What ya see........etc.
This has obviously been stored in a semi harsh environment for many long years. Wood has been damp / wet, and the compound joints are suffering.
But surprisingly the bellows looks to be quite usable. CAUTION! I would approach it very gently with something like saddle soap and let it gain it's full length again over several increments. I think it'll be fine.
Fine Print; no guarantees. All else is present! NOTE the missing chunk of wood on the base block. This probably makes it non restorable for all but the best woodshop workers amongst us. $225 includes shipping in USA!