I will respectfully disagree with CDM on this one.
Ugo De Rosa helped EM set up his factory and was a mentor. The factory was set up in 1980 and I have seen a very early bike that actually had De Rosa panto'd lugs on it, but this one did not, in fact the earliest EM seat stay caps were in Script (his sig) and these are the later ones. I would say that this bike is early but not built by De Rosa.
As I originally posted, this is an emotional buy, for whatever reason but the seller must be so happy!
I will agree with vjp on this as well. My understanding is that the early Merckx's with the script signature on the seat stay caps were more likely to have Ugo's hand on them. I think the bike in the auction is more likely a 1982-83 model. I have a 1983 will identical details, serial number just a bit higher.
I am pleased to see the price, if it holds, as I am planning on selling mine. Anyone looking for a Faema replica with a fully pantographed Record grouppo in a 54?
