Mmmm, where’s that worm-can?
Very hard to say really, and I’m not sufficiently expert in current market values of “name” antique flutes. This is my take on it, having read the whole of the vendor’s listing blurb.
So far as one can see from the pictures and written description, the flute is all there and generally intact I think the vendor’s estimate of c£200 for a repair and overhaul to full playing condition is probably in the right ball-park. The head and barrel cracks are not a major problem to fix and once done properly, the flute should be in near original condition allowing for the repairs.
Some of Tootler’s points, though sensibly to be considered, are not directly applicable in the same way to a rather different market than the one he draws comparison to, and I disagree that the over-pricing is quite that “gross”.
I do not think the market in antique flutes places the same devaluation on damage/repaired damage that the ceramics and glass field does. For starters, those are materials that are very fragile and prone to damage, so the survival of pristine examples is at a greater premium. Even if ceramics etc. are functional items, their being in working condition is a less important aspect of their value than it is in a musical instrument. They are collected as objects solely. A fine but damaged old instrument that has been restored to full playing condition and is cosmetically as good as may be will be worth less than an equivalent one that has never been damaged, but not by so huge a proportion as mentioned above, maybe c15%. In any case, the playing qualities over-ride all: a repaired antique that is a better player than an undamaged one of otherwise similar provenance may even be worth more than the “perfect” example. A damaged instrument that has not been repaired should be worth significantly less as the success of potential restoration and how it will play thereafter are unknowns and risks to the purchaser.
If I had the money to move in that price range, I would first research recent past sales of similar flutes (further than the present vendor appears to have done). Then, to establish what I would think to be a reasonable price to pay for the present flute, from the price range my researches had revealed for good examples of similar flutes in playing condition I would first discount the likely repair price, say £250 to err on the high side, and then at least a similar amount to allow for the risks involved, especially since with an eBay auction there is no chance to try the flute out in any way and the vendor is admittedly not knowledgeable about flutes.
I’d say that paying about 2/3rds of the ball-park price (whatever that is) for a good Prowse Nicholson in top playing fettle would be reasonable in the present case, but not more.
There is an element of the collector effect in the market in antique flutes, but these days the “to play” element is probably stronger. That balance has swung in the last 30 or so years. Makers names do have cachet, but the bottom line is playing quality and playability (save in cases of extreme rarity/special features, where the collector aspect retakes dominance and inflates prices of even imperfect examples), so a Nicholson model may be less in demand than, say, a Pratten.
There are not many modern makers, and certainly not the top names, offering 8-key flutes at under £1400, though. If this one proves a good player at modern pitch once restored, I reckon paying say £1000 purchase plus £250 repair would be a pretty decent deal in terms of a playing outcome. If I had the cash, I’d certainly think of paying up to c£800 for it to buy for my own use once repaired, though not as a repairer/dealer looking to turn a profit. But I fear the vendor’s comparison to a flute worth £2000 is somewhat over optimistic. That said, one might well get a perfectly good later C19th 8-key London made flute by a lesser known name in better condition and a better player for modern use at a somewhat lower price. The only way to find out though is to put your toes in the water.