig into a silk purse, given enough time and money. Not always, but generally.
But given enough time and money (ivory/pearl/ engraving/gold inlay) and forgetting or worse yet...
not caring , that you are making a
working FIREARM into a piece of working art, is unforgivable to me.
From what I know of USFA every gun that left the factory was well fit and functioned. Some one thought about that first. Job one for me.
So I don't discount the Uberti USFA Sears guns much. But I'd rather have the USA made guns. And if I am spending that kind of coin on a engraved/gold inlay/pearl/ivory gun? I'd rather have it a Colt. Given enough time and money you can make a Colt shoot
The USFA guns? Already will I suspect
As you have already speculated, a piece of art likely it doesn't matter or effect the price. As a shooter, I'd want USA USFA gun. As an investment I'd want a Colt.
I'll add this....
Ya go to the gun show. Three master level Keis' Sear's guns on the table. Everything is the same for caliber and barrel length. All factory documented master engraving. One USFA Uberti, one USFA USA, one new 3rd Gen Colt. Which one would you buy?
Which one do you think you can beat the guy up on the price? Uberti will be the most common, (not that any of them are "common") the USA gun the most rare and the Colt the highest MSRP by a good bit originally.