Equipment
Chassis, engine and running gear done in shiny paint. Rough body preserved in primer. Cracked old upholstery. Restamped replacement block (from a 327), cracked head that incorporates a steel plate with the valve seats that is cast into the head (no wonder it cracked.) No early history of anything but being sent back to BMW by the first dealer. Needs everything is an understatement.
Market commentary
Even accepting that some BMW 328s are $600,000 cars these days the condition, mixed bag of parts and lack of history of this one argue for a value considerably less than the reported high bid. The seller would have been prudent to accept a money offer anywhere close to this much.