If there is one oft-repeated rumor over this long summer of questionable economic indicators, it's that entry-level collector cars can be had for ridiculously cheap right now. Joe Six Pack has lost his job and is in hock up to his eyeballs, so he's letting go of his pride-and-joy for 60 cents on the dollar – or so the rationale goes. While this certainly seems plausible, there's just one problem with the scenario: We haven't seen it actually happening this way.

Let's consider Worldwide's Auburn, Indiana, sale as our test case. To set the stage, this auction was held ...