its alright saying it's a parts dog, but so was Blackie, so is NY's Old Black. Imagine if Gilmour's Black Strat ever came up? That would go into orbit, prob £2m, yet it's a piece of junk if you're realistic about things.
I worked at Cherokee Studios a million years ago when Gary Moore did the "G-Force" album with Mark Nauseef. He let me play that guitar a few times, he was in the studio for months and months. The neck at that time was profoundly worn and beat, with a pretty sketchy headstock repair. In the immortal words of Lloyd Chiate: "They won't charge extra for that". So I agree that a whole chunk of the value is player attribution as opposed to the thing itself. It's till breathtaking, but you'd have to be pretty sentimental to want to plunk at that digit for that old friend.