A friend is valuing his firearms for his estate , actually seems like a good idea . So he has a 4006 purchased new in 1991 with the box , docs , tools wrap paper ,looks like everything that shipped with the weapon . Firearm is pristine, less that 100 rounds fired , with five factory magazines three of which have not been used . Would you guys lend a hand as to its value
As described, your 4006 is pristine. A 4006 sold on at the big auction site on 12/13 for $660 and was described as 93% and not in a factory box. I also suspect it was a department gun.
I'd value your example at $650-700.
The auction sites charge a % plus state's sales tax (starting 1/1/2021), so much of your pricing needs to take into consideration how you sell the handgun.
You can't forget the FFL fee and shipping costs too.
Seems like the problem of valuing for a future estate cannot anticipate the conditions that will exist at that time. I figure I will depart sometime between next week and thirty years from now. I can record what I spent for a given gun but I can't possibly guess how market conditions will affect that value in who knows how long. This is very different from asking "What is a fair price to sell this gun for today".
Well, it is doubtful that the firearm price will go down overtime, especially when they are no longer made and are sought after. So at least his family will know it was worth say $600 in 2020. So they don't sell the thing for $300 to the lowballer in 2030 when the estate is being sold off.
I currently own several firearms that are selling for 2-4 times what I paid for them. I have on my spreadsheet what I paid. Probably wouldn't be a bad idea to let my folks know what they are currently worth in case something happens to me and they sell them off. At least let them know they need to do more research for sure.
I actually keep 2 sets of records,
1. Excel spreadsheet listing "current" values along with receipts and amount paid and resource used for current valuation. This is for Insurance files and is based on so-called replacement value, however some pieces are not replaceable as they are. Example would be my 22/32 HFT in pristine original condition with box and accessories with LOA provenance shipping in 1915. So this item is basically my guestimate and I have to pay the Rider premium based on my valuation of the whole collection. I review this list annually and it really doesn't take that much time to review final sales amounts on various sites.
2. The second set of records I keep is a NRA published "Collectors Log Book" which I review and update every two years. This book is an excellent record of all pertinent info on firearms, also takes care of selling/trading (disposition) as well as buying (acquisition). This book is with my "library" at home and my wife and sons/daughters know all about it and would use it in the event the collection needs to be sold.
I tell them all not to use the Excel sheet as some value are too high but the NRA Collector Log is as close as I feel they need to be but also aware of auction house fees, etc. if they go that route.
Example below filled out for Browning Hi-Power last updated in Jan 2019, due again next month, however with the craziness going on with firearm availability (or lack thereof) and bucoo crazy prices I may go to annual updates on this record too.
I would say $450-550 extra mags are nice, but only add a little $ value. That may change, but now it is what it is.
Since his 4006 is pristine with box & papers & 5 mags, I say ~$600.
$500 for a quick sale, $600 might take a lot longer and involve some haggling. Offer the extra mags separately for $25 each to the buyer of the gun. If he doesn't want them, sell them here.
Question... Is a $500.00 or so pistol enough to concern anyone on an estate valuation?
If it's $300.00 fine... If it's $600.00 fine.
Well... consider the situation. The way you seem to be framing it, you are talking about a simple $300 difference on the total value of one man’s collected life’s gatherings and possessions. In that (not realistic) case, sure... I’ll agree that $300 vs $600 doesn’t matter almost at all.
But the OP is simply asking about a single example of a single handgun. What if the insured person in question has a hundred firearms? Just so happens that most are S&W revolvers or Colt or Winchester rifles and don’t the confines of this subforum for S&W non-tupperware semiautomatic pistols.
So now you are suggesting that his 100 guns are worth half of market or twice of garage sale price on a whim.
So maybe you are talking about a swing of $20,000 or $50,000.
No big deal for a guy who is PAYING to have his will drawn up by a professional?
4006 value for an estate
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