Reading your post, I take that you have spent fewer years on earth than I have been involved with bikes (going on 35 years). I do not state this to pull rank on you, but simply as a basis to tell you that you have much to learn about vintage bikes as well as how to deal with the buying and selling of bikes. Everybody makes mistakes at the beginning. However, for most C&Vers, because they are generally located in the US, the errors are generally on lower level bikes. Being in Europe and being confronted on a regular basis by bikes which would seem to offer the chance of major financial gain, you will easily get lulled into believing that trading in vintage bikes is without risks. Nothing can be further from the truth. In this case, you based your purchase on wishful thinking as you had what you yourself claim to be incomplete and not terribly good photos. If this is indeed the same bike that I saw on German Ebay, it took me less than a few seconds to completely discount the bike (http://cgi.ebay.de/Rennrad-Cinelli-C...-/160439069448). Furthermore, the seller writes very clearly in his description: "div. kleine Lackschäden...Nutzungsspuren vorhanden" which for the unilingual translates to: "Various small points of paint damage... Traces of use do exist". He also points out that the saddle has been recovered, which further goes to emphasize the fact that the bike has led a hard life. Lastly, the fact that the bike has a bell mounted means that it has been used for commuting duty and or almost exclusively for city riding: once again a sure sign of hard life. This is about as clear as you can get in Ebay-speak to say the frame is gnarly and the bike has been ridden hard and put away wet. One look at the main auction photo also highlights that paint is not original.

As they say, at its best, ebay is world where one needs to go by the saying "Buyer beware". The seller is required not to lie, but by the same token is not required to state point out every potential defect. It is up to the buyer to assign a value based upon the available information. Here the seller spelled it out that the bike had damaged paint and even given that warning you still went ahead with the purchase. At this point you need to stop whining, accept your own responsibility and not go back on your contracted price.

BTW, the final price that you paid is still not that bad. You can readily come out ahead after paying for a European repaint or by parting out the bike... Had the bike had original paint, even with "traces of use", you could not have touched it for less than 1500 euros. When you disclose that it has "various small points of paint damage", the price drops.

PS: Why don't you post the additional 20 photos supplied by the seller so that we can see that you are also neglecting to disclose further details provided by the seller.