Marc,
If that's a repaint, then it was done a long time ago in Europe, in my opinion.
Brian
Hello,
Here's what I consider to be a tasteful repaint:
Very conservative color; it grows on you, although you probably wouldn't like it if you've ever changed a baby ;^). The important part is that the paint is laid on thin enough to emphasize the beautiful workmanship. Just look at the filing of the lugs and filleting on the bottom bracket. Admirably, no attempt was made to bodge-up an Herse hand-painted logo on the downtube.
The price is high, but well below the top of the line new plastic stuff.
Marc St. Martin
Livermore, California
USA