A circa 1912 Indian Two-Speed Regular model Drive Motorcycle

What “two-speed regular model drive” typically means

Indian’s pre-1916 big twins are often described by horsepower (7hp), displacement (around 61 cubic inches / ~1,000cc), and the type of transmission. In casual listings, “two-speed” can refer to a period-correct two-speed arrangement in the rear hub or an early gearbox setup depending on the exact model year and configuration.

When you’re valuing the bike, the practical question isn’t just “is it an Indian?” but: is it complete and correct for its stated year and variant. The farther a motorcycle drifts from period specification (or the more reproduction parts are used), the more it behaves like a rider-quality vintage machine rather than a top-tier collectible.

Fast identification checklist (photos to take)

Before you compare prices, capture a repeatable photo set:

• Full left/right profile, straight-on front and rear.
• Engine number close-up (and any stamped or tagged numbers on the frame/fork).
• Drivetrain close-ups: rear hub/gear, sprockets, chain line, clutch components.
• Controls: throttle, advance/retard, levers, pedals, and any linkages.
• Ignition/fuel system: magneto, coil, carburetor, fuel tank fittings.
• Wheels, rims, spokes, brakes, and tire type.
• Any documentation: old titles, import papers, restoration invoices, period photos.

Tip: in many early machines, the engine number is the anchor. If you can document a matching-number engine (and a consistent paper trail), your value confidence jumps.

Valuation drivers (what moves the price most)

For a circa 1912 Indian two-speed V-twin, these factors dominate:

• Completeness: missing correct-era parts can be expensive or slow to source.
• Correctness: period-appropriate carb/ignition/controls matter more than shiny paint.
• Engine health: a running, oil-tight engine is a major premium; seized or unknown engines pull values down.
• Restoration quality: a respectful restoration beats over-restoration or mismatched finishes.
• Documentation: provenance and titled status can be decisive for buyers.
• Safety vs. originality: sympathetic upgrades may help rider value but can reduce collector premiums.

Common authenticity red flags (quick triage)

Many early Indians have been restored more than once, and parts interchange across decades of vintage motorcycle collecting. That’s normal. The goal is to spot issues that materially change value or marketability.

• Inconsistent story vs. components: year claimed doesn’t match the major visible assemblies.
• Fresh “matching number” stamps: uneven depth, wrong font, or obvious re-stamping marks.
• Modern fasteners everywhere: not automatically disqualifying, but signals deeper non-originality.
• Over-restoration: chrome/plating choices and colors that don’t align with period practice.
• Missing drivetrain details: incomplete hub/gear components on a bike advertised as “two-speed.”
• No paperwork at all: for higher-dollar bikes, lack of documentation usually narrows the buyer pool.

If you see several of these at once, treat the motorcycle as a rider-grade example until proven otherwise.

Recent auction comps (benchmarks from Appraisily datasets)

Below are real-world auction results that help bracket pricing for early motorcycles in this class. Hammer prices do not include buyer’s premium, taxes, shipping, or restoration costs.

• Bonhams (2024-10-13), lot 306: “1912 Indian Model D 7hp Twin” — GBP 40,000. Use this as a strong reference point for a correct, high-quality example.
• Artcurial (2025-02-08), lot 329: “1925 Indian Scout” — EUR 20,000. A later model, but a helpful mid-market reference for authentic Indian V-twins.

• Bonhams (2024-10-13), lot 304: “c.1915 Douglas 4hp Motorcycle Combination” — GBP 9,000. Useful to gauge where non-Indian early motorcycles trade when complete and restored.
• Bonhams (2020-01-23), lot 154: “1915 Harley-Davidson Twin Model F board track engine build” — USD 22,000. This shows how special-purpose early Harley builds can sit in the same broad value ecosystem.

How to apply the comps: a circa 1912 Indian two-speed that is complete, correctly presented, and supported by paperwork tends to cluster near the upper end of the $38k–$45k band (or above). Recommissioning needs, missing critical parts, or weak documentation pushes it down.

How to sell (and which value you need)

Different selling paths imply different “values.” Decide the goal first:

• Insurance/replacement value: often higher than auction hammer; focuses on replacing with a comparable example.
• Fair market value: typical willing buyer/willing seller; common for estate planning and equitable distribution.
• Quick sale / liquidation: discounted for speed and uncertainty (especially if non-running).

For a rare early motorcycle, specialist auctions and high-end consignors can outperform general estate auctions because they attract the right bidder pool and provide documentation-friendly cataloging.

How to prepare for an appraisal (what experts will ask)

• What is the engine number? Is there any matching documentation?
• Does it start, idle, and move under its own power? When was it last running?
• What is original vs. reproduction vs. later replacement?
• Any known frame repairs, cracks, brazing, or non-factory modifications?
• Restoration receipts (especially engine rebuilds, paintwork, plating).
• High-resolution photos in consistent light (outdoors shade is best).

FAQ

Is a non-running 1912 Indian still valuable?

Yes. Even as a project, a complete early Indian V-twin can command strong money. The discount depends on how much uncertainty exists: “stored but turns over” is very different from “seized, missing parts, no history.”

Does restoration always increase the price?

Not always. A high-quality, accurate restoration can raise value, but over-restoration or incorrect parts can reduce collector interest. Documentation of what was done (and by whom) matters.

Why do auction comps vary so much?

Condition, provenance, originality, and the venue’s bidder pool can swing results dramatically. Use comps to bracket the market, then adjust based on the specific bike in front of you.