Liquidating a (Family) Collection

[relic]

Same old issue but now I=m personally involved. A family member passed and his widow, a very close cousin, asked me to help dispose of them. To get an idea, there are over one hundred arms. They range from, in no particular order, appx 20 S&Ws; some HEs, but mostly modern revos, a doz Winchesters incl a group of 22s: 61,62, 62A and 63s, some appear unfired, A half doz 1st Gen Colt SAAs that Blue Book in the $20-25K range, a dozen other Colts from ARs to Pythons. Also Sigs, Rugers, some Walthers and UZIs and a nice rack of shotguns incl Brownings for his clay pursuits. A number of others marques; H&K, Ithaca, Kimber. Marlin, Steyer, and Weatherby. Overall, a nice mix of properly maintained quality arms.

My interest is simply best price, least hassle for the widow. Who are reputable organizations that will handle a package deal like this? I see shops like Collector Firearms.com and a couple others but have no sense of how many others are in that market and how responsible they are. How would we go about getting a collection of this size to a broker or seller? Could be a packaging nightmare. So many details. I=m not much help for her but need to get smart in a short time.

I welcome your advice. Thanks.

 

[Arik]

I would say post what s relevant on each forum.

Sent from my DROIDX using Tapatalk 2

 

[diamonback68]

Why don't you contact the forum owner here, Lee Jarrett, that's the business he's in? He may possibly buy the whole lot, check with him.

 

[Fishinfool]

Your best price will probably come from selling each piece individually on a large site like Gun Broker. Easiest way would probably be contact a local auction house with a good history of firearms sales, and have them hold a well publicised auction. You may not get top dollar for each gun that way, but it should be close, and it takes away a lot of the logistics and paperwork hassles that come from selling each individually.

Larry

 

[chud333]

I would also contact a reputable auction house that has dealt
in firearms extensively and have them come out and take a look
and go from there. Trying to sell them individually you could
get more money, (gunbroker) etc.. but the hassles of shipping,
awaiting payment, non-paying bidders, would be a nightmare
i would believe. Good luck as it sounds like you have your hands
full. It does sound like he had good taste when it came to buying.

Chuck

 

[rburg]

Its just not an easy thing to do. There are a lot of considerations in this. Once you get the value up above a certain point it becomes even more problematic. For small and low value collections, the tradition is for some poor fool to take on the task of trying to sell them at a gun show. It seems to always expand into multiple shows, with a few selling at each one. Once the widow gets her hands of the fiction/fantasy of the blue book, it becomes unworkable.

The auction thing is the least trouble for all involved, but also sometimes doesn't yield even reasonable bids on many of the guns. Bidders that know what they're doing usually seek the most desirable guns and ignore the brands or condition items that don't fit their collections. Its how sometimes a few poor boys attend and come home with some steals.

We've left out gun shops that do this. I have mixed opinions and have seen some terrible results. I was on the sidelines with one such incident, where the well known shop came in, did an inventory and offered the grieving widow a full $200,000. She balked and correctly felt they were trying to steal the collection. She sat on the guns for about 5 years, then contacted David Carroll to liquidate the collection. It took him about a year but he managed to get good value for her and about $500,000.

Yes, Lee used to get into some of these deals. The widow or the person handling the arrangements for the collection should explore all the options. Of particular interest should be the condition estimates the experts give, not that of family friends. Whenever anyone suggests that SAAs are worth in the $20,000 to $25,000 range, I smile. Often those guesses end up being worth just a fraction of that when they sell. If you want them to sell this weekend, you'll be lucky to get much at all. If you've got the time to spend, the expert salesmen with contacts and respect of the buyers, often a reasonable amount can be realized. Those sellers command a commission for their efforts. They don't work for free.

Some will even accept the risk. They pay the widow a modest amount (like the $200,000 example above) and then spend the time drumming up business and take any profits above the amount paid. If the widow needs money quickly, it might be attractive. All estates scramble for quick money to satisfy obligations. But in the end if they take the easy way out, they pay for it.

My wife (soon to be widow ) knows who to call. Hopefully she won't need the money quickly.

 

[Mazz]

The Rock Island Auction Co. buys firearms. You might want to contact them to see if they would be interested and what they might offer. Just google The Rock Island Auction Co. I believe they are located in or near Rock Island, Illinois. If nothing else, take a look at their Web site as they have some information that may help you out, no matter what direction yo go.

 

[rburg]

About 6 years ago (it'll be 6 years in 10 days) my very good friend and gun show partner just up and died. The least he could have done is called me before he croaked. No such luck. So his widow called the friendly local gun shop he'd done business with over the years. He liked them and trusted them. He'd been doing business with them for a long time. But it wasn't worth much.

So she called them and told them to drive on out and pick up the gun stuff. Well they sort of did. But they were working on a commission kind of deal. And for them, there was an incentive to get as much as they could, but there also was a reason to make a deal and pocket their commission.

So I came into the deal when I made sure they knew about the gun up here at an engraver. They had no idea, and the engraver was an upstanding kind of guy and wasn't sending the gun to anyone but the now deceased owner. It was OK if his widow received it, but he wasn't sending anywhere else (all in state). And the reason the gun, a 38/44 HD was there was obviously to get engraved. And I'd just sold my buddy a 44 3rd model, 4 inch blue like the 38/44. His goal was to have a matched pair, except for the caliber. I have no idea how much he paid for the really nice 38, but I'm guessing it wasn't cheap. I do know he paid $1100 to me for that 44. And I met the guy who bought the matched pair at the gun shop, paying about $1200 for them. That's not even a fair price, he stole the guns. And the dealer seems to still be able to face the public, and I'm pretty certain they also retained their commission (probably 15%) bringing the poor widow around a Grand $. Either of those guns were worth that much. She got cheated, plain and simple. So much for honest sellers and working the market to get the widow top $.

The reason I'm down on them and maybe shouldn't be is a few years before that I was visiting their store. In the display was a hen's tooth. It was a 1960s production brand new in the box P210-7. I know, you've never seen one and probably never will (unless you come to visit me.) They actually made 400 of them, but very few ever left Europe. So I asked how much and they said they'd just got it in, and could sell it to me for $1850. OK, but I'm an old buyer, so I hemmed and hawed for a minute and he dropped the price by $100. Fine, I bought it.

Then I saw another of the small production at Simpson (of Chicago)'s table at at gun show. It was a beat up example, obviously well worn from use, no box and no 2nd magazine. They were asking $4995 for it. So as the stealee (a word?) I felt I got a great deal. The widow (screwee), not so much.

And the moral is watch who you trust. Yes, I've bought other firearms from them in the past, and would in the future. No, my widow won't be calling them when I croak.

 

[glowe]

The Rock Island Auction Co. buys firearms. You might want to contact them to see if they would be interested and what they might offer. Just google The Rock Island Auction Co. I believe they are located in or near Rock Island, Illinois. If nothing else, take a look at their Web site as they have some information that may help you out, no matter what direction yo go.

Sorry, but that is the last auction house I would go to until they change their policies. First, they have a "All Sales Final" clause that means if you don't like the item - too bad.

"All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. Rock Island Auction does not guarantee or make warranties on any lot sold."

Second, they bundle guns for sale. You can look at their current auction and find up to 6 or 8 guns in one bid item. That only serves the auction house and not the seller. You will get the most money from an auction that sells each one of your guns individually. There are many fine auction companies out there and the link below might help you decide if auctions are for you and has information on just a few of the companies you might want to contact.

Blank

 

[doublesharp]

Another good seller for the high condition guns is Fugate Firearms. They take consignments and are noted for getting good prices.

 

[Dennis The B]

It's a bit of a hike from Indianapolis, but Jaqua's, in Findlay, Ohio, has a great reputation for pricing estates. From the number of firearms you mention, they may even arrange to come and see them.
Jaqua's Fine Guns

 

[Andy Griffith]

Any number of auction houses would be the easiest and best approach. Let THEM come to you. If it's even a decent collection, their reps will come out and give you an estimate, and also give the amount that they will charge, which can, but not necessarily negotiable- depending upon the collection.

Some are reasonable, some are crooks. Beware of the ones that "bundle."

The last resort is Gunbroker- it can be a hastle to get the account set up, pictures taken of all items, and items packaged, mailed out to FFL's and such, but it is where items are most likely to sell for current market price if correctly and well listed. It will also likely have the least ratio of fees in relation to selling price.

A person can pocket the most off Gunbroker, but can be the most work if done all at once.

No matter what, if she's in a hurry, she will get screwed. Guns don't eat nor do they spoil. Collections owned by widows do atttract neer-de-wells, hunchbacks and all manner of curmudgeons, charlatans, theives, and worst of all, long lost relatives.

Last but not least, as soon as the widow sees $$$$ and then is told by someone that they are only worth a fraction of what someone else told her, she may think YOU are trying to scam her, and it can destroy your friendship. I would direct through advice, but not get directly involved, as if something goes wrong, you are to blame. If she has family, and you are not family, you will become a low-life to the rest of the family for "doing away with the guns." At least, that's the way it is in the south.

Best thing to do, is let HER decide.

 

[VM]

Why don't you contact the forum owner here, Lee Jarrett, that's the business he's in? He may possibly buy the whole lot, check with him.

Lee Jarrett (aka "handejector") is your best bet. He's a good guy to deal with and very professional with his Gunbroker Auctions. He will produce more $$ than expected on your Firearm sales. I have used him numerous times and always excited with final price. Give him a call and discuss your needs.

http://smith-wessonforum.com/members/110302-handejector.html

 

[OLDFED]

Auction House

Try Butterfield & Butterfield in San Francisco. They have had a great reputation.

 

[alwslate]

Christys on the south side of Indianapolis, Southport area, has lots
of auctions and periodically holds well publicized gun auctions. Jack
Christy is not personally knowledgeable about guns but he is quite
successful as an auctioneer and his auctions are listed in the Indy
Star and on his website. I used to go to his gun auctions, held in his
gallery, but several years ago he added online bidding via proxibid
and since then selling prices have increased dramatically as might be
expected. Good for sellers but bad for bargain hunters like me.

 

[Mazz]

Sorry, but that is the last auction house I would go to until they change their policies. First, they have a "All Sales Final" clause that means if you don't like the item - too bad.

"All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. Rock Island Auction does not guarantee or make warranties on any lot sold."

Second, they bundle guns for sale. You can look at their current auction and find up to 6 or 8 guns in one bid item. That only serves the auction house and not the seller. You will get the most money from an auction that sells each one of your guns individually. There are many fine auction companies out there and the link below might help you decide if auctions are for you and has information on just a few of the companies you might want to contact.

Blank

Guess I won't be suggesting them again. Appreciate your comments.

 

[relic]

Thanks for the input guys. I've already decided that the sales must be handled by others. I'm not knowledgeable, able, or willing to deal with individual item sales, GB or otherwise.
This liquidation is not an urgent situation. The widow would like the collection to be gone, more from a household security/liability perspective than other reasons. While she would like fair value, her husband had "valued" his collection and some of his numbers were "optimistic". Some offered sage wisdom on the family relationship risk I'm taking here and I'm grateful for that perspective too. I'm going to insist on an independent appraisal before any transactions. My first task is a complete inventory and then we can select an appraiser.
I'm making a list of auction houses to talk to with an appraisal in hand. Thx for the opinions on those folks. I appreciate all the help.

 

[Faulkner]

If my wife passes before me I'll be selling off her collection of purses, shoes, and fine chinawear for pennys on the dollar. Why, because they're just not my passion and I'll want them gone for a quick buck so I can buy me another gun.

Unfortunately, many widows get put in the same spot with their husband's gun collection. If I don't die of a quick heart attack or get gunned down on a traffic stop I hope I have the wherewithall to sell off my collection for what I think it's worth before I die off.

 

[H Richard]

Just one of the reasons I'm beginning to sell off a few of my firearms. No S&W's yet, but a few rifles I no longer have any use for. Just now I also have a lot of ammo for these (.308 and .243) that I have no use for, and it is mostly all handloads. I will try and get about 75% of component cost out of that.

 

[jaykellogg]

Regarding any gun worth more than $3-4000, these guns are usually sold in a FTF transaction, so I doubt Gunbroker would be a good place to sell 1st gen Colt SAA's. It can be a problem to sell these guns to get full retail collector price. 1st on the agenda is to know what they are worth. You don't want to turn down an offer of $4000 on a $4000 gun because you think it is worth $6000. I hear the Louisville gun show is a good place to sell very collectable guns. GB.com will be your best bet on the common guns.

eBay is a good place to sell gun related items. Of course you need a good digital camera.