Originally Posted by Salamandrine

It has all the hallmarks of 1970s American framebuilders: fastback seatstays, thinned lugs, extremely precise workmanship, (probably) imron paint, a few hippie-like artistic flourishes.

It's hard to put values on custom road bikes, except for the most well known and prolific builders. Well known Italian factory racing bikes often sell for higher prices, because they are a known commodity. American custom frames from this era were actually better built than most Italian frames. Italian racing bikes were functional racing machines first and foremost. They weren't trying to make a great work of art necessarily.

Oh, I'm also going to go with: it's a Michael Johnson....