Originally Posted by
Machka
Maybe it's the light or the photo, but that just looks like a grey bicycle to me. Titanium has more luster than what it appear that bicycle has.
Bead blasted titanium frames are dull gray, except where things like cable housings have worn the finish producing polished spots.
In the 1990s lots of less expensive (< $1000, like the Litespeed Natchez) titanium frames came with that finish.
It does look painted - the down tube doesn't match the bottom bracket in the second photo.