The claims of the death or S&W antiques are greatly exaggerated!!
I do not think that antique S&W guns are losing value. You have to look at all the circumstances before making that claim. First, where else can you find a fully functional revolver for sale without having to deal with shipping between FFLs and that are exempt from BATF regulations in almost all states? There remains a strong attraction by collectors to own antique Smiths and Colts but may be declining other brands. You also have to look closely at what is being sold on the market today. Many are well used, beat-up, mixed parts, no finish, or non-functional. Sellers are asking high prices for poor rated antique S&Ws but they are not selling. Look at high finish antique S&Ws and I believe the priced are holding steady and maybe gaining some. Will there be any major rise in values for this class of gun? - probably not, but who knows for sure? A new generation of potential collectors occur every 20 years or so and who knows what their interests may be?
I also wanted to offer one piece of advise and caution about the 38 Perfected. Having owned antique top-breaks for decades, I am very familiar with how to open the action for loading or ejection of empties. Simply lift the top latch and with some force, put pressure on the barrel in a downward motion. That is fine with all but the Perfected revolvers and I believe many of this model, through the years, have had problems because people forgot to also open the thumb latch.
The gun I am showing in this thread was purchased just a few years ago online with a title: 38 S&W Revolver - Parts Only Gun. I put in a minimum bid of $130, knowing what the gun was and was the only bid, and when it arrived, it was indeed inoperable. The problem turned out to be what I thought for an almost unused gun and it was a bent center pin (quill). If you forget the second thumb latch on this top break, you can bend the quill while trying to open the gun. It can be repaired, but realigning the quill is a tedious trial and error process and if not careful one can break the "conduit thin" quill.
James, give us a range report when you go out to shoot your gun.