These were average guitars back in the day. I think they sold for 300.00 to 400.00 new.
I traded my friend some stereo equipment for his. It was my first decent electric guitar. My guitar teacher put two EMG pickups in it and it wailed! Looked pretty cool too. But 700.00 seems pricey although maybe about right given inflation since 1980. If I remember correctly Ibanez made the Vantage line. I played it through a Music Man 212HD. Wish I had that amp back again.