This is most interesting, and quite honestly I was unaware of the modern products replicating these early examples of 'bilbo' . I think your approach is pretty amazing in that you have recognized not only the original antiquities, but the modern productions in Toledo, which as noted have their own place as antiques, but of more recent times.
It would be hard to say what to think of the representation as presented in the auction, but one would hope that absence of notice of the condition and inconsistencies which seemed apparent were simply an oversight by the auctioneer. In your case, as clearly a well informed and astute collector, you have gained an item which fits well in the scope of your collection, but in more modern grouping.
I think it would be good to notify the auction house of your observations and alert them that including that information would be important in their 'accurate' description of that or similar items, and you wished to increase their awareness. It is better to approach as an oversight and whatever adjustments that result would ultimately become acceptable by both parties.
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