It's hard to get a really accurate feel for what instruments like this can fetch in the marketplace. Fender Broadcasters can go for $40,000 - $60,000 USD. One sold on Reverb for $55,000 in 2012. Yes, crazy money, but it is what it is. Now that one was probably much closer to stock, with fewer if any mods, and probably in pretty good shape. But it does sort of set the bar.
Even with the mods, this guitar is still a Broadcaster, and there aren't many of them kicking around in any condition. $20,000 seems not unreasonable, given that is half of what some of these can fetch. Of course, reasonable is all relative. I'd never pay that kind of money, but it doesn't seem out of line for a guitar of this make, year, and provenance. If someone offered $17,500, I'll bet he'd take it.
Bill
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