It always saddens me to see such a fine old gun as this so badly treated and neglected; and, as a result, I have underwritten the restoration costs of many such guns over the years. When one has a "soft spot" for gun projects, it is almost impossible to be objective at the time of purchase; but believe me when I tell you that, regardless how well you invision the end result, I have yet to be involved in a single restoration that ultimately met my standards of perfection regardless of who did the work, or how much it cost (and no, I haven't tried them all!). As to this project, I think it all depends on how much of the work a guy can do himself as opposed to farming the work out to a gunsmith. At today's prices (depending on the cost of your nice English walnut blank), one can figure a new buttstock; inletted, fitted to frame, bedded, finished, and checkered to original pattern (and subject to cost variations between the gunsmith/firm chosen for the work); $1500 and upwards. Polishing and re-blacking/browning barrels (he didn't list steel type; could be Damascus, which is more expensive to restore); $250-$400 per set minimum. depending on who did the work. Repair, refinish, glass-bed, re-checker two forearm woods; $100-$250, again depending on who does the work. Recase action and other metal parts; $150-500, again based on who did work; plus another $75 or more to nitre blue the trigger guard. In addition to these major items, there are the unknown costs as a gun used like this one will likely require re-chasing of some, or most engraving; and have internal parts wear, or breakage that will require additional repair, polishing, refit, and re-timing. He said it was an extractor gun, although the irons appear to be the ejector type. If they are the ejector type; additional repair, polishing, and timing of the ejector devices will be required. If the barrels are Damascus or pitted; the cost of the project will not be any less, but the finished piece will be worth less; and all these costs are over and above the unknown final gavel price. The bottom line is that anyone considering such a restoration should not be naive, or mislead into thinking this is a $1000 project. A correct restoration will be expensive (or time consuming if done "in-house"); and, in terms of value, will never be worth more than any other restored Grade 2 with an extra barrel. Personally, I would be willing to bet that one can purchase a sound condition Grade 3E for less than what a proper restoration of this Grade 2 gun will ultimately cost. But there are those intangibles and indescribable experiences that money just can't buy; therefore if you really want to know what it feels like to actually pay for a real double gun education, I can't think of a better graduate course than this gun. But if what you only want is a pre-1913 Smith Grade 2 gun, it would be far more cost effective for all but those rare indivuduals with enought skill and training to do the work themselves; to purchase an example already in good original, or properly restored condition (prices of those guns in 12-bore are still realistic). It will be interesting to see the final gavel price on this piece.