This is incorrect - only some 70's De Rosas have heart-shaped cutouts. Many have slots.

some more pics.

heart shaped cutout on lugs. De rosa?

sorry... lugs here!

Yes, that's not a controversy with anybody, AFAIK...it's clear to me that my writing lacks clarity: I only get how it can be misconstrued after somebody does just that. I'm going to have to work on that

Take some more pics of the frame details. Heart shaped cutouts could be convincing, but I'm sceptical of the BB shell with no perforation(s).

What is the wording on the seat tube bands? I think this one of the frames produced by the Italian licensee of the Merckx name - I think it was something like Velosport Bologna...

Sorry.
And I probably overstated the case for De Rosa building some of the early Merckx production (or at least show) bikes. But I think the evidence is increasingly convincing on that score. Hilary Stone has had a few enlightening examples, and the blue one on his wool jersey site is pretty convincing for someone who's looked at a lot of De Rosas (and owned a similar one) - the whole build and details just shout De Rosa to me. I doubt the Merckx setup would have produced something quite that much of a dead ringer, even using frame parts supplied by De Rosa. I'm sure I'm not the only one to think that, but I agree it's not a certainty at this point.

That's not the typical De Rosa heart - it's a cutout shape seen on quite a few bikes (and fooled a few people into thinking "De Rosa").
Pretty sure that didn't come from Ugo's shop.

Yeah I saw "Velosport" and could only think of the shop in Berkeley, CA (which would not be a useful clue). Didn't know there was yet another licensee (in Italy, no less) that made Merckx frames. This Velosport, Bologna: any connection to DeRosa?

I believe that Hilary nailed it!

There are a few mentions in the CR archives, Velosport Bologna, licensed for sale in Italy only, someone also questions whether they were made by DeRosa.

It's a middling frame, as evidenced by the components (and what you can see of the frame details and general build quality), and certainly not built by De Rosa.

I will agree with the "not", and with the components, I am not sure about the "middling" part though. If that is a weird indent on the side of the DT lug and not my monitor playing tricks, I will agree across the board with you!

That's kind of where "middling" came to mind - as I followed the contour of that lug.

"Case adjourned"

thanks for the input - it is a trick of the light with the indent on the lug, it does follow the contour.

Could I ask you to give a ball park figure for this bike? Any guide would be good.

I read what there is on "Velosport Bologna" in the CR archives and according to Listmaster Dale, if yours has Gipiemme dropouts it's likely from mid-to-late '70s.
Another owner of one of these "export prohibited" Italian-market-only bikes says his has no tubing decal...so I wonder if the foil Columbus decal is real or a wanna-be.
As far as price: the only 'for sale' was in 2004 for a frame/fork with HS and BB plus shifters in good/fair condition (original paint and decals): $125.

front and rear dropouts are campagnolo

That's a relief. I still believe it to be a mid-level rather than top-level frame.

I'm assuming you mean mid-level as in "mass produced", not mid-level as in "mediocre tubing, etc", since it appears to be Columbus SL. I'd call it a "high-end production" frame (vs hand-made), but we're starting to split hairs now.

SP
Bend, OR

Just to really "split hairs", "high-end production" IS hand made. You don't throw tubes and lugs in a hopper and a bike comes out the other end.

Then shall we say "high-end mass-produced" vs "boutique builder"? Trying to distinguish between, say, De Rosa and Billato, for instance.

SP
Bend, OR

I'd want to see more details before doing too much hair-splitting. Let's just say the difference in quality between the frame in the OP and, say, a Pinarello or Tommasini of the same era (much less a Masi or De Rosa) would be fairly evident. I've seen many, many frame I would characterize as "mid-level" in terms of overall build quality and attention to detail that were made with SL or 531. In this case, we don't even know if it was made with "SL," since that's the "catch-all" Columbus decal for the 70's - could just as well be the equivalent of SP. I'm going by what I can see of the frame, the componentry, and my sense of the vast majority of frames named after top riders - which were nearly always much more about cashing in on the fame of the rider than on providing a genuinely top-notch product. There are exceptions when it comes to this type of licensing, but they're pretty rare. If there was some kind of whispering about truly top notch "Eddy Merckx" frames coming out of Velosport in Bologna, I suspect it would have more resonance by now, like the 3Rensho Allez from Specialized.
But bottom line: in my world, that's a mid-level frame and bike.

For lugged steel frames. The difference is in the filing. The amount of it, and the shaping and proportions. It really does not matter if a frame is built by a single man or a production shop. Both are usually capable of fine work if that is the desired outcome, and both can (will) cut corners if that is what's called for. And there's always "good days and bad days".

Too many people do not see past names and legends, you need to look at the work.

This makes more sense to me than much of this post. Spoken like a frame builder I'm suspecting. Unfortunately, most of us aren't. And the trouble is this part:"you need to look at the work." I think there is a very small collective of people around the world that could look at "the work" and determine what a good day and a bad day was. This is why this Forum is important. If you want to preserve the value of these bikes, someone needs to keep edifying people like moi.

I can confirm that it does say VELOSPORT - BOLOGNA VIETATA L'ESPORTAZIONE.