I'm no expert...and I don't even play one on TV
But, for what its worth, YES, this was the very nicest AT-11 restoration, flying or static that I have ever seen...and Ray is a really nice person. Enjoyed meeting him @ OSH the first year he brought it there.
As far as Restoration $$ vs selling prices...IMHO they never, or rarely, match-up. I bet most warbird owners & restorers would agree. Any really good restoration usually sells w-a-y below its restoration cost.
Yeah, I bet someone can cite a few exceptions where a well-restored a/c sold for significantly more than its restoration cost, but "exceptions prove the rule" as my Daddy used to say.
It's still a terrific AT-11.