Prices for 357 Combat Magnums - Rock Island Auction

[TheTinMan]

I was very surprised to see this gun go for a hammer price of only $3,000 given its provenance:
Texas Ranger "Jay" Banks''' Smith & Wesson .357 Combat Magnum | Rock Island Auction

Am I missing something? I did see that the next lot with identical provenance but better condition sold for a hammer price of $3,750 but that still is below the bottom end of Rock Island's pre-auction estimate:
Texas Ranger "Jay" Banks''' Smith & Wesson .357 Combat Magnum | Rock Island Auction

Of the 14 items on my "wish list", only 1 other sold for less than the bottom of RIA's estimated range and I'll still be kicking myself next week for not bidding on that rifle. I was surprised by the "low" prices on the 2 Registered Magnums, but they were within the expected price range. In contrast, there was a very nice Colt Shooting Master 357 that sold for $8,225 (ouch!) and a 5-screw .44 Magnum with a 5" barrel that went for the same price - almost double RIA's high end!

I guess this is yet another reminder that I am not looking at an efficient market for collectible firearms. It might not be your taste, but this 1 of 1,000 limited edition engraved Winchester Model 70 is going to haunt me:
Giovanelli Engraved Winchester Model 70 Ultra Grade Rifle | Rock Island Auction

 

[luvsmiths]

Prices are kinda soft now.

Give it some time. Bad time to sell, I think.

 

[22hipower]

I was very surprised to see this gun go for a hammer price of only $3,000 given its provenance:
Texas Ranger "Jay" Banks''' Smith & Wesson .357 Combat Magnum | Rock Island Auction

Am I missing something? I did see that the next lot with identical provenance but better condition sold for a hammer price of $3,750 but that still is below the bottom end of Rock Island's pre-auction estimate:
Texas Ranger "Jay" Banks''' Smith & Wesson .357 Combat Magnum | Rock Island Auction

Of the 14 items on my "wish list", only 1 other sold for less than the bottom of RIA's estimated range and I'll still be kicking myself next week for not bidding on that rifle. I was surprised by the "low" prices on the 2 Registered Magnums, but they were within the expected price range. In contrast, there was a very nice Colt Shooting Master 357 that sold for $8,225 (ouch!) and a 5-screw .44 Magnum with a 5" barrel that went for the same price - almost double RIA's high end!

I guess this is yet another reminder that I am not looking at an efficient market for collectible firearms. It might not be your taste, but this 1 of 1,000 limited edition engraved Winchester Model 70 is going to haunt me:
Giovanelli Engraved Winchester Model 70 Ultra Grade Rifle | Rock Island Auction

I attended that auction, the preview on Thursday, most of the day Friday and on and off by internet the rest of it.

Some items went for frankly unbelievable prices, the most surprising one to me was an engraved pre-war Walther PPK which had what I thought was very shaky provenance. Supposedly made for Hermann Goering but he never saw it and the story of how it got into a GI's hands was not well documented. Auction estimate was $30,000-$50,000 which seemed ridiculously high to me. It hammered for $141,000 plus another 27% fees/tax.

Walther Factory Engraved Presentation Cased Model PPK Pistol | Rock Island Auction

A Win. engraved Model 1876 (I think) went for $450,000 plus 27%.

RIA had S&Ws, Colts, Winchesters and tons of other stuff (some 3800 items in all) scattered throughout the three days. Each item got less than one minute of bidding time. Some items went well above what was estimated, many in the estimated range, and a few below. Really no common trend that I could identify.

I was there when one of the first RMs sold, a 7 inch with almost the full package, and was surprised when it went for $26,438 plus 27% or so. That's the most I've seen an RM go for.

Smith & Wesson .357 Registered Magnum Revolver | Rock Island Auction

Certainly were some treasures there. As you probably know, there were eleven (I think) of those M70s, each in a different caliber.

I'm looking forward to their next auctions.

Jeff
SWCa #1457

 

[TheTinMan]

Prices are kinda soft now.

Give it some time. Bad time to sell, I think.

I think you missed the point. Jeff describes the auction as well, where some items sold far above anyone's reasonable expectations. 2 Combat Magnums sold for what I considered surprisingly low prices, while most firearms were within the RIA range and some went for crazy money like those two Shooting Masters.

 

[reddog81]

I think you missed the point. Jeff describes the auction as well, where some items sold far above anyone's reasonable expectations. 2 Combat Magnums sold for what I considered surprisingly low prices, while most firearms were within the RIA range and some went for crazy money like those two Shooting Masters.

I'd agree the market is softening some. I like to throw out lowball bids on items occasionally and didn't win anything for the last few years. I've won 3 guns in the last 3 months. Some stuff is still high but at the same time there are deals out there if you keep your eyes peeled. Those auctions have lots of guns.