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Wondering what this might be worth. Just fixed it up with new chain, brake pads, cables, tape. Galli and ttt components. It's a rare brand so not really sure, but built by reputable builder most likely with columbus tubing. One side is faded. Here's the info on Sannino I've found on this forum:

"Sannino is an Italian brand built by Mauro Sannino. He was taught framebuilding by his grandfather and spent about 10 years apprenticing to other framebuilders before starting his own business in 1979. He earned his reputation by supplying bicycles to the Polish and Russian national teams. Production was fairly limited, with about 1500 frames per year in the mid-1980s. Many of the early models were roughly finished but by the mid-1980s, things had improved considerably. A trademark of many Sannino models were steeper geometries. Seventy-five degree seat tubes and seventy-seven degree head tubes were used on the mid-1980s Professional model. Offhand, I do not recall a Criterium model, but of the models I do recall, none were less than Columbus SL. Galli was an Italian components manufacturer from about 1976 -1987. Their equipment is found quite a bit on Olmo and Sannino bicycles. It is good equipment and was patterned after Campagnolo, but was mostly popular for it's wide range of anodized colors (black, red, blue, gold, green, maybe others). I believe the cranksets were actually made by Stronglight and the hubs by Maillard."

Ex Pres 

Probably well-made, and of good tubing, but the lugs are rather pedestrian for a bike from this period.. So your market becomes buyers who are looking for a good price on a bike to ride (but maybe not maintain it properly), not a "collector" of any sort.
In my area, anyway, that puts a cap on the price of ~ $250 (for a non-STI bike). Unless you can get the paint shinier you'd be under that.

Chombi

I'm surprised how plain those lugs look. Ypoud think that a lower volume maker would try to fancy them up a bit to better compete with the bigger brands, but I guess this bike was specifically designed as a mid level model, judging also from the "second tier" gruppo used on it. If the paint is polished up and the bike cleaned of all signs of dirt, grease and rust as Ex-Pres suggested, I'd think a price of around $275 would be a good starting point if the tubing is at least something like Falck or Columbus Aelle. $300 if it is Tretubi, and $350 to $400 if it is full SL. You can maybe add $100 to all the prices if the component group was Campagnolo NR. The bike owuld also be a bit more valuable if the lugs were fancier.
JMOs

Chombi

FastJake

I agree with the above. It's not a well known brand which hurts the value and it looks plain. Honestly I don't think $250-300 does this bike justice but that's probably what it would sell for around here, unless you can verify the tubing to be SL or better.

The lugs and details are so plain it makes me wonder if this is a fake that was done up years ago. I don't see anything unique with the frame, not even a headbadge (just looks like a decal.) All you'd need to make one of these would be some Sannino stickers. And given the rarity of the brand it might be hard to determine whether it's genuine or not.

T-Mar

The Sannino Criterium used a Columbus SL tubeset and Galli Criterium components, according to my 1984 and 1985 literature. MSRP was $995-1050. FWIW, the frame in the literature looks much more advanced than the one in the OP's pictures. The lugs aren't as junky. The brake nuts are recessed. The fork crown is embossed. The stay caps are different. It could just be an older model but I'd proceed with cuation. I'd make sure the frame in uses a 27.2mm post and that the steering tube has Columbus' patented spiral ridges.

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does have gipiemme dropouts and some nice braze ons. i would guess an earlier model.

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I don't have a very accurate way of measuring the seat tube, but comparing it to my 26.8 seatpost, it is a bit bigger, so I'm guessing 27.2.