Interesting Auction Values

P

PKAY

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Just a short comment on some auction values observed this past weekend on GB.com. One seller with whom I am acquainted had a list of about a dozen items, rifles, pistols, revolvers. Two of the revos were of interest. One was a NIB Colt Detective Special made in the early 70's. It went for $385, a reasonable price. The other was a S&W Model 29-2, 4" bbl, in As New condition. It went for an astounding $1,010!! I believe the highest Blue Book value for this item is around $650 in 100% condition. Was this just an anomaly or are older N frame Smiths goin' through the roof?
 
I've seen some ridiculous prices paid for guns on AA and GB, even more ridiculous are some of the reserve prices and start prices.
 
I have read several places that SW never made enough Model 29's to meet demand. We almost never see them new out here on the West coast, and I have absolutely never seen a used one offered for sale.

I believe what is driving up the used gun prices is the fact that all the new guns have the frame-mounted firing pin (less desirable IMO) and also those stupid key hammer lock things. IMO, the newer guns shipped after 2000 are not as well finished based on the ones I own and posts on web sites. $1000 seems a bit high, but I would not even blink at $800. The new ones sell out here for $700, and getting a "new" older one carries a premium I think.
 
I've noticed the same thing lately. Gun prices around here (central Ohio) are usually pretty competitive, but used guns, S&W revolvers in particular, seem to be consistantly higher than bluebook. I keep hearing about people buying S&W revolvers for $200-300, but I never seem to find those - at least not in any kinda decent shape. The "pre-sellout" revolvers seem to have taken on a status similar to the "pre-ban" items.
 
I'm seein both ends of the price spectrum. 29-2 like new in presentation case should go for around $650. Have seen under $400 and over $800 recently.

Seems some people will pay anything for a nice gun and the sellers are rightfully all too happy to take the money.

Sam....cheap ol fart with patience.
 
There is no doubt that unlisted handguns in CA which can only be transferred privately (through a FFL of course) or through consignment sales have taken on what I like to refer to as the "California Premium." We may be likely to see this phenomenon for some time to come. This premium is in no way reflected in the Blue Book of Gun Values 23rd Ed.
 
Some odd ducks that command unusually high prices 'round here:

3" stainless big-bore N-frames are pretty much a guaranteed $500.

The older 5" 625's go for silly prices, too; I've turned down over five bills for my 625-4.

Older 29's command a premium, especially in barrel lengths other than 6".

I can't remember the last time I saw a 3" RB Model 13 for sale.
 
I started noticing this almost a year ago. At that time I posted a thread but the most common response was "New Buyers".

But it has continued. Some examples.

A S&W 1917 is what I would graciously call FAIR shape, high bid $603 and reserve not met.

A Colt Python with a starting bid of $1100.00.

Brazilian contract S&W 1917's selling for $5-600.00.

This is nuts. I simply don't understand it.
 
I agree with ya all that some of the prices are pretty wild. I have however in my opinion gotten a couple of fair deals from Auction Arms. Most recently was a Model 29-3, 6" for $420. It's in almost new condition and shoots great. Granted I should add the 10 dollar shipping and 35 transfer fee. Total actually $465.00. Maybe not that great of a deal but I couldn't find one localy so I went for this.
 
At auction....one nut can blow away the dealers. Two or more nuts can run the price through the roof.

Seems that estate sales sometimes get the silliest. I still go though on the chance that I will see a sleeper that the others miss.

Sam
 
North Dakota checking in. Used S&W revolvers are scarce as hen's teeth. For that matter used D.A. Rugers and Colt's are not spilling off the shelves either. Prices are high reflecting availability.
 
I am finding that auctions are pretty good for sellers, not necessarily so good for buyers. I have seen more than one where two bidders get into a pi**ing contest with one another and their egos get all tangled up to the point where the bidding bears absolutely no relationship to true market value. I saw this once in person some years ago where two guys at a customs auction were bidding along with others (me included) on a crated Alfa Romeo engine brand new from the factory. These boys got into a bidding war that ultimately resulted in one winning but paying literally three times what the engine would cost if one ordered it from the factory!
 
I recently bought a 1985 S&W NIB 686 with 4 inch barrel and wood grips for 370 in a buy it now off one of the auction sites (not sure if GB or AA). Before that, I bought a LNIB 1980 Python in nickel with 6 inch barrel and wood grips for 675 (starting bid, I was the only bidder). You can find deals if you look and wait, but some of them are outrageous, for example, that Gold 29 that Frenchy cites. Pass the crack pipe!!!
 
On ebay recently a set of Python grips sold for $205. A set of S&W N frame target grips from the pre-1966 period brought $230. Just the grips, mind you. It's all supply and demand. Prices are high because people will pay them.

Two years ago I bought a pair of Colt Diamondbacks. A 4" .22 in 98% for $325. I thought that was too much but I wanted it. A 4" .38 in about 90% for $180. Must have thought that was a fair deal because that's what I offered the FFL dealer at the show and he took it. Then I see these at auction going for $500-$800 and I am shocked.

Recently bought a M27-2 with 8 & 3/8 barrel in the presentation case. Gun is about 99% and I paid $315. Other recent purchases include a S&W victory model (reblued) for $60, a Colt Police Positive Special (4" nickel) for $85, a S&W M10 with 2" barrel for $150, a M13 (4" nickel) for $190, a M15 (4" nickel, you get the feeling I like the shiny guns?) for $185, and an 8 & 3/8 M29-2 (nicely reblued) for $275. All of these were from FFL dealers so it's not like I was dealing with people who didn't know guns.

Last one is Colt Python in nickel with 4" barrel NIB condition. Paid $500 after some haggling.

Good deals can be had, but you have to look, and you have to have money in hand to buy on the spot because the deals are frequently a "right now, take it or leave it" situation.
 
Maybe I'm paranoid...

But what if this is ATF crap? Dealing without a license? I never check the auctions because between the shows and the shops it isn't too hard to find what I want in the ATL area. Maybe I should start checking them...

Jack
 
Last night the auction on an older New Service closed. The gun showed some pitting, rust, an old reblue and the grips were wrong, one chipped and wrong serial number. The auction closed at $800.00 and reserve not yet met.

It's MAD, I say, Mad!
 
jar - The only thing I can think of besides the ego element mentioned above is maybe there are a helluva lot of would be gun owners bidding on items they haven't a clue about. No reading, no research, no comparitive effort, no nuthin'. If that is the case P.T. Barnum was absolutely right! There IS one born every minute.
 
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