sales question

[BearBio]

Any ideas on how to liquidate a LARGE firearms collection (100+)=some scarce models, all makes and models (Colts, a few S & W, lotsa OM Rugers, etc), some historic. Should be in excess of $100K, all total.

Getting ready to retire (66+) and have some health issues.

 

[WVSig]

Any ideas on how to liquidate a LARGE firearms collection (100+)=some scarce models, all makes and models (Colts, a few S & W, lotsa OM Rugers, etc), some historic. Should be in excess of $100K, all total.

Getting ready to retire (66+) and have some health issues.

How much time do you have? Selling them individually will yield the most money but it will take time. If it were me and wanted it done quickly I would hire a local auction company to sell them if you have a strong local market. The other is to hire a online auction site.

 

[max]

Lee, the owner here could do it.

 

[murphydog]

It depends on your energy level, organization skills and a friendly local FFL if you intend to do it yourself. You would 'likely' get top dollar by selling them individually or in small groups to motivated collectors (such as a sales ad here on the Forum), but it would take a lot of effort and FFL/shipping costs.

You could put them on auction - also a lot of work.

Selling them on consignment via a dealer with a pre-negotiated commission rate is another option. If you sold them all to a dealer outright, they would give you least of all - this is not a criticism, they have to make up their costs and budget some profit into their resale.

Good luck in your decision and with your health!

 

[Milkdud]

Selling large collection of guns quickly

Not to say one is better than the other, not having personal knowledge, but Tom Gresham of GunTalk, said that he used Dury's Guns to auction his Dad's collection and was pleased.

 

[Steve C]

Look for good Auction companies that specialize in firearms. You may want to sell the historical collectable guns at an auction that attracts those collectors with deep pockets. The auctioneers work on a percentage of the sell price to they have vested interest in selling at the highest price.

Google is your friend in finding auction companies.

 

[Muss Muggins]

Any ideas on how to liquidate a LARGE firearms collection (100+)=some scarce models, all makes and models (Colts, a few S & W, lotsa OM Rugers, etc), some historic. Should be in excess of $100K, all total.

Getting ready to retire (66+) and have some health issues.

Did this a couple years ago, when I joined the forum. Father passed, and after my brother and I took what we wanted, we were still left with 100+ firearms. Some scarce, some common, all in excellent condition. Missouri has very permissive firearms laws, and I don't know about Eastern Washington. My father was very well known in the community, and I had been around the block a time or two as well. In addition, my brother dealt with many, many people with federal security clearances in his line of work. We sold almost everything by word of mouth, on bill of sale, in about three months. The really out there stuff we sold on 10% consignment at the a couple LGS's that the family was tight with. Good luck!

 

[Muss Muggins]

Look for good Auction companies that specialize in firearms. You may want to sell the historical collectable guns at an auction that attracts those collectors with deep pockets. The auctioneers work on a percentage of the sell price to they have vested interest in selling at the highest price.

Google is your friend in finding auction companies.

We were soundly disappointed in the auctions we used to sell the half-dozen Civil War era muzzle loaders from dad's estate. Many promises made, few kept, and we were able to meet personally with the auction house, which was reportedly the best in the area. I would hate to trust a collection to Google . . .

 

[model70hunter]

Sorry to hear of your health issues. Hope it improves.

One might contact Rock Island auctions to see if they can recommend a trusted service in your area.

I'm sure you also did but I did not see any pure firearm auction sites in WA when I googled it, most listed estate, rental lockers and such other tripe with guns added.

Is there an LGS that specializes in your high dollar items, might put them on consignment. It is best to pick one that has lots of shoppers. I wonder if the big box stores like Cabelas would do consignment? They will buy your whole collection but I don't know what they pay.

Here or the Ruger forum would work for that brand.

One might go ahead and find an LGS or FFL person who will ship for you so that base is covered.

 

[Cyrano]

I have the same problem, I'm going on 83 and won't be around forever. Thre's an FFL holder who has taken a couple of collections on consignment and done well by them. I've told my kids to contact him.

 

[H Richard]

David Carrol (Woodlawn Boys) is a very respected seller that specializes in selling off large high grade collections. It is amazing the prices he gets for fine guns. His reputation seems to add a good % to the bottom line.

 

[BC38]

If you want to liquidate them, then an auction house is the best answer. There are a couple here in Spokane and in NW Idaho. Of course they are going to take a cut, but the turn around would be quick.

If you're OK with taking your time and want to maximize your cash from the sales, then auctioning them on GB is going to be your best bet. You'll get national exposure and more bidders than any where else.

You can list them for auction 5 or 10 at a time, it isn't that hard. I'm local to you and would be willing to help you with putting together and posting the auction listings. All I'd ask in exchange is a first look and a little consideration on any I wanted to buy from you

 

[BearBio]

Lee, the owner here could do it.

For personal reasons, that's not an option.

I have time. I am planning on working a little longer. I can try to locate a local ffl=the ones that are LGS cost a lot (We now have to go through an ffl on all transactions=cost is $40 or about $50-$75 for shipping). If I do it myself, I know it can be very time-consuming, but..........

 

[model70hunter]

Another option is to get your own FFL.

 

[Irn-Bru]

What's the legality of buying a table at a big gun show and selling them like that?

 

[Jingles]

Not sure about WA but here in Cali we are limited to 6 transactions per year. A transaction can be one gun or a hundred, doesn't matter. It kind of puts a crimp in selling off your collection one at a time. I'm still in my 50's but am getting a head start on thinning out the collection.

 

[Muss Muggins]

What's the legality of buying a table at a big gun show and selling them like that?

In Missouri, that is perfectly legal, as long as you adhere to the rules. We only sold to Missouri residents who proved their residency by driver's license or ID. I believe the OP mentioned that in Washington, all transactions must go through an FFL . . .

 

[BC38]

In Missouri, that is perfectly legal, as long as you adhere to the rules. We only sold to Missouri residents who proved their residency by driver's license or ID. I believe the OP mentioned that in Washington, all transactions must go through an FFL . . .

Yes you do. However, there are LOTS of FFLs at the gun show and if you set up a table next to one who will agree to do the transfers for you for a reasonable price, that shouldn't be much of an obstacle.

As far as I am aware, if you are JUST selling personally owned firearms and are not buying more or taking trades, you would not fit the definition of being in the firearms business, and there would be no issue with setting up a table at a gun show.

Of course a guy would want to verify that 100% before doing so....

 

[Muss Muggins]

. . . As far as I am aware, if you are JUST selling personally owned firearms and are not buying more or taking trades, you would not fit the definition of being in the firearms business, and there would be no issue with setting up a table at a gun show.

Of course a guy would want to verify that 100% before doing so....

Straight from the horse's mouth, Page 6:

What does it mean to be "engaged in the business of dealing in
firearms"?

Under federal law, a person engaged in the business of dealing in firearms is a person who "devotes time, attention and labor to dealing in firearms as a regular course of trade or business with the principal objective of livelihood and profit through the
repetitive purchase and resale of firearms." Under federal law, conducting business "with the principal objective of livelihood
and profit" means that "the intent underlying the sale or disposition of firearms is predominantly one of obtaining livelihood and pecuniary gain, as opposed to other intents, such as improving or liquidating a personal firearms collection."

Consistent with this approach, federal law explicitly exempts persons "who make occasional sales, exchanges, or purchases of firearms for the enhancement of a personal collection or for a hobby, or who sells all or part of his personal collection of firearms."

Do I Need a License to Buy and Sell Firearms

 

[BC38]

Straight from the horse's mouth, Page 6:

What does it mean to be "engaged in the business of dealing in
firearms"?

Under federal law, a person engaged in the business of dealing in firearms is a person who "devotes time, attention and labor to dealing in firearms as a regular course of trade or business with the principal objective of livelihood and profit through the
repetitive purchase and resale of firearms." Under federal law, conducting business "with the principal objective of livelihood
and profit" means that "the intent underlying the sale or disposition of firearms is predominantly one of obtaining livelihood and pecuniary gain, as opposed to other intents, such as improving or liquidating a personal firearms collection."

Consistent with this approach, federal law explicitly exempts persons "who make occasional sales, exchanges, or purchases of firearms for the enhancement of a personal collection or for a hobby, or who sells all or part of his personal collection of firearms."

Do I Need a License to Buy and Sell Firearms

Thanks for posting that info from the ATF. I probably should have been a bit clearer about what I was referring to. You are correct the ATF rules are pretty straightforward.

However, the FFL requirement for private sales we were discussing isn't an ATF regulation - it is a Washington-specific regulation imposed by our (relatively) new and VERY ambiguous and confusing I-594 firearms bill.

That is what you have to be careful to avoid running afoul of here in Washington. It is FAR stricter and puts way more conditions on the sales of firearms than the ATF regs.