Beauty is in the eye of the beholder,I think it's one of those cases of it's worth what somebody would pay. I wouldn't pay £20 because I wouldn't feel it's fair on the seller. I'd personally say 3 times that to the right person. It's so ugly it's beautiful. Atb Phil
Home made I'd say, and from the sight alignment it looks like the maker was expecting massive recoil, massive pellet drop, or both.
Worth £40 as a curiosity, maybe more if refinished.
l find one-offs intresting, to think that someone as put some thought into making a air pistol or rifle. it's a pity that whoever made this one didn't make the grips a bit longer. as l think it would have made it look better.
Vaguely reminiscent of stuff made in the local PoW camp in 40's