Pretty common for many bimmer models to do that.
The steering lock pawl can wear and jam up or the key barrel it's self can play games when worn.
The first time you notice is the first time your key won't work (neither will any spares you have).
Usually if the barrel is sticking it happens without the steering lock engaged or the key stops just after the steering lock is released.
flush the barrel out with contact cleaner and once dry lube it with dry graphite powder, this usually fixes it for a while but a new barrel may be needed if it continues to lock you out.
My E34 has done it once with out warning and it took me about 45 mins to get it to behave (at a busy service station no less!). My key would turn about 1/2 between locked and position 1 and move no further. I tried literally everything bar ripping the column apart!
I had a bit of a brain wave and decided to flush the barrel out with wd-40, being carefull not to mess up my interior. I used the straw nozzle to spray directly into the barrel and paper towel to catch the out flow. Quite a bit of crud came out and two attempts later everything was back to normal!!
There was no warning prior to my lock out (the barrel was smooth and the key is new) and it feel the same now...... "Just one of those Beemer 'things'!" is how a tech at my dealer put it (he's the one that told me about the contact cleaner/ graphite trick).
HTH
Ross
BMW parts professional
Previous rides:
BMW
E12 M535i (go the dogleg!)
E28 M535i (MMM M88!)
E34 535i M
MAZDA:
RX7 S-IV T04 (440 hp ATW)
RX7 S-I 13b bridge port
RX4 13b peripheral port