Tommy:
Golf Club Atlas, as a champion of quality restoration work, has certainly been a factor in this trend.
However, the cynic in me says that this "golden age" of restoration is powered by the scarcity of new projects for golf course architects who want to feed their families. Many architects who pooh-poohed the very idea of restoration, not so long ago, are now knee-deep in such work. And they don't just want to renovate the bunkers: many of these projects are full-on multi-million-dollar efforts. As the Watergate leaker told us, if you want to really know what's going on, "follow the money."
Fifteen years ago, you also would not have found many old-school clubs to buy into such a substantial capital project; but once the neighbor club rebuilds their greens and improves them, the pressure is on to keep up.