I think in pieces the bike is worth way more than $800 if one wanted to build this with all these correct parts.
Take for example:
Frame - fork with badge - $400
Wheelset - $500 - 600 easily! ( these are the rare Porcupine hubs! )
Front Boothroyd tire - $250
Saddle - $400
Bars - stem - $200 ( flip the bars upside down and it was also used as their factory racing bar )
Pedals - these are the RARE RACING PEDALS rarely seen!!!! $600
There's still other parts like cranks, chainring, headset, bottom bracket, seat post, chain, etc etc ..... try and build this bike for $800 - Good luck!
That's my 2 cents on it anyway. It's a bargain at $800 if that's the price.
Note: the Model 45 was not their racing model ( the #44 was ) but this bike does have the racing pedals as the owner must have preferred them to the originals.