I don't know what the US market is like but here in Germany a 16" x 12" version of the Saunders easel usually goes for 200€ ($264) on eBay. So from a European perspective, you have had a great deal.
Thats a deal if it is in good shape. I paid that much for a 'beater' 20x24 Saunders that needed to be restored: (there was a url link here which no longer exists)