I have an early 60's Olmo Special that looks similar to the e-bay frame. True, nothing incredibly fancy, but I like it, mostly because it is completely original in really good condition, red, and shiny. I paid $150.
Jay (oh oh; three strikes you're out) Sexton Sebastopol, CA
Can anyone add to our knowledge of this frame?
No relation to seller.
I had one of those and as Steven Maasland wrote, it was nothing special. If you search the archives, this model has been discussed (I don't recall the name of the model). The archives say Olmo used the "fancy" lugs to tart-up an otherwise gaspipe frame. I think I paid about $100 and that included delivery but the paint on mine was not nearly as good. It makes a good fixie.
Crystal Lake, IL USA