Beautiful machine, I own the same model myself.
Brunswick phonographs were made by Brunswick Balke-Collender Co of Chicago. The company started out manufacturing billard tables etc, & in 1916 began to manufacture phonographs. These used a unique type of soundbox & tonearm known as the Ultona, which was capable of playing both lateral & vertical cut records ie: Victor/Columbia, Pathe, and Edison diamond discs. In 1919, they started producing records under their own label (previously they had pressed records for the Pathe Co), and they were pioneers in electrical recording & reproduction releasing their first electric records & machines in 1925.
At this time, their wind-up machines were still using the Ultona soundbox, but in either 1926 or 27, a new soundbox & tonearm was introduced which used an aluminium diaphragm designed to play electrical recording.
The Madrid I believe is one of the first new models introduced using the new soundbox. Other earlier models like the Stratford can be found with either tonearm depending when it was manufactured.
To be honest, I've never found out exactly when the change over of arms occured, but it would have been 26 or 27, and unfortunately there is no records of serial numbers for these machines that I'm aware of.
You are right that these are a wonderful sounding machine, which is quite surprising considering the horn was a simple design that had remained basically unchanged since 1916, but they still manage to deliver good bass response due to the orthophic style soundbox.
The Brunswick motor was of extremely high quality, so hopefully parts will never be a problem, although main spring breakages can occure.
I would highly recommend having the motor properly cleaned and serviced with new lubricants & fresh grease in the spring barrel, as this should prevent any damage occuring in the future.
A good place to have this done is Great Lakes Antique Phonographs. George can also help out with parts should they ever be needed. He can also rebuild your soundbox by replaced the dried up rubber gaskets, and make any adjustments to provide the best possible sound from your Madrid.
http://www.victroladoctor.com/As for value, it's difficult to say. Being a console machine they tend to be fairly unpopular with phono collectors as they take up more floor space. Prices also vary greatly from country to country & even state to state. Condition is also important of course, and whether all 6 of the original record storage albums are present will also reflect on value.
I can tell you that I paid $600 for mine some years ago, which I actually considered overpriced at the time, but the machine was in prestine condition, had all the original albums full of really good Brunswick dance records, and also included a Brunswick record duster in it's original box, Brunswick needle tin, and even the unused record index booklet used to write down the record titles & album location.
Just as a ball park figure, I think a Madrid in good original condition with albums would probably be around $300-$400, but it really is difficult to say, especially with the economy the way it is.
I always think the best way to put a fairly accurate value on most phonographs is to keep watching Ebay until you see the same model in similar condition offered, and see what the machine actually sells for. If you see one listed for $400 but it doesn't sell, then you'll know it was overpriced.
I dont think they are by any means a rare machine. Mine is serial no.321587, so there was obviously a lot of them produced.