There seems to be a divide emerging that seperates big dollar collector bikes from big dollar race bikes. Collector bikes have to be as correct to factory spec as possible with all of the hard to get items in place. A race bike can have performance improvements, custom and non standard parts and be built correctly. The prices being asked for good original condition and well restored bikes reflects the ammount of work that goes into a correct resto. Having done both, most recently my DT1 full resto and my currently under construction Hindall RT1 race hotty, I know for sure that a proper resto is a very difficult and often expensive exercise. That's why bikes with all of the right parts intact get the good money. To do the resto properly there is no substitute for original bits. On a race resto it's a lot easier as you can fudge it a bit and use parts from other sources, as long as they do the job.
The Kawasaki 450 in question is stuck in the ozone between both philosophies. To ask 12k for a bike with the wrong fenders, missing tank badges and wrong shocks is just not on. If we could see the bike in the flesh I bet we'd find more room for improvement. If we regard the 450 as a race bike then we are in another pickle. The KX450 just isn't a very good pre75 open class bike, especially for the big money. Even for $5k it's too much. I agree with Dave and Alistair, it's a 3k bike, no matter which direction you're looking at it from. To make it a concourse correct resto I reckon $1500-2000 on top of your $3000 purchase price needs to be thrown at it and I suspect you'd need to spend more to make it a competitive open class pre 75er.
These things look all shiny and nice on first glance (old time forum members will remember the infamous bling TS250!) but when you tally up what's needed the gleam quickly wears off.
