My first thought was forty too. Re Athertons:
https://www.instagram.com/p/CZR-xhWM9Od/ "Their steady hands and meticulous eye for detail spend 16 hours fettling the lugs for each frame to achieve the perfect finish." O_O If I understand correctly, that's just dealing with the lugs, let alone gluing and then final assembling the frame. Google says UK minimum wage is ~9 GBP per hour. Which is 11 EUR. That's a cost of AT LEAST 175 € to finish off the lugs alone, likely a lot more given the type of work. I know I'm a broken record, but, again, HOW do they manage...