I sold a GP last year for $200. I had swapped every part but the handlebars, hubs, and brakes - added alloy rims, cotterless crank, pedals, shifters, derailleurs... I figured I would get talked down but there was someone who really wanted that bike as it was. For the one pictured, as a buyer, $200 is a bit high unless you have to have a GP. It very well would cost that much to get a stock GP to the condition listed, but that doesn't mean you have to pay it since another chromoly-framed bike with alloy wheels will come along for much less at some point soon.