I think an obvious re-spray for several reasons: 1) The fork crown is painted over, 2) Looks like a clear coat over the paint, 3) PSM and serial number and other parts of frame are not filled in with contrasting paint, 4) I believe decals are wrong for this vintage (approx. 1969?). A surprisingly high price, but it is illustrative of how Pista bikes are so very popular.
Jeff Pyzyk
Milwaukee, WI