For now, go slow...
I've been watching and occasionally cherry-picking S&W firearms from the auction sites and now and then from gun shows for a couple of decades now, and I have to say you've picked a bad time to start. For some reason, S&W revolvers, particularly the mid and large frames with adjustable sights, are fetching eye-watering prices at the moment. These things seem to go in cycles, and right now they're up. 2nd and 3rd Generation S&W autoloaders are a drug on the market right now; you can pick up a 469 or 669 in decent shape for under $400 almost anywhere.
There are a couple of revolver types that still look like bargains, at least for now. The fixed-sight K-frames, particularly the .38 Special guns like the Model 10, aren't fetching the prices that the Model 19s and 66s are. They are excellent guns with lockwork and finish generally identical to their pricier brethren and they usually make exceptional shooters. The fixed sights are large, sharp and easy to pick up, and they never break or get out of adjustment. I'll admit I tend to go for the adjustable sight models, but honestly, how often do you actually move those fancy sights?
The other segment that's got some bargains now is the J-frame guns. There are several reasons. Lots of people are trading them off for the new mini-9mm autos. Also, there are lots of folks who buy them and find that they are nasty little beasts to fire with full-house loads and rather demanding of the shooter. That's partly the fault of S&W for marketing them as the LadySmith to women shooters. Most women (and a lot of men) new to shooting take an instant dislike to them after one range session. They bark and they bite and they are not user-friendly. They're what I, as former law enforcement and as a firearms instructor, would class as an expert's weapon. That said, they're well worth getting to know. They're h--l-for-stout rugged, incredibly reliable, extremely concealable, and in experienced hands as deadly as anything out there. Put one in a Ransom rest and the accuracy will astound most folks who think of them as a belly gun for close work only. They're also currently a bargain. I picked up a 1955 pre-Model 36, all original, for just under $300 very recently. With midrange wadcutters or light-recoil self defense rounds and a decent set of grips, they're not unpleasant to shoot and practice with.
On another subject, don't be a snob about eye appeal, particularly if you're looking for shooters. Lots of these old guns have traveled far and not been gently handled and may show scratches or mild rust or scuffing. Police trade-ins will usually have significant holster wear. None of that makes a bit of difference to the accuracy or generally the reliability, unless the former owner has been using it as a hammer. It takes real talent and perseverance to damage a Smith & Wesson revolver, and a decent gunsmith can usually set right anything short of a cracked frame. I've got more than one of every modern frame size, and the smoothest action of any is on a 4-screw 6" Model 14 that I picked up for $140 on an auction site. I put in a lowball bid, not expecting to win, but everybody else saw nothing but the fact that the idiot first owner had used an electric pencil to scratch his name on it. He'd also apparently dropped it and bent the ejector rod slightly. That cost me about ten bucks for a replacement, plus a few more for a Power Custom spring set, and it's now as close to perfection as they get. I keep thinking about polishing off that name and getting it re-blued, and then I think that the name of anybody stupid enough to do that to such a gun should live in infamy. Someday...
