@drVanTraveler -- Reserve not met at $11,250
The appropriate price to me is that of a driver-grade backyard fix-up of a Cutlass. I make this one to be in fair condition (visible flaws; runs fine, but could use mechanical or cosmetic attention) in the tough Hagerty grading scheme, and those have a value in the high nines.
Assuming that it passes a rigorous tinworm inspection, given the location (Massachusetts).
A real 4-4-2 of this kind would be worth 2.5x that in Fair condition, almost 4x if it graded out as Good, but faking one doesn't add value in my eyes and (depending on how well done) might even detract from it, especially if it retains the (admittedly not exactly chopped liver) 350 rather than getting a 455. But plainly the dealer who got this one last month wants more. Not from me he doesn't.