No it is M1.
It looks like M3 E46 just because the lid looks like M3 CSL E46 lid. But look at the rear archs and specially on the rear side window with homeister knick, it is 1 Series Coupé.
Also why to hide an M3 E46? Old picture? No,at that time there was no M6 in Frozen Grey. And what does the Inca Orange BMW do there? Just as Scott said, the M1 is inspired by the BMW 2002 Turbo and that is why it stands there.