No, there's no particular reason for a house built in 1911 to go down in value as it ages. First, houses aren't like cars that depreciate. And even if they were, a house built nearly a century ago has depreciated as much as it's going to. (I'm not referring to tax depreciation; that's a whole other issue.)
What you encounter with older homes--and "older" can mean structures built just 20 or 30 years ago--are functional obsolescence and changing tastes and styles. Back in the 1960s, for instance, houses often had small bedrooms, small bathrooms, and small kitchens. The current style is to have a large kitchen, a large master bath, and at least a large master bedroom. I've seen some houses built in the 1950s where the owner has actually converted a small bedroom into a master bath.
You do run into other problems with aging houses. Those built 30, 40, or more years ago don't have the same electrical capacity as those built today. They were built to code then, but back then there weren't microwaves, big screen TVs, multiple TVs, computers, multiple stereos, and so on.
A house built in 1911 is what it is. What you might want to look at are the quality of the upgrades and improvements made since then, and when they were made. For instance, if the kitchen was renovated in the 1970s, that's probably hurting its value...not because it's a 1911 home but because it has a 1970s kitchen.
But purely based on the age of the home: No, the value shouldn't go down as it ages further.
Hope that helps.