I remember that when I first got into the gun biz back in the early '90s, $500 would buy about as nice a GI Colt M1911A1 as you'd care to actually shoot. You could spend more on WWI guns or scarcer variants, but a standard Colt or Remington Rand wasn't a terribly expensive proposition.
Not anymore. Yikes.
Colt M1911A1 in 95% condition per the 23rd Edition of Fjestad's Blue Book (2002): $625
Colt M1911A1 in 95% condition per the 29th Edition of Fjestad's Blue Book (2008): $2,700
I have to wonder how much, if any, of this is "bubble". Fads change, even among blue-chip collector guns like Colts and Smiths. I'd like to think that the military 1911 market will cool off a little bit at least in the future. But I'm not holding my breath...