I'm thinking of going to £120 but I'm not sure.
I'm no expert, but from my own similar questions, it seems these flags are common. Condition is something you can be picky on if you're patient. That flag, from what I've gleaned here is probably not worth more than $100 US. Considerably less than you are considering. But, others may chime in with more experienced answers.
"Only a real risk tests the reality of a belief." - C.S. Lewis
Unfortunately, this flag has damage to it and no longer has any way to hang it, aside from using thumb tacks, of course. A shame, as it's a military style flag with the large roundel and swastika and would have been worth good money if it had been in fine shape. I remember, they used to refer to these kinds of flags as "Tank Flags", but they were, naturally, for most all military uses, and not just tanks. It was likely cut down from it's position by a liberating GI, as many wanted a specimen of the big swaz flags like this. As far as value, I would not think that anything more than $100 to, perhaps, $150 on a real good day would be out of line.
"Much that once was, is lost. For none now live who remember it."
Personally, I would not buy this flag because of it's said damage, there are plenty of fine-looking flags out there if you look under every rock or wait a bit. As they say, do not give 120 GBP for it!
Thanks for the feedback guys. I think I'll leave it.
The auction has 5 hours to go and its at £155 guess amateurs just see the flag and go nuts.
Maybe they want to collect the item and not just turn a quick profit.