The definition of Fair Market Value: The amount for which real property or Personal Property would be sold in a voluntary transaction between a buyer and seller, neither of whom is under any obligation to buy or sell.
No, I don't believe this Bronco was sold at Fair Market Value. It was a charitable donation. However, I don't think some of the comments regarding BJ jacking up the prices is warranted. It's an auction, which brings a lot of potential buyers to the table. Those buyers pay what they think it's worth to them. BJ doesn't set a price. Even the reserve is set by the seller. BJ would rather have no reserve on anything. At least then they would be guaranteed a sale no matter where the bidding ended.
In a sense, auctions are a perfect barometer of market conditions for a product. I really don't see how BJ has done a disservice to the Bronco community. If anything, they have reacted to demand; not the other way around. Price is relative. Dropping $100k on a car when you make seven figures is a lot different than dropping $100k when you make $40k a year.
I also think that a lot of people don't put a value on the time it takes to restore or build these vehicles. They only look at what it costs in materials and components. Often they don't even take consumables into consideration! A shop that builds these has employees, taxes, insurance, overhead.... You, building your own, in your spare time, don't have to worry about most of those things.
The bottom line is that not all people have the time or skills to do it themselves. Often times, there time is needed or better spent elsewhere. To get what they want, they need to either hire others to do the work, or buy something they like already completed, if they're lucky enough to find something done to their taste. Hence, when something is done well, and has mass appeal, the prices tend to go up.