I wouldn't even go 4 on it with leather actually missing, but if somebody really wants it they will pay that.
It is perfectly restorable.
Considering what it would take to restore it and how much it would be worth if it looked beautiful, I sure wouldn't want to sell it in that condition if it were mine.
Certainly if it is restored it will never be original again. But I think this condition warrants restoration, especially where value is concerned.
I do my own leatherwork, but I did once have a leather repair shop fix up an Engles that was beat up and even missing some leather. It was worse than your case. It looked beautiful when it was done.
How much did it cost me? OMG. Well, it was a bit of a hardship but I coughed up the 30 bucks.
I'm not saying everybody will work that cheap, but when the difference is North of a grand, I am betting on restoration being extremely profitable.
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