Re: A.L. Walker fly reel
One of the best ways to gage the market for such a reel is to search eBay for similar models. If you find any then save the item on your 'Watch List', see what they finish at price wise. If there are no reels like yours listed, choose the option to 'Save This Search', then follow the directions to set up an e-mail notification when reels like yours are listed for sale. When reels come for sale, put these on your watch list so you can see what they sell for.
You may be able to find independent forms of pricing to check also such as Clark's Classic Tackle, a web site. While there are many forms of market and marketing for vintage reels, the eBay method will demonstrate the prices people are willing to pay on a regular basis. I have done this 'watching' procedure many times; sometimes for weeks prior to selling an item at a fixed price. Choosing an average between the highest and lowest prices paid is always a good starting point. If the reel is mint condition or if it has been used to the point where the frame has developed a fine 'rubbed patina' then I lean toward to high end of the price range.
selling at auction can be a risky business. Fixed price items have a history of not selling while offering a reel worth several hundred dollars at a starting price of .99 can be both nerve racking and may result in either a high price finish or a steal for some lucky buyer. I do not have in mind an actual value for your reel but will guess that in 'fine condition' it would be at the upper end of the Walker reel sells at depending on the vintage.
Hope that helps,