I watched this nice old Pre 16 go for just over $1800 on GB. Idon't know much about these but I sure thought this went cheap. Any good reasons you can point out to me?





Smith & Wesson K-32 Masterpiece Pre-Model 16 : Revolvers at GunBroker.com

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Jim
SWCA #2246

That's easy. You didn't bid any higher! Kyle

An accident of bidding, I suppose. Even though I like .32s in any frame, I doubt I would have bid on this one because there are other items I should add to the collection first. If a few other potentially interested individuals also decided to let this one go by, that changes the pool of bidders and the outcome of the auction.

But I think there is a larger issue, too. I think I have seen gun prices slipping in the last six months or so, with some specimens selling as much as 25-30% below what similar examples brought a year earlier.

I think a spectacular K-32 could still be a $3000 gun today, particularly the early narrow-rib guns -- say 1949-1950. But the high-90s units like this one from closer to the mid-'50s I would expect to go for $2200-2500. I have to say that $1800 for this one sounds like a good deal today -- but if the next few K-32s in this condition also sell at $2000 or below, then that's the new value put on them by the market.

Interesting data point. Thanks for calling it to our attention. I usually scan for K-32s at Gunbroker on a weekly basis just to see what's available, but I looked right past this one.

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David Wilson

In short it was an "AS IS NO REFUNDS" auction for a lot of money

Does the screen name of the successful bidder ring a bell? I anticipated that the bidding would possibly go above the $2400 "buy it now" price but decided to roll the dice and stick with the auction.
I think Curtis is completely correct concerning the fact that many bidders were put off by the "as is - no refunds." Initially I had strong concerns but had my concerns were relieved prior to the actual auction. The seller actually acquired the gun in settlement of a $350.00 debt so he actually made out like a fat cat. I am very happy that I was able to complete the trinity after looking for one of the illusive K-32s for quite some time - and it's a lettered 5 screw to boot! Will post pics after receipt.

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Doug

Doug, congratulations! I didn't even open the bidder list to see who came to the party.

One thing I noticed is that the seller had no history on GB, and first-time sellers with potentially expensive items don't always do as well as they hope to. Glad this worked out for you.

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David Wilson

David,

You are exactly right. Joe Cubull knew I had been searching for one and alerted me to the posting on GB. At first blush I was going to steer clear because it included the two red flags: No Seller History and As Is - No Returns. Fortunately I was able to speak with the seller and found out that he had no GB seller experience rating because he never sells guns. As I mentioned, he acquired it in settlement of a $350 debt. He indicated that he does not collect or even own a revolver and was just looking to sell the "debt settlement" gun. Fortunately this is one of the red flag deals that ultimately worked out.

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Doug

Doug;

Congratulations, I was watching this one but couldn't bring myself up to near the final bid. Sounds as though both you and the seller are happy with the deal. Looking forward to the extra photos.

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Alan
SWCA LM 2023, SWHF 220

Good for you Doug, several folks had a hard time passing on that one...glad you got it.

I got into a auction last year with a "no return". The seller sent many pics and pics that I expressly asked for. He stated the pistol to be 95% with no wear spots at all.He got it from the original owner who had bought it in 1953. The seller traded a shotgun for the pistol. I was the only bidder and got the pistol for $737.40 shipped. When it arrived, I was surprised to find it to be a very mint 4 1/2" 1953 vintage Match Target Woodsman. It appeared to be unfired although he stated that it had been. I guess I got lucky. I got a $1,200 Colt cheap because no one would bid on it. The buyer of the K32 did well too. Big Larry

As David Wilson points out, prices are off from what they were just a few months ago. I'd say the gun bubble has popped, although not as loudly as the real-estate bubble did.

Really, the question is why do K-32/Model 16s go for so darn much, when they're nothing more than a $450 K-38 with an undersize hole? They're rare you say? Yeah, because when they were made, nobody wanted one. Now that they're not made, everybody wants one - or at least people with more money than sense want one. (No offense Doug, and other K-32 owners. )

That said, I was sorely tempted to bid. Why? Because my money/sense scale swings wildly....

That's a real gem! I'm vicariously enjoying your find!

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Jim
S&WCA #819

Congrats Doug! You are now the proud owner of a gun that is one of 3630 guns made in 27 years!
jcelect SWCA#LM723

Tom,
You hit the nail right on the head. When they were produced the demand was extremely low evidently because it was a caliber that took third position behind the .22rf (K-22) and .38Special (K-38). Consequently only 3630 were produced in 27 years or 134 per year. With attritian loss the real remaining number is obviously unknown. As with any other collectible, rarity drives price. From a collector's point of view the K-32 is the key to completing the Masterpiece trinity - given you have an interest in K frames.

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Doug

I'm glad someone here got that K-32, my fingers were twitchin but my wallet was empty!! Update us with some photos once you receive it.

Much the same as the M58. I've seen several of them go for less money than expected in the last few weeks. Economic hard times are finally even hitting collectors!

Gregg

Cause I didn't see it in time to bid against Doug

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Pace

After many years of searching for the illusive K-32 Masterpiece I finally found a (5) screw lettered beauty!

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Doug

Doug,
Not only is your .32 a 'screamer', but very cool to have the photo of the Sterling Hardware store sign where it was shipped. How did you ever find that?

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Jim
S&WCA #819

I found a website from Hazard Ky that fortunately had several old photos. While looking through the photos I found a couple of the Sterling Hardware Company. Below is another one. I would really like to find someone from Hazard who could help me find the owners or owners family of the Sterling Hardware Company to see it they still have the old ledgers or copies of sales receipts.

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Doug

That's an even better picture. On the advertising that I can read there's not even a hint that they sold firearms. But that's how it was in the 'old days'. Stores were very diversified. I remember a primarily clothing store here in Fresno California that had a sports department with a large gun counter back in the '60s; ah, the good old days.

Hopefully Sterling is the name of the family that owned the store which was typical, unless it changed ownership. I suspect the local Hazard library or Hazard Historical Association (if they have one) might be eager to help you. We have a column in our local paper that will answer questions like this. What a coo it would be to locate the original owner's family! Do you have any idea where the seller from whom you purchased the gun obtained it?

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Jim
S&WCA #819