It's a fair price, for a couple reasons:
I paid $1000 for one of the new production 1885s in .22 Hornet 3-4 years ago and it's a shop that never increases prices on the "been there a long time" inventory. Consequently there was another new1885 in .223 for $1400 out the door. I've made some offers on it since then, but they won't budge much on it. If they'd go $1,100 out the door, I'd take it in a heartbeat and I'd be real tempted at $1,200 out the door.
Also, the mid 1990s Browning 1885s were quite frankly even better finished than the current guns and they are in my opinion worth at least as much if not more than the current guns.
In both cases the Browning 1885s have a very sturdy bar that is used to mount the forend (more substantial than the Ruger single shots) so they tend to deliver very consistent accuracy.
My .22 Hornet is a 1.0 MOA rifle with 5 shot groups at 100 yards, which isn't stellar for .22 Hornet, but it's still very good accuracy.
I also have an Uberti 1885 High Wall in .30-30 and it's a surprisingly accurate rifle as well. It'll do 10 shot groups inside 1.25" at 100 yards with a Marbles tang sight and Lyman 17 globe front sight.
The 1885 design is very strong, very smooth and very enjoyable to shoot.