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I think there are several reasons for these increases in value.
One is that we are finally at a point where you really can't buy anything like them new anymore. In the past you could move on from your E30 to the E36, and then on to the E46, and then to the E90 and add incremental bits of safety, technology, and reliability but still keep that classic driving feel. Heck at least even with the F series chassis' you could still get a manual transmission. There was little incentive to keep the old models because the current ones retained much of the feel with the added benefit of being new.
But now there is pretty much nothing in the BMW lineup that you can get new that has any resemblance to the classic models that made BMW famous in the first place. Everything is a tech loaded luxo-barge. This creates a nostalgia and people look back and realize that the original cars were something special. The E30 is the oldest and the one that really put BMW on the map so its seeing the biggest spike right now. I think the E46 will also see a similar spike down the road, with the E36 and E9X/E82 models gaining some interest as well.
Add to that the simple fact of supply and demand. BMW made a ton of these cars but most are daily drivers and not owned by enthusiasts and get beat to crap, especially by their second and third owners. By this point clean models become hard to find. Add in a nostalgia bump, and boom - prices go up.
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