No one has said its not worth saving, simply that fighting over it with such large amounts of money is insane.
It would be easier and more cost effective to have a frame builder build a replica from scratch, "embossed" orange logo and all than to bring this crumpled heap back from the dead. I admire any one for taking on the challenge and doing a good job, and know there are members here who could do it justice, I just potty them having to outbid those who have built the price so artificially high in order to have a chance.
I too think its a bit auction fever-ish and there could be a major letdown for the buyer when the condition is realised, or some swift bid retractions/ adjustments after seeing this thread. Also think it was potentially a bad idea to tell the seller it was worth £1000 before any one had seen the condition.