I will come in late to this discussion and offer some thoughts.
When researching my Franchi a couple of years ago, I learned a bit about Italian guns and makers from 1930 to 1960. It seems that quite a few masters were working in small shops and made bespoke (custom) guns. These outstanding (for the most part) guns were not made for export and therefore often did not have all the marks that we have come to expect. Many did not have the makers name as it was the gun that advertised the quality and not the name. This confuses us today as we put much stock in brand identification.
FWIW---I think the gun is Italian. The I do not think that it came to the builder in the white. The engraving style started(in Italy) around 1930 and was brought there by Belgian masters immigrating from Liege. This style is common in the finest of these Italian guns of that time and until the 50's.
We do not see them here very often. The men, in Italy, that own them have not sold them and not too many were built anyway.
The gun would cause much attention in Italy and would bring far more money in Europe than here unless a collector of Italian guns sees it for sale.
Best,
John
