20" Columbia balloon tire bike value

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Thinking of buying a Columbia bike that is from the 40s or 50's, but don't want to over pay for it. It has been taken apart, but is all there. What would you say the max value to pay for it is?
 
Well, we know how the 20" deluxe schwinns have been selling (like hot cakes for big coin). It's not a Schwinn but would still have some value. Unfortunately, it looks like he taped off the details and shot new red over the whole bike? Personally that'd put a big damper for me. He had the right idea in preserving the details, but it still hurts the value. If you like it, you can't go wrong for a couple hundred bucks but I can't give a guess at what actual retail may be.
 
I think your suggestion would be helpful for me. I will let you know if this works for me Thanks and keep posting such a informative thread...
 
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