I have a Conover lathe... John Jordon's old Conover, to be precise.
The basic, 4-speed, 16" lathe did indeed sell for $1500 just before it was discontinued in 2002. It came with the headstock, tailstock, tool rests, a face plate and drive/dead centers, but no stand and no motor. The idea was that you could build any stand you wanted and use it as a bowl-turning lathe, a huge spindle-turning lathe (porch columns are no problem for this guy), or a general-purpose lathe for everything... like mine. The spindle nose (1/2"-8) and the Morse sockets (headstock: #3, tailstock: #2) are bigger than what are considered "normal," and it can be a pain to find accessories to fit. There were two different styles of securing the tool post: originally it was just a simple handwheel and later was redesigned to a cam-lever lock.
The manual is pretty basic, and doesn't really say much other than how to build Ernie's (Conover) idea of a stand, to be careful of the speed, and gave basic directions how to tear down and lube the bearings.
As with all auction sales, it depends on how old it is (important for which style of toolpost lock), what condition the cast iron parts are in (the bed/stand is of no real consequence, especially if someone knows what they are looking at), and what accessories are packaged with it. In great condition, the headstock, tailstock, tool post/rest, faceplate, drive/dead centers could fetch $750 from the person looking specifically for a Conover. If it also came with a motor, a second tool post, a live center, 4-jaw chuck, etc., then even I might bid on it for that price.
Michael Latcha - at home in Redford, MI