I understand the sentiment, but I think that your observation lacks a little context. Firstly one can presume that this is AUD so the total is closer to $214K. Now, the owner probably started with an australian E9. You aren't going to find an $8K roller in Australia. Have you ever seen anything under $30K? The art car livery is painted on. That is a five color paint job with organic lines that must match an original historic race car painted by a famous artist. I'm sure it wasn't cheap. An S38 core and G280 isn't cheap - if you can find one in Australia. An S38 rebuild costs around $10K in the US. This motor is running dry sump, pushing 420HP and was built by "Ludwig Finaur". I wish I knew who that was, but when you list an engine builder in an ad, chances are the builder has a solid reputation - which equals $$$.
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Now add in all the shipping to get Motorsport bodywork from the UK, engine parts from who knows where, custom BBS wheels, and roll cage fabrication. On top of all that, the Peterson Redman livery vinyl probably cost around $6K to do.
So yeah, you could probably do all that and sell the car for $214K
So for laughs.... How about this for context... that is me with the car in 2011 at Lakeside Raceway in Queensland Australia
I thought I'd use the pic with me in it to show it is not just a web image. At the time I was part of the BMW Club Queensland Committee and came to find out a bit about this car but sadly never the source of the shell.
Ludwig Finaur is an ex-BMW engine builder who relocated to Queensland to support Frank Gardner during the time that he was contesting touring car categories in the 80's and 90's with the legendary JPS BMW 6 Series' and E30 M3s. So yes he is well known in local circles there at the time.
For more context, Australia went through similar pricing with E9's. Two years prior to me taking that photo, I passed on a Verona 3.0cs that was for sale at AUD$6500 and opted to buy a 318ti to compliment my then E36 M3 and clearly regret that decision to the day! Further, I missed another E9 in 2014 selling for $7000 on a local source due to having moved to the US and could not sort logistics. I am certain those times of finding a sub-10k E9 may well be gone now, but in the day of building this E9, prices of the CS were not where they are now.
I understand all you say but will maintain that time has worked in their favor. That said, there was no expense spared on this car it is not out of line to command the premium because ultimately, if somebody wants a car like this, there are no other choices of this kind. It would be nice to build one for sure.