Having a .32-44 New Model #3 target, I understood.
As for the $1100 value; if it is in good mechanical condition it should be worth more than that. But, they are not exactly in high demand and I don't know how quickly you might turn it. The revolvers in that caliber were only made as target guns and should have target sights (the first S&W revolver with adustable rear sight as standard equipment). Very few were made serial number ranged from 1-4333, .32-44 production 2930, made from 1887-1910.
Mine is #3761 and letters from 1901. It probably rates antique "fine" condition.
No factory .32-44 ammo has been made since around the 19 teens, although it is probably possible to make cases, I'd forget it as a shooter. I would value my revolver at about $2000(?)