In my opinion.....given the assumed early vintage of the bike, and most of all it's originality, the price seems a full one, but not a crazy one. My rule of thumb in the similar markets of old cars, motorcycles and musical instruments,(markets with which I have familiarity and made a lot of money) production made items tend to appreciate to, and level off at, a point somewhere about 1/2 that of a new item that occupies a similar market niche as the item in question did when it was new. This 1/2 price rule can be either offset or enhanced by production numbers, originality, and the elusive wild cards: "desirability" and provenance. So in other words...Just like in cars, m'cylces, old guitars, and everything else...If a bike is "desirable" has reasonably low numbers, in a size that appeals to enough potential buyers, in a good color, and is original, it should pull some dough at auction.
If the buyer feels the size is right, and likes the color, then he/she should be happy. I hope this one gets to be a rider and not a hanger.
Yeah..nobody asked me..but that's what I think.
Philosophizing in Whiskey Hill, CA
Jody Fonseca