Completely ridiculous that it got up this high, the rifle has a ton of issues. Hope the bidders know what they're buying. Here's what I wrote over at the CMP forum (wonder if that thread identifying it as an M40 was the catalyst for the crazy bidding):
There are multiple issues with the gun and it's definitely not worth $5k+. That being said, the money is going to a great organization and a worthy cause. I just want prospective bidders to know what they're getting into before they drop big bucks on this item.
What you're buying at this auction is essentially just the receiver, since the other parts have been messed with or are missing (satin black Redfield scope). The serial number puts this gun right with all the other known 6257xxx rifles, so at least the receiver is good to go.
The stock is missing the original metal buttplate (part # 16601) and has a rubber pad installed. It is impossible to know when and why this modification was done, it could even have been put on there for a shooting team member as opposed to a sniper. The stock also appears to have a brass pin pressed in on the top of the grip directly behind the receiver. This would have been done by an armorer trying to fix a crack in the stock. I'd imagine you might have issues with this if you were to actually shoot the rifle on a regular basis. The action and the first inch or so of the barrel have also been bedded to the stock.
Looking closely at the pics, I don't see any barrel markings, so it's also possible that the barrel has been cut down and re-chambered or it's a replacement. There is also a ton of rust on the crown, which means that the inside of the barrel is probably rusty and/or pitted. I doubt this rifle would shoot very well. The recoil lug is also unusually thick, definitely something that was added when the rifle was re-barreled.
The base is a Redfield 700SA, which are pretty common. This is correct for the later 7 digit rifles, but aren't anywhere near as valuable as the original 40X bases that the 6 digit rifles had. The rifle is also missing it's scope, which should be a satin black Redfield 3-9x. However, glossy black Redfield scopes from the same time period are easy to come by and can be used to complete the set (tokiwartooth on the forum can also anodize the scope in a matte finish if need be).
I'd rather get one with a scope and negotiate the price down -
http://www.gunsinternational.com/gun...n_id=100604279
Here's an original 6 digit M40 for sale (overpriced) -
http://www.gunbroker.com/item/709507401