From a business point of view, there are serious financial inputs for the construction of the site, test shots, not to mention what Bob Carnie has said about his lab equipment for processing.
If you work on a costing basis of one month of work, in the form of all the background footslogging required to put this together. Then there is the time for test shooting, developing and printing out colour corrected test prints. Add to that, the actors fees and various other people associated with the construction and deconstruction of everything, you could be looking at a realistic total valuation of $20,000 to $30,000.
From a business point of view there should be a profit margin to allow one to re-invest in the business. This is where margins come into play, are they fair margins, or over the top margins.
Something like a 100% margin, is pretty much at the top end of the scale in business, anything above that is cream. Taking this to a logical business perspective working on the top end of my valuation of $30,000 + 100% margin, you would be looking at $60,000. $100,000 would be well into the cream end of a business transaction.
$1,000,000 is looking a bit like a dream come true for the artist photographer. It will certainly give him some street credibility, and, probably push other pieces of his higher up the scale.
I will be looking forward to seeing this in the flesh.