The sky may be falling in most financial markets, but it remains surprisingly blue in the world of collector cars. The New Year kicked off with the annual Scottsdale auctions, which found houses such as Gooding & Company (www.goodingco.com), Barrett-Jackson (www.barrett-jackson.com), and RM Auctions (www.rmauctions.com) collectively racking up more than $100 million.

The secret of this success? Think reasonable. Instead of showcasing a parade of seven-figure beauties from the roaring ’20s or racy ’60s, many desirable, but not outrageous, cars traded hands in the sub-$100,000 realm.

"Three out of four buyers were first-timers, which just goes to show you that interest in cars is still there, so long as the price is right," says Craig Jackson, CEO of Barrett-Jackson. He adds that big-ticket vehicles were tough to find both because owners were afraid to let go of them below market value, and because buyers are loath to spend large in lean times. "It’s socially unacceptable right now to flaunt your wealth," Jackson says.

An exception to that rule was the unknown bidder who nabbed an unrestored 1960 Ferrari 250 GT California Spider for $4.95 million at the Gooding auction—rich fare, but about half the price paid for a Cal Spider last summer in Europe.

So what’s a good buy in today’s cash-crunched climate? Restored mid-level European cars, such as the 1967 Alfa Romeo Duetto Spider that RM Auctions sold for $46,200, offer good value and fun. So do—despite constant predictions of their imminent crash—American muscle cars, such as a one-of-a-kind 1989 Corvette ZR2 prototype that Barrett-Jackson sold for $71,500. Even new-era muscle cars drew big bids at the Scottsdale auction: The only 1,000 hp Saleen S7 in existence and the first retail production 2010 Chevrolet Camaro sold for $412,500 and $350,000, respectively.

One big bonus granted by the fiscal climate is the scattering of speculators who bought cars only to later flip them like hot residential properties. Today, your auction competition boils down to other enthusiasts, which means the good stuff will attract fair bids from savvy buyers.

A final tip: Take advantage of someone else’s labor of love. "One customer of mine says he’s buying only great restorations," says Jackson. "If you get one for slightly less than what it’s worth, you’re way ahead of the game when the market comes back."