sbarner 

It's no bargain, but $450 is not outrageous for a bike if a knowledgeable person had completely gone through it to make sure it's 100% ready to go. I'm no fan of the color, but it takes a lot of work to strip a frame, refinish it, and build it back up with parts that also have value. If it really is a Nuovo Racing, it has Columbus butted main tubes and likely Falk stays and perhaps fork. It's a pretty decent, Italian-made frame. I bet over 90% of the potential market appreciates that it has some decals and could care less how correct they are. I remember going up to Canada decades ago and a builder showing me that they had decals that were similar to the ones they used on their own bikes, but in the names of fictitious brands, They used them on repaints where the manufacturer was nothing special or where the correct decals were unavailable. It used to be quite difficult to source decals; we're living in the golden age. today.