I'd find out the serial number, check to see if numbers are matching, make sure it doesn't have a tang crack, make sure it hasn't been D&T'd and make sure the toe hasn't been chipped. A lot of what ifs for me.
Is it worth 1200? Certainly not if it has any of the above issues. If it doesn't, I'd call it a 700-800 rifle. But with the $ that's being flashed around the 99 market right now it's getting so I have no idea what any of these things are worth....