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Something about the colors used in those insignia really makes me wonder. I would have to have original owner's info and provenance for the jacket even at 1/4th that price. A more recent painting IMO greatly reduces the value despite the contract.
I'd say the jacket is overpriced, but the insignia appears genuine in every way. I once owned an absolutely GENUINE A-2 from this unit and the insignia was hand painted exactly like this and the colors match up perfectly, though seeing in person would make all of the difference (this unit dominated in painted insignia vs. cloth). If the hands-on inspection is still not convincing, then fall back and use one of those lead-base test kits commonly sold at Home Depot, et al; unless painted with artist oils, which is not uncommon for artwork done in Italy done during the war, all other paints of the era contained lead and will test positive as such. There were still some paints on the market in the 1990s (don't know about now) that still contained lead, and there's always the chance of getting some old paint that's still good (saw some WWII Japanese aircraft paint that was still good about 10 years ago), but the lead-base paints of a contemporary nature aren't as thick as the old stuff and they lack other chemicals that cause a reaction with leather as seen on the vintage examples. I've said enough, as I don't care to edify the fraudulent-minded scum bags who made read this.
All I can say is that in this world of excellent repro patches an jackets, that this is necessarily either, collectors are going to have to start relying on a jacket's ownership trail if not even more specific provenance. It won't be long until most every jacket will be sold collector to collector.
No reason to think the artwork is modern is true. But I think for that money, someone's word isn't enough.
Good idea about the lead paint test.