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Rock Island Auction Coming Up


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Interesting as I read about the Buyer's premium or whatever but did not know the sellers cost was that high.

They may not be. It all depends on what the seller is bringing to the table. If you are bringing one $800 shotgun, you'll get eaten alive by the fee's. If you are Alan Cors, you're likely setting your own reserves and possibly dipping into the buyers premium, but he's also brought 7 figures of stuff to the table? It's all negotiable just like any other commission/fee. I see Morphys is offering finders fees....publicly. Other houses do it as well to get collections. Auction houses own nothing and need guns to sell, sellers (depending on what you have) are in the drivers seat with high value items. Buyers pay all the bills.....when, and if they pay.

 

Auction houses spend a lot of time and money cultivating buyers and sellers lists which generally adds value to their services and translates to higher prices overall, but not necessarily a higher dollar to the seller. It all boils down to what a seller is willing to sacrifice in money to "press the easy button" and just get rid of an item expending as little time and energy as possible. Guys like Reuben offer a similar service, overnight checks, prepaid shipping boxes, and all the paperwork done, but they are not free and reflected in the size of the check. All just basic business practices. It's awesome to have all these options available, or you can just go it alone, do all the work yourself and reap whatever you can sow?

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Good assessment above by johnsonlmg41. Don’t forget the cost of shipping the NFA to the buyer which often is well padded with packing and handling charges. In thd last year I’ve heard about charges of $750 and up for shipping a subgun from Julias in ME to buyers in FL. One buyer of an MP34 was charged $900. Overnight Fed-Ex with full insurance can get the charges up to $400 plus for that distance, but $900? Big cut for somebody here.

Also there can be a 10% of the guns reserve value charged to the seller if the gun does not sell and the seller takes it back. Julia used to charge this but I am not up on Morphs or RIA’s policy on this.

A mediating factor is the seller’s cost basis in the decision to use an auction house. If the seller’s cost is very low, then the total auction fees are less intrusive.

One thing about auction inventory held by the company is the cost of insurance. $15M of firearms inventory, a value often brought at a gun auction, will be very expensive to insure. Then there are the other 7000 fireamrs in their inventory not sold, waiting for an auction, etc. Serious overhead!

Having been to Julia and Poulin auctions quite a few times and on several occasions talking with J. Julia about the auction business, he had incredibily intense responsibilities. Sure not my cup of tea. FWIW

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ok, a couple of newbie questions.

So if an auction house holds a NFA item "that doesn't sell" and that a seller "doesn't" take it back, does this NFA item become the property of the auction house at some point?

Does that involve a transfer to house or has that already been done for the sale??

Is the house a dealer in order to hold on the NFA inventory?

Inquiring minds want to know, thanks

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Yes, buyer not seller... thanks!

 

Both Johnsonlmg and Black River really added good info about auction dealing. I was not aware of the shipping - though on regular long guns I have ben bent over for packing / shipping before.

 

I was the high bidder on that case.... thanks Mike! LOL!

Edited by giantpanda4
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Yes, buyer not seller... thanks!

 

Both Johnsonlmg and Black River really added good info about auction dealing. I was not aware of the shipping - though on regular long guns I have ben bent over for packing / shipping before.

 

I was the high bidder on that case.... thanks Mike! LOL!

 

I haven't started bidding...........yet. LOL! :P

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  • 2 weeks later...

Ok, who bought the case? I was out bid and it sold faster than I could type out a number.

 


At the next auction, I find this very interesting. Does anyone have a case like this?

 

Thompson Case

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Not me - I missed the auction. $450+BP seems reasonable - I have never seen another and that price is not too ar from a good repro case.

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  • 2 weeks later...

Who bough tit? Anyone here?

OK, who bought the case? I was out bid and it sold faster than I could type out a number.

 


At the next auction, I find this very interesting. Does anyone have a case like this?

 

Thompson Case

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