Does changing car color devalue it?

IMHO the reason corvettes are judged the way are they are a massed produced car 187,000 cars from 53 - 67 while Ferrari produced less than five thousand road cars from inception to 1967. There was never a need for such a nit picky kind of judging. Most of the older cars that I have had the privilege to own or been around have had paint for numerous reasons and were never frowned upon . I found that very few were painted just to simply make them resale red.