The original Bekeart models are highly sought after, and categorized in four levels of collectibility and value. All others are .22/32 Heavy Frame Targets. If that’s what you were looking at, $700 is a decent price. It was truly a Bekeart, it’s a steal.
Unfortunately, many under informed sellers tend to lump all .22/32 HFTs with the true 'Bekeart’ Models, but they do not all share the same rarity/collectability, and each of the four recognized Bekeart classes vary substantially in value even in like condition.
The four basic classifications of the “.22/32 Bekeart Model 1911” in order of their collectability and value are summarized below from the SCS&W, 3rd edition and other sources:
In April 25, 1911 an order for the 1st production run of 1050 serial #s, of the Model 1911 Bekeart models began in the serial range of # 138226 thru # 139275, completed on July 10, 1911. Only 1044 revolvers were actually completed/shipped and their grips were #’d 1 - 1044. The 1st 3000 guns were numbered 1 to 3000 on the butt of the left stock in the order that they were assembled.
1st classification, the "True" Bekearts, the “Model 1911 22/32 Bekeart HFTs” are the 294 (lately revised from 292 by Roy Jinks) from that original production run on the known serial number list within the above serial range that were actually shipped to Bekeart.
2nd class of Bekearts are the remainder of the guns in that 1044 production run and serial range that went to other dealers.
3rd class of Bekearts is the remainder with grip number order of assembly from #1045 to #3000, shipped to Bekeart or not, after which grip #s were discontinued, but there is no official factory 'list' of serial numbers for this class, albeit there are accumulated partial lists from lettered guns; the grip number and with grip serial number matching the gun, being sufficient to identify them along with a factory letter.
4th and last class, although least valuable or desirable, is any “22/32 Heavy Frame Target” from after the 1st production run that 'letters' as being shipped to Bekeart Sporting goods in S.F., since there is no official serial number list for this class.
Phil Bekeart, a San Francisco gun dealer, is credited with the concept of a larger (than the existing 7 shot .22 Long ‘M’ frame) .22 LR target revolver built on the I frame 1st called the “Model 1911 Bekeart Model, 22/32 HFT”. He agreed to order 1000 of the new model if S&W would produce it. When Smith added this model to regular production c.1915 it was given the model name of “22/32 Heavy Frame Target”, because relative to the tiny M frame Ladysmith, the only other Smith .22 at the time, it was a heavier frame. Changed to “22/32 Target” in ~ 1930 when the K22, a heavier, K frame .22 was introduced.
