It might be. They certainly aren't making any more of them, and there weren't many of them made in the first place. Examples in similar condition, minus the headstock holes, can bring twice that much or more....
Go to ebay, click "advanced" search. Enter "vintage martin concert ukulele", and click "completed listings". There are 3 up there right now. Sale prices range from 356.00 to 560.00 for these 3. The value is not base on what someone is asking or hoping to get. It's based on the amount they actually sell for
I saw this post earlier as well, but to me, the price seems too high for the condition. Looks like there's something on the back of the headstock as well. I can't tell if it's a chip or what.
A little steep. Those drilled holes are so unfortunate. I'd ask to meet in a busy parking lot somewhere so I could play it. Get it in my hands to play, and then try to talk the seller down.
I agree with bluesockmonkey and mailman--they really didn;t make many of these. 9k in all the past years. For instance, in one year alone, Martin made 14k sopranos!
I personally, don;t think $500 is out of the realm of reality on these ukes. I mean, Martin 0 sopranos, which were made in the hundreds of thousands (I think I didn;t add them up) sell for $400-$500, not mint condition. I think concert Martins without headstock drilled holes (what a shame!) but still with dings go for $800-1000, and pristine-ish ones for $1500 or more. That's what I have seen of the concerts.
I enjoy my Martin concert, and if that is your size, then playing it in a public space and dickering is reasonable, as someone astutely suggested. If you plan on collecting ukes, this one might be a pass, but be prepared to spend twice as much for that one.
Yes a vintage martin concert in mint condition would sell easy for a thousand or more....but even in this condition it is worth at least 700 or more..
of course you can plug the holes and redo that patch and do a refinish which would probally cost as much to do...I would guage my decision on how the uke current sounds and
if it is structurally in good condition like a straight neck...good luck