Newbie Going to an Auction - Advice??

[Col Defender]

Tomorrow I will be at a "small" firearms collection auction, about 50 guns, all one owner. Included are 3 S&W's, a Chiefs Special, a 586 Highway Patrolman, and a 29. Have not seen the guns, only a thumbnail photo of each, and no description of condition.

I'll take along my S&W Catalog, flashlight, borelight and some notes. So far though, I simply do not find any guns at or below "catalog value" all the dealer's want $500 for a $300 gun it seems. This is the first auction though.

Not much to go on here I know but does anyone have any general advice? Am I unrealistic in hoping to find revolvers at or below the catalog value?

 

[Col Defender]

Tomorrow I will be at a "small" firearms collection auction, about 50 guns, all one owner. Included are 3 S&W's, a Chiefs Special, a 586 Highway Patrolman, and a 29. Have not seen the guns, only a thumbnail photo of each, and no description of condition.

I'll take along my S&W Catalog, flashlight, borelight and some notes. So far though, I simply do not find any guns at or below "catalog value" all the dealer's want $500 for a $300 gun it seems. This is the first auction though.

Not much to go on here I know but does anyone have any general advice? Am I unrealistic in hoping to find revolvers at or below the catalog value?

 

[VM]

Am I unrealistic in hoping to find revolvers at or below the catalog value?

Yes (I'm sorry to say)



Good luck tomorrow. The 586 is a good L frame 357 magnum. It is not a "highway patrolman" though.
Everyone loves 44 magnums and the model 29 will probably bring the most.

There is no such thing as catalog value IMO. With internet sales and the current gun buying craze, the catalogs have become obsolete the day they are printed.

I've been a S&W nut for some time and the $300 gun just doesn't exist in the real world (there are a few lucky exceptions).

If the 586 is nice and clean, it will sell for $500-600 dollars
The 29 will sell for $600-1000 even if it is a [non] rare/ vintage gun.

I'm not trying to discourage you but simply being realistic.
The other worst thing to do the day before an auction is to announce it to other collectors before hand.
On this Forum I've seen numerous stories where a collector lost the item before they even got it. This Forum is viewed by many collectors and dealers who are not even members.

 

[MaineProbation]

This may sound selfish, but part of the fun of participating in an auction is to see to it that someone does not "steal" one of the items. In other words, it is your job to see to it that the Chief does not go for $180, the 586 for $250, and the 29 for $300. If, in the process, you are able to pick up one of these for very reasonable dollars, good for you. Good luck!

 

[SWID]

Decide in advance what the gun is worth to you, subtract any buyer's premiums or other costs and then don't bid above that number. If you get caught up in the "just five more dollars" thing you can wind up paying twice what it's worth. Believe me, I know.

Have patience, what you want will come along.

 

[MaineProbation]

Good advice from SWID! It is a rare occasion when a deal is "once in a lifetime." Give it a little time, and a better one will come along for less money.

 

[Joni_Lynn]

All of these are good advice.
Not everyone will go to the auction with a lot of money and if they spend it early on the guns towards the end may not draw as much money.
Have some idea of how much you would be willing to spend for each and don't go crazy with auction fever.
I agree that if one is going to cheap you can always bid on it until it reaches the point where you don't want any more $$$ invested should you win it.

Good luck.

 

[Iggy]

Auctions tend to create a frenzy of desperation and people spend more than they would if they had time to think the purchase through.

I buy over a million dollars worth of cattle at auctions each spring, and believe me I know of what I speak

 

[H Richard]

First, decide how much money you can afford to spend. Then take that much with you in cash. (But always carry an extra $100 bill tucked away in your wallet). Don't bid more than you are willing or can afford to pay. Hope that is strictly a local auction and not with on-line proxy-bid. You can bet that the locals who are aware of this auction will be there and ready to bid. I've seen little gun auctions grow to several hundred people.

We used to have an annual gun auction at a nearby auction house, and I got several good buys there, then the auctioneer found aou about Proxy-Bid, and the guns are listed on-line and the selling prices went way up, as everyone in the country with a computer is at the auction.