There are quite a few projects about, and people sometimes have unrealistic expectations as to what they are worth.
So they stary about. Eventually the price does drop a bit.
As to what to pay, how complete it is determins the price. Lots of parts are now very hard to get. Seats cost a lot to rebuild, assuming originals still fitted, which usually they are not.
You are probably better buying a road-worthy but tired one.
That said, I do know where there is a Mk1 project, and the owner is vulnerable at the moment as his marriage is breaking down, so may be available.
Cheers
Colin