Without a doubt it is overpriced. I could see a very nice example like this going for the peak that they are currently up for of £16k-£18k but no more.
£14k currently gets you a nice example with higher mileage (than the link) and some worthwhile mods but if somebody was dead set on a clean original I can see it going for high teens. Any more than that and they are just chancing it.
Funnily enough I watched a video yesterday about the JDM import "bubble" and there are allegations of companies over there buying and selling off each other to create the illusion of a higher market and set a new price floor. Wouldn't surprise me in the slightest!
Agreed, and yeah the ones avail an up for more that 14K are literally as you have said "up for of £16k-£18k but no more", but they have been up for a long long time and not selling as this is too much and no one wants too or is willing to pay it. A car is only ever worth what someone will pay, we all know mileage is nothing on these so don't care about the constant hype of low mileage etc as 90K is low for an 18yr old car and I would always buy a car that's used over one that's sat doing nothing deteriorating away as that means the bushes etc will all be in need of doing anyway and perished etc.
I know for a fact a few companies have done that and seen the same car swapping hands quickly, I feel more sorry for those who think the prices advertised are the actual values lol, just shows they have not considered many variables and are believing an over priced and hyped market (similar to that with the houses recently due to the stamp duty freeze).
I recently viewed an Exige S as a new track toy and walked away after agreeing with a mate that it was far from the right one for the money, over 30K, wouldn't let anyone test drive it, in need of a service, mot and two rear tyres and I felt more sorry for the gearbox as the way he drive it was nasty. I have never even shifted that hard on track in my entire life, I literally felt the engine and box clunking behind me so I think he was hiding a clutch/box or syncro issue by not letting anyone drive it.
The value on that car imo would be no more than 25K, but he has upped the price in line with many on the market and well it's still for sale 2/3 weeks later (for a reason) overpriced like most of the DC5's.