Sorry, I disagree with most of the posters here.

Everyone here knows that a quality paint job will run you anywhere from $400 - $600 or better, and this really looks like a very nice paint and decal job. This was also Basso's finest frame for many years, and I think it could actually be SLX, as most Loto's were, not SL. And besides, even if it's SL, I've seen plenty of them go for this much, and even much more(think Colnago, Pinarello and DeRosa)The bike JPZ66 pictured above is a Gap, not a Loto, and is therefore alittle cheaper, so I wouldn't count that.

All-in-all, this looks like a very nice, high-end, Italian frame from a reputable builder for a decent price. IMHO of course...