I'm thinking sending in a copy of your passport is asking a bit much.
As for "shooter" grade 1911's, those are selling for more than $500 on GB, so there is your market price. It does bring up a point - what constitutes shooter grade?
Well, it has to be considered still minimally functional, for collector purposes the NRA define that as "Fair" condition. Armsbid publishes this definition:
FAIR: Some major parts replaced; minor replacement parts may be required; metal rusted, may be lightly pitted all over, vigorously cleaned or re-blued; rounded edges of metal and wood; principal lettering, numerals and design on metal partly obliterated; wood scratched, bruised, cracked or repaired where broken; in fair working order or can be easily repaired and placed in working order.
The CMP has had a long term reputation for selling guns which need no repairs, so we will be getting a firearm that is potentially rebuilt a forth time in it's service life. There were three previous arsenal rebuilds of the 1911 fleet in it's history. As many here and in other threads on gun forums have stated, it pretty much sums up an average condition for 1911's handled late in their service life.
So, what does an NRA fair GI 1911 sell for? There is the market value. I previously suggested they have a collector premium of $500 over utilty, "shooter" value, when police turn ins are sold, those go for as little as $190, so I estimate the Fair grade CMP guns to sell for over $750. Some of us initially thought two years ago they would be cheap, but no, when "market value" is where they are going, then you can get to pick and choose buying one right now and not spend any more on gun auctions. With the lottery you don't get much selection, and I speculate that those with numbers past 6,000 the pickings will be slim, take it or leave it.
No idea if there are "no shows" that new numbers will be extended and issued, since the CMP has said about 8,000 will sell they might have a clue.
It still remains to be seen what constitutes proof of being a US citizen and no doubt some have already asked the CMP what they will accept. I fully expect some clarification will emerge. If the Secretary of the Army signs over ownership to the CMP, likely well after the holidays, and they then wait at least 150 days after that assessing and grading guns, we then won't see anything offered until June of 2018.
Not very many will still have tax refund money to blow on one of these.