I was wondering if this is a regional affliction or more widespread. In the area where I live all you have to do is list an estate auction with several common or mediocre guns and the bidders turn out en masse, start pounding on their chests and waving their bid cards, paying prices completely out of proportion as to real market value. Here is one example. A few years ago I had a Stevens 311 410 in my truck and attended an auction where there happened to be one up for sale. The sale gun brought 495. Two guys in front of me were bidders. One guy was the backup and the other had bid around 450 before getting out. I eased up to them and mentioned I had a 311 410 in that blue truck parked over there, about 100 feet away, that I would sell for 350 that was actually in better shape than the one they had just bid over 400 for. Both guys looked at each other and finally said almost simultaneously, "I don't guess I need it." When I asked why they bid so high on the other gun one of the bidders shrugged and said, "It's an auction." It isn't just guns, I routinely see things sell for far more than they are worth on the open market. I can understand if it is a family member bidding on Grandpa's gun or someone who is uninformed but many times it's dealers who know values. I asked an antique dealer one time why he paid far more than fair market value for an item he had just bought and he nodded to another guy across the yard and said, "I don't care if I lose money at least that SOB over there didn't get it." So maybe I just answered my own question.

I went to an auction last year where they had a Marlin lever action in .35 Remington. The gun was nothing special other than it was in worse shape than ANY gun I own. I never had a chance to jump in until the price was over $500. Couldn't figure out why someone would pay that much for a good with worn bluing, little bit of rust and dented, chipped wood. Two months later I found one for $365. otd at a gun shop.

It's not just with firearms. A friend of mine has had an antique shop for decades. Business has been slow for the last few years as disposable income dries up and public tastes change. When he gets tired of looking at a piece of furniture he sends it to another friend who is an auctioneer.

The auctioneer will slip the piece of furniture into an estate auction he is holding. even with the selling fees he usually gets more for the item at auction thatn he was asking in the shop.

quote:

Originally posted by walnutred:

The auctioneer will slip the piece of furniture into an estate auction he is holding. even with the selling fees he usually gets more for the item at auction thatn he was asking in the shop.

A lot of estate sales/auctions are a sham. We used to go to a lot of them. The companies that do the sales or auctions will in many cases just rent an empty house for a weekend and put their junk in it and advertise it as an estate sale or auction. The stuff they don't sell you'll see at the next estate sale they put on.

Smitty

I went to an estate auction a few years ago and there were about 25 Remington, Mossberg and Winchester shotguns, a couple of beat up .22 bolt rifles and an old S&W model 10 South American copy in poor shape.
The shotguns went for an average of $50 to $200 higher than you could have bought them new at Wal Mart for and the beat up .22 rifles and pistol brought over $300 each. Go Figure.

Yeah, it amazes me sometimes the prices people pay for junk. I guess they figure, at least, the guys bidding
against them won't get it.

I went to an auction a couple of years back and I bought a couple of current fire extinguishers for a reasonable price. I also got a Zero Halliburton tool case (like a suitcase) and a Zero Halliburton briefcase, also reasonable. I was bidding on an oscilloscope and there was another bidder who had the fever. Whatever I bid, he went higher. Well, it got to the point of well past the actual value - even past E-bay prices, and he kept going. It was, at best, a $150 instrument. I helped him bid it to over $300. I could see he had the fever and it was just he and I. I let him have it at $305.

Russ

quote:

Originally posted by Smitty500Mag:
...

A lot of estate sales/auctions are a sham. We used to go to a lot of them. The companies that do the sales or auctions will in many cases just rent an empty house for a weekend and put their junk in it and advertise it as an estate sale or auction. The stuff they don't sell you'll see at the next estate sale they put on.

Smitty

This is NOT true in my area. I probably know 95% of the auctioneers in the valley. Very few may place an item for sale in a true estate auction. But certianly not as you suggest.

quote:

Originally posted by joeysplace:

This is NOT true in my area. I probably know 95% of the auctioneers in the valley. Very few may place an item for sale in a true estate auction. But certianly not as you suggest.

If your ever in Montgomery, AL check out some of their estate sales and you'll change you opinion on the matter.

Smitty