Prices still rising for N-frames?

[Hawg Rider]

My son manages several local gun stores, so I usually get a "heads up" whenever a nice vintage revolver (S&W or Colt) comes into the shop. The store knows that I am predominantly an N-frame guy, and there haven't been many available lately. However, a couple of days ago I got a call that a guy was selling a 6-1/2" bbl. Model 29-2 on consignment. It was in VG condition (3Ts) with original GA target stocks and mahogany presentation case (no plastic inserts, just black material over foam). No papers or SAT, just a mop. I did a little research for them based on s/n, and it's a 1977-78. I also gave them my guestimate on an "as is" asking price. I finally got into the shop yesterday for a look, and indeed it was in VG condition. Finish was extremely nice, with only a slightly pronounced cylinder turn ring, and the stocks were pristine. I looked at the asking price (consignment + commission) and was shocked. $2250! For a 29-2! What the heck! That's a 4-screw .44 Magnum price to me. Have I been under a rock, or have prices jumped again? I told them that IMHO, that was a Gunbroker type of asking price...was I wrong?

 

[Jack Flash]

That shocks me too. I would have thought $1,500 tops, since a case and a mop don't mean anything to me.

Maybe it's the old idea that you can always come down in price if it sits too long.

 

[Bill Bates]

People can ask what ever they want. If you watch gun broker and look at sites like Guns International you will see a lot of inventory that will be sitting for a long time because the pricing is out of any realm of reality.

Consignment almost always means the owner has a very inflated idea of the value. I would say that 29-2 is $750 to $1000 over priced.

As someone that has spent the past 18 years in the used gun business; it pains me to say it, since early last Summer prices on most used firearms have soften a bunch. I track and watch closed auction prices and firearms sales closely. Real prices on sold average used firearms are down 15 to 25 percent from a year ago. Only the cream of the crop, super high condition, collectables are holding their own.

It is good time to search out and buy. It is a horrible time if you have to sell.

 

[Retired W4]

I sold my mid-70s 4" 29-2 to a friend at our last show for $1300. A little flaking of the blue on the cylinder but otherwise EC. Now that was the friend price and he really wanted a 44 mag. I was happy he got it. I suppose at this stage of my life, prices don't mean so much to me, for several reasons. I have always been willing to pay the premium for the right gun but $2250 seems high for what you describe.

 

[Rodan]

People can ask what ever they want.

This.

I was in a local shop the other day that had a mid-60's 4" Python on consignment... very nice condition, but certainly not unfired. Asking price? $6500!!

Gunbroker is littered with overpriced opening bid guns that have been on there for months with zero bids.

IMHO, the market in general has cooled, but there are still a few drunk bidders out there inflating expectations.

I agree that $1500 is probably a fair price for the M29 in the OP. $2250 is dreamland.

 

[Roofuss]

Asking price is just that...asking !
If your willing to pay inflated prices, well, that is your decision.
Me, I'll offer what I think the gun is worth, and will walk away if the seller does not agree.

 

[Valmet]

Yes, N-frame (vintage, particularly) have been steadily rising for the past two years or so…but a late-70s vintage 29-2 for that price is way high OP.

 

[glenwolde]

In my experience consignment sellers seem to think they should realize a retail store price. They tend to start at full retail and then add on enough to make back the commission. The concept that they should pay a fee for services is lost on them. They want the best of both the retail/auction worlds. Full retail price with a buyer's premium to cover the fees. I've never seen one worth buying, always overpriced.

 

[Oldengineer]

People can ask what ever they want. If you watch gun broker and look at sites like Guns International you will see a lot of inventory that will be sitting for a long time because the pricing is out of any realm of reality.

Consignment almost always means the owner has a very inflated idea of the value. I would say that 29-2 is $750 to $1000 over priced.

As someone that has spent the past 18 years in the used gun business; it pains me to say it, since early last Summer prices on most used firearms have soften a bunch. I track and watch closed auction prices and firearms sales closely. Real prices on sold average used firearms are down 15 to 25 percent from a year ago. Only the cream of the crop, super high condition, collectables are holding their own.

It is good time to search out and buy. It is a horrible time if you have to sell.

About a year ago I asked this very question; " should I hold off buying a few guns I wanted in the event prices would recede?" The answer most of the forum gave me was to buy what you .wanted when it was available, as prices were not likely to drop.

 

[Rudi]

Only thing I know is that prices will not be going down. Capt. Obvious reporting.

 

[ladder13]

Guns are sitting longer just about everywhere with a few exceptions, imo.

 

[BKLooney]

Somewhere out there is a person that will pay that amount, getting that person in the vicinity of that 29-2 is the problem the seller faces...

 

[Xfuzz]

The boom of the last 2-3 years is over...
However, it will take another 2-3 for many of these
mopes to realize it.

 

[dave1918a2]

They are only worth what some one will pay for them.

 

[otis24]

Prices can seem inflated. Then you see a Model 15 actually sell for $1500. That fuels the "my N frame is worth $2500" syndrome. Whatever the market will bear.

 

[Drm50]

Main thing is don't get excited. If you are selling your guns to eat you are at a major disadvantage. If not put a reasonable price on them and wait it out. You got to be able to walk either way or you loose.
On buying end there is a couple generations of "I want it now " people. If you have quality stuff it will sell. People going to shows like they are going to the store. Their mission is to buy X, if they find one they are going to buy.

 

[Hair Trigger]

They are only worth what some one will pay for them.

Yep, just how bad do you want it?

Consignment means both the seller and the LGS guy want to make money on it. If you could get the price down a bit and do it as a person-to-person sale, you eliminate the percentage that goes to the LGS guy and the seller doesn't have to inflate the price to cover what the LGS guy makes on his commission.

At any rate, it's too high a price by $1000 or so. Wait it out and keep an eye on it. If it sits in the store a while, the seller will drop the price if he really wants to move it, and you can then make a counter offer that maybe you both can live with.

 

[gunbarrel]

Swung by LGS today. All the new Colts were on sale. I asked the friend who owns the shop about the Smiths. Nope, he said; we don't discount the Smiths.

 

[Jack Flash]

Regarding the high price, it may be that the owner is "testing the waters" and will only sell it if someone pays that price. He is content to take it home if the gun store tells him "Look, you keep turning down reasonable offers, get it out of here!"

Personally, I wouldn't do that. If it goes to the gun shop where it will be handled by anyone who doesn't have anything better to do that day, I don't want it back. Too much opening the cylinder then slamming it shut, endless dry firing, etc.

 

[AC Man]

I jumped back into the revolver market July of last year I bought 30 firearms in 357 mag, 41 mag. and 44 mag all pinned and recessed in mint condition with presentation case, papers, and tools.

Like real-estate location, location, location. Older firearms is about condition, condition, condition.

I paid $1200 to $2500 for a mint box and papers 357, 41 mag, and 44 mag pinned and recessed on Gunbroker. They still seem to be going higher, Saw two 29-2 sell for over $4,200 last month.