The thing that bothers me about the Confente Masi is not that it's been repainted or restored, which is a non-negotiable fact; nor that it has been ridden by Confente and others, repainted at least twice, rebuilt in countless configurations, etc. All that is part of the bike's past and, to some degree, its history.
Nonetheless there are a few things that bother me here:
First, I am afraid the current restoration a work of financial speculation. Why did the current owner restore it like this, for his own gratification, or for profit? I don't know, and I don't criticize him for either one. There is nothing wrong with trying to make a buck. But I think it's the wrong reason to restore a bike. It makes me uncomfortable, like he's trying to profit from someone else's passion.
If it was a labor of love, a project he put his heart and soul into and now needs to be free of, I respect that. But then why the high starting price? That price suggests he's trying to justify the expense, and that he's not serious about selling it but is willing to profit from someone else's passion if possible.
Finally, there is an imbalance between what the thing is, and where its value lies. What the thing is, obviously, is a bicycle. I don't disparage the bike. It is a beautiful one, as we can all see; very fine one, I'm sure; one with an interesting past, I believe; a very valuable one that any of us would be thrilled to own in any condition, and might even ride. That's fine. But where is its value? If it is really worth $20K, then I'd say somewhere between 5% and 20% of that value is in the thing itself; and the rest is in a piece of paper. I don't disparage the piece of paper either. But the piece of paper, no matter what it says, doesn't make the bike into anything other than what it is. And without that piece of paper, I don't know what that bike is.
If I read it correctly, the bike was restored metalwork wise along with the last repaint and commissioned by the second owner. Sold to the current owner much later, the work was done aside from collecting parts and building it up.
The current owner got the letter along with the frame set. Both were probably aware of the possible future investment value and there was a meeting of the minds. This last purchase was not a quick flip, more methodical and patient.
In an auction earlier this year the seller made mention that he was turning his attention to Italian real estate. Maybe that still applies.
As to why the buy it now format, it is either that or a reserve if one wants to hit a certain price. Does ebay ever run a special on fees if you do a buy it now only?