Would it be a folly to pay $1500 for this Follis?

Update, 8 July 2015:

Apparently, it would have been a folly to pay that amount for this Follis, because it’s now available at a starting bid of $700.

http://www.ebay.com/itm/Vintage-french-Follis-randonneuse-650b-cyclo-maxicar-maxi-eroica-herse-singer-/141712598620

Original post from 25 June 2015:

Could be gas pipe or Reynolds 531 beneath that tired paint; seller doesn’t say.

ff$_57

Item specifics
Brand:
Follis
Wheel Size: 650b
Frame Size: 56cm Country of Manufacture: France

Vintage french bike Follis from Lyon Oullins.
From barn, in good condition but have to be checked.
saddle Ideal
moyeux maxi
derailleurs cyclo

http://www.ebay.com/itm/Vintage-french-Follis-randonneuse-650b-cyclo-maxicar-maxi-eroica-herse-singer-/141702290916

Postscript: the bike sold for $1,200 (via Buy It Now).

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