I absolutely agree with both above comments. Round here, there are quite a few Series LRs bought by such people and some for well north of £20K. The problem is that I think that to this type of buyer, a £20K car of any type is relatively small change, so even if they lose money on the purchase, its not a big issue to them. The positive side of that though is that these same people are prepared to pay proper money to have things fixed and maintained correctly. Its very satisfying to sort out a nice old Series LR and do the job really well, knowing that a client has the funds to pay for all the effort rather than lash ups that had to be done in the past. I only do work on these vehicles as a sideline (it all started as a means to keep sane during last year's lock down as my ability to do my real job was and remains, severely curtailed). The bubble may burst, but in my view, given the amount of work involved, a well sorted, safe, reliable and rust free Series LR should be worth a lot of money. I'm doing a chassis and bulkhead on a late 2A 88" at the moment. The base job is about £8k, but by the time you've also done the brakes, steering, axles and all the other maintenance parts, this is well over £10K and could go higher. That has to be reflected in future values. If you then add in a respray and bodywork, that pushes any restoration well into the low £20ks especially if you also do the powertrain.
We basically have two types of Series LR. The rough old enthusiast one which is owner maintained (as far as possible), a bit doggy round the edges and probably needs a lot of work to keep it going. That's your sub £10K LR - anything from £2K upwards. At the other end of the scale you have your concours total rebuild which won't even start the bidding below £20K. Then if its sold with providence (owned by Churchill or the Dalai Lama for example), the sky really is the limit.
In effect, there are at least two different sale markets here and we can fit into which ever one suits us as individuals.
The bottom line is we may not like the prices going up for accessibility reasons, but as investments, they are a sound bet if you pay good money but not excessive money for one.
We have to remember that what for most of us started out as a utility cheap vehicle, easy to maintain and run, has now turned into a proper real classic car and the prices reflect this.