Sold on ebay on Oct 23 2001 by Pete Paine (helenmac7@netscapeonline.co.uk), buyer was  gj.moed@chello.nl  Went for GBP 1,800 (approx. $2,566.89)

Pictures are used here without permission - I'll take them down if the owner objects but I don't think he does.  He of course retains all rights to them, and to the following description text from the auction: 

Mikael Pedersen bicycle from 1899. These were sold under the Mikael Pedersen name before he went into partnership with Listers of Dursley and were then known as Dursley Pedersens. Very few Mikael Pedersens were made and even fewer survive today. This one is numbered 202 but less than five are known to survive. The unique frame design was touted as a cantilever design but in fact was closer to the space frame design used on recent Moultons and on classic sports cars. This machine was obviously updated at the factory around 1904 with the first version of the Dursley Pedersen gear and which is numbered 1206. This machine is exceptionally original - the rims are the correct 24 x 1 1/2in, the pedals and chainset are Pedersen. It is even still fitted with its original 1in pitch block chain which shows few signs of wear indicating the light use that the bike has been subjected. There is still nickel plating on the bottom bracket which might well indicate that the rest of the frame may well stll have quite reasonable nickel plating. The bicycle shows signs of craftsmanship rarely seen - look at the beautifully shaped reinforcements around the handlebar fixing. The saddle appears to be original made from silk cord although new leather strap has been fitted more recently.