I would guess each of those would bring half of what he's asking. Maybe nobody told him the economy was in the crapper. He could easily have that much tied up in those if they are frame up with everything farmed out. My buddy works at a local restoration shop
http://ozarkmountainclassics.net/default.aspx and $10,000+ paint jobs are quite common. Add driveline, chassis, and interior restoration, and you can easily exceed a vehicles typical value.