Watch and track all of the auctions on gunbroker for a couple of months.
Rifles made in the 1920s, in VG+ shape, are generally regarded as shooters, not antiques or true collectors. (Those in very high or near excellent conditions would, of course, be an exception.)
For every one person who would love to have a nice example shooter in .32-40, there are probably 5 or 10 who would rather have it in .30-30 or .32 Special.
As for locale, old pump actions and classic levers are highly regarded in Pennsylvania, a state where semi-autos are not legal for hunting, and you have a huge number of deer hunters and a high population of fairly well off people who collect. (I have lived within 100 miles of Pennsylvania for more than half of my life. Been to many shows up there. Love the central portion of the State.)
In other parts of the country though (central and southern Virginia, Tennessee, North and SC), old pumps and levers are not as highly sought after. People are hunters and shooters first, and collectors fourth. Nobody gets too excited over old Savage 99s, Marlins, or Winchesters in VG+ shape. By and large, those rifles sit on the tables at gun shows for the whole two days while people pass them by. Fairfax, VA and Richmond, VA are exceptions of course, but even at the shows in those places, people in their 30s and 40s are now going for black guns instead of the old classics, and are fewer and fewer tables each year of classic guns..
At the huge gun show in Dulles three months ago (Dulles Airport in Fairfax), there were probably only 10 tables with classic guns out of 400 tables, and nobody was buying them. This in the third or fourth wealthiest county in the U.S. with a population of over 1 million.
So, bottom line, there are huge differences in demand depending on the exact local of a show, the type of rifle being considered, and whether the gun is a nice example of a shooter or a high condition beauty.