I live near the auction site and had an opportunity to examine the sword in hand. The blade details were obscured by gunk, but no visible flaws. What appears as possible ware in the photos is gunk on the blade. Very nice shape and good length. But the selling price was a reflection of the fact that astute observers identified this as a probable kamakura nagamaki/naginata blade. See Brian's post above. There are hints of great age in the auction photos. The smaller grove evident on the tang is almost gone, polished down, on the blade(shown clearly on one of the photos on the auction site but not reproduced in this post) and one hole on the tang is clearly not drilled but probably chiseled. The tang also showed great age and was much thicker than the blade indicating a significant number of polishes. The condition of the blade obscured most of the hamon but portions were evident showing what appeared to be a gunome pattern. Impossible to say if the hamon is intact on the entire blade.
Still the selling price was more than I was willing to pay due to the cost and uncertainty of restoration/shinsa outcome. I have no knowledge of the identity of the successful bidder and whether that bidder inspected the blade in person,. There was only one day of viewing prior to the auction \and when I was there only one other person looked at the blades. One lesson to be learned is that NOTHING can replace a personal inspection of a blade. Auction pictures/descriptions can be very deceptive making a blade appear much better or worse than it actually is.