I've heard the opposite, since the Red S means they are newer machines. As to value, There is a reseller in the Twin Cities that often has fully reconditioned ones guaranteed to run in the $200-$300 range. The cabinet can double the value depending on style and condition. The Queen Anne one is more sought after, but if it's not near perfect, it can be worth a lot less. Other styles of cabinets may not add anything to the value of the machine - all depends on the buyer's tastes. I've paid above market to get a cabinet I loved the style of.
Keep in mind, even if a Singer is highly collectable -that often only means you can actually find someone to buy it, and not that it's worth a lot. Plenty of them you can't hardly give away.
The only Singers that seem to be truly "collectable" are the Featherweights - you can almost always find a buyer or several for them, and almost always for over $150 even if they aren't in great condition.