This bike I found on eBay looking as you see it in the first photo.   Came with Shimano 600 5-speed, reflectors, down tube shifters, peeling decals and cloudy clear coat.  I removed all the components and polished the whole frame (photo #3).  Then Jay in Chicago bought the frameset from me and over most of the winter of 2006-7 built up the bike directly above. A very sweet singlespeed.

The Kestrel 200SC frame on the left came with a Dura-Ace 9-speed group which was removed.  The carbon was painted white, by Kestrel, but I don't think they knew how to make paint stick to carbon back then. It was pretty scruffy.  The stem was cut off flush with the top of the steerer tube because it was stuck.  Also the seat post was stuck in the seat tube so that's why it sold for $150.

So some nut named Robert in Florida bought the frame then decided to torture me by sending me the above photo (right).  Looks a bit better to me!  Beautiful paint job on the frame, nice Spinergy wheels and looks like a brand new SRAM Force group on it. Nice!

A classic Waterford 64cm steel frame mated to a Look carbon fiber fork. Cane Creek headset, Henry James dropouts, American Classic seatpost, Reynolds 753 steel lugged tubing and white decals on British racing green paint. Frame, headset and seatpost weight 5.2 lbs. Fork weighs 380 grams.

Jason built it up with Mavic wheels, SRAM Rival components and a Fizik saddle. Nice!