A few thoughts here: it is obviously a very cool car, but a similar barn find 68 Mustang GT 390 without the McQueen/Bullitt provenance would bring, optimistically, $50k. The expected $5mm sale price is 100x that.
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Sure, McQueen & the movie are beloved, especially among boomer car guys, but I doubt in 25 years that provenance will hold the same $5mm of cultural equity. At some point it will be a fairly prosaic 68 Mustang that was in a cool car chase movie 80 years ago. /2
An equivalent now I guess would be a pretty cool 36 Ford 3w V8 coupe that was driven by Humphrey Bogart in a 1936 gangster car chase movie. That's also about $30-$50k car, but can't imagine even a Bogart movie association adding > 3x or 4x value multiple
Occasionally you'll see a celebrity-owned 20s-30s car come up for sale, say, Clark Gable's personal Duesenberg J roadster. Eventually the Clark Gable association adds some value, but the majority is in being a Duesenberg J.
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/4
nah. Consider the icon of all icon movie cars, the Aston Martin DB5 from Goldfinger; it sold a couple years ago for $6.4mm, which is about a 10-12x premium on a garden variety 1964 DB5.
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Anyway, it'll be interesting to see how much the Bullitt Mustang brings tomorrow. Just saying with $5mm in mad money I'd rather spend $25k on a plain jane crusty 68 Mustang GT and put the rest in an index fund. 6/6
tho I'd go a bit more on this '68 Shelby in hiding near my home town. It was in a collision in 1969, repossessed in 1970, and pretty much resting ever since 
Update: it sold for $3.4 million, less than the $5mm pre-auction estimate but more than the $2 mil I predicted
