It looks as though a fair amount of workmanship went into building the rifle, so the replacement cost would likely be more than the starting price.
In a custom rifle, however, replacement cost is seldom a good index of value, since what appeals to the original owner may be a feature which a prospective buyer would have to pay to remove or correct.
Is this a reserve auction? If it is, I would say that the reserve would be well above the starting price, which might be a deal breaker. Of course, anything is worth what someone is willing to pay for it.
