I'm in a machine tool desert, and that seems high. Here that'd be asking half or three quarters of that, and they'd get half of that.
That said, it's rare, just by it's age. If making the machine work is something you enjoy (a lot of us here do enjoy working on and working with old obsolete stuff), maybe there's some room to wiggle. But it's also taking on a comittment to the machine. YOU will have to make sure it's good, YOU will have to keep it good, and YOU will have the responsibility of making or sourcing parts that havn't been made in decades.
What's your interest? If you want to clean it up and use it, you need newer, as the "antiqueness" and "obsoleteness" will destroy your interest in metalworking. If antique machines and their maintenance entertains you, it's as valid as any other hobby, it's a good candidate, but the first thing you're going to need to generate your own lathe parts, is a lathe and a mill. So, yeah...... But if "antique machines" is your thing, you'd have to check the local market on pricing. They are literally all over the map, and the places where they're crazy high- They're just about high enough to almost but not quite cover the transport costs to pick one up somewhere else where they're cheap. But I think that's high anywhere.