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We present a re-analysis of the H$α$ and [OIII] flux data from the only comprehensive study of the luminosity evolution of nova shells, undertaken almost two decades ago. We use newly available distances and extinction values, and include additional luminosity data of 'ancient' nova shells. We compare the long-term behaviour with respect to nova speed class and light curve type. We find that, in general, the luminosity as a function of time can be described as consisting of an initial shallow logarithmic decline or constant behaviour, followed by a logarithmic main decline phase, with a possible return to a shallow decline or constancy at very late stages. The luminosity evolution in the first two phases is likely to be dominated by the expansion of the shell and the corresponding changes in volume and density, while for the older nova shells, the interaction with the interstellar medium comes into play. The slope of the main decline is very similar for almost all groups for a given emission line, but it is significantly steeper for [OIII], compared to H$α$, which we attribute to the more efficient cooling provided by the forbidden lines. The recurrent novae are among the notable exceptions, along with the plateau light curve type novae and the nova V838 Her. We speculate that this is due to the presence of denser material, possibly in the form of remnants from previous nova eruptions, or of planetary nebulae, As a by-product of our study, we revised the identification of all novae included in our investigation with sources in the Gaia Data Release 2 catalogue.