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Midas Thompson


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#1 LIONHART

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Posted 03 August 2003 - 11:59 AM

Just noticed that the Midas Thompson has been put up for sale. It's listed on www.sturmgewehr.com Priced at $95,000.00
What a beauty!

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#2 hawksnest

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Posted 03 August 2003 - 12:09 PM

Lionhart: How about loaning me $95,000.00 until Friday?
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#3 LIONHART

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Posted 03 August 2003 - 12:42 PM

Hawksnest, I was about to ask you the same thing. A little more though, so I can get another residence, maybe in Oregon! LOL laugh.gif
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#4 Nick Iannamico

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Posted 03 August 2003 - 01:03 PM

Too Bad The Board Nazi Is Going To "ZAP" That Post For Being Incorrectly Formatted tongue.gif
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#5 Arthur Fliegenheimer

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Posted 03 August 2003 - 02:15 PM

Phil,
The reason why any Curtis Earl owned Thompson has a ridiculous selling figure is because Curtis Earl once owned it. Every subsequent owner after Earl tries to recoup the overblown price they paid for the weapon. In the case of the "Midas" TSMG, after Earl bought back the weapon from Daily with the newly adorned engraving done by Earl C. Bieu, he advertised it in his catalog in 1971 asking $5,500! The embarrassingly self-aggrandizing article Earl wrote in Guns & Ammo (using the pseudonym "Hank Drake"!) introduced this non-rare Thompson as "The Midas Touch Thompson". How Guns & Ammo allowed him to write this article, (that is really a commercial for Earl and his collection), under this assumed name, shows a total lack of professionalism by the magazine. The broker for the "Midas" Thompson did not mention in the Sturmgewehr ad that the weapon was once dewatted for a sale to a California buyer, or that Earl wrote the "article" in Guns & Ammo.

Having seen this TSMG in person, I would have to say that it is a beautiful effort of customization. The photo on Sturmgewehr does make it look like a Franklin Mint special, but in reality, it is a neat piece.

As far as the bargain $95K price goes? One would need to consider what any Colt Thompson that has had identical work done on it fifty years after it left Hartford is worth? If any Colt loses half their value when it is re-blued (and new "fancy burl walnut" wood substituted for the original contractor Remington), how much more value is added by the engraving and gold inlay? The idea that a one-time employee of Colt did the engraving is in no way as relevant to the value of a Colt Thompson that was originally engraved by Colt back in 1921/22. Of course none are known to exist. As a novelty Colt, I would be so bold to say it is worth in the neighborhood of $40K to $50K. What this “Midas” gun has going for it that propels it into nearly six figures is the Earl inspired legacy of the weapon. Can one put a price on thirty-odd years of publicity? Apparently the broker did.

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#6 LIONHART

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Posted 03 August 2003 - 05:15 PM

Hey Nick, don't you mean the Soup Nazi??? laugh.gif
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#7 Arthur Fliegenheimer

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Posted 03 August 2003 - 05:33 PM

Speaking of J-Lo, the broker for the "Midas" TSMG is hoping for the same miracle the investors of the Afleck/Lopez "Gigli" movie are praying for.... Ah! I see how the broker arrived at the figure. He neglected to add that ten Colt matching numbered C drums are also included along with free passes to Earl's museum in Boise.
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#8 First Sergeant

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Posted 03 August 2003 - 06:24 PM

I recall the Guns and Ammo edition which featured the Midas Thompson and have the copy somewhere. Does anyone know if there are more online photos of this Thompson? Even though the add quoted "pics" I was only able to find the left receiver. Like most things Thompson, people will sell it for what the market will bear. $95,000 seems a bit steep for me but J-Lo spends that on tastless skirts..............maybe J. Edgar would have one up on her at the range ! What do you think Phil?
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#9 Arthur Fliegenheimer

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Posted 03 August 2003 - 06:50 PM

First Sarge,
The G&A cover showed the right side of the "Midas" gun. I don't think there are any photos on the net. If you did not snap pics of the "Midas" gun when it was on display at Champlin, your only alternative is to contact the broker and request him to send you some candid shots. He may want to do a Dunn & Bradstreet on you before hand though.

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#10 Arthur Fliegenheimer

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Posted 03 August 2003 - 07:44 PM

Hardrede,
You know if I calculated the value of the "Midas" gun, using my own guidelines as outlined in my previous post, I would be closer to your figure. Consider a non-existent 100% Colt TSMG, without a historical pedigree, worth $30K? Give or take. Now divide in half the value from the re-bluing. The replacement wood, no matter how spiffy, did not add value. It only subtracted it. That leaves the engraving, which in today's dollars might be, (a purely speculative guess), $10K on the outside? That brings the value to $25,000. Now add the movie star quotient because Earl arranged for the gun to be featured in G&A and you have $95,000. It's simple, really.

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#11 hawksnest

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Posted 03 August 2003 - 07:44 PM

Why not have the federal government buy it thru some kind of pork project, for say around $10,000,000.00 (not counting cost overuns of course) and then demilitarize it.
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#12 John Jr

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Posted 03 August 2003 - 10:54 PM

I guess I would say the gun should be sold at a real auction, like Christies(sp) or Southebys (sp) with heavy advertising.

1911 collectors, and other gun collectors frown on re-bluing and refinishing an original. That does detract from value. Given the fact that 99-98% Navy overstamps with all the trimmings sell for just about or just under 25K, I would think that this Midas gun is worth a few thousand more and thats all. That would be only from the noteriaty this gun may (or may not) have.

I, for one, would never buy it even if it was priced like any other Colt. I don't care for molested guns for my collection.

I also should note this: I would never own a Colt Thompson. They are too expensive, and I would never shoot it. I would rather have a gun that was build on the same exact machinery with a different bolt, buffer, buffer pilot and spring and be able to shoot it, drop it, ect. than have some beautifully engraved, overpriced Colt that bases its value on the fact that its a Colt, it was engraved by someone who worked for Colt at one time (not in the 20's) and was once owned by someone who I never heard of and who is dead.

But thats just me.

Oh, by the way, I will offer 4000 for this gun if the owner happens to be watching. LOL

laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif

Jr
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#13 ftc3906

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Posted 04 August 2003 - 12:55 PM

Link/URL to ad:

http://www.subguns.c...query=retrieval


The fully documented "Hardware Store" Thompson advertised for $125K in a full page ad in SMALL ARMS REVIEW a couple of years ago is a better buy if it is still available. To accompany the so-called Midas Thompson, the purchaser needs to buy a yellow Hummer with 24" spinning wheels, and get his dentist to fit him with a couple of gold front teeth.
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#14 RichFitz

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Posted 04 August 2003 - 06:11 PM

Wow mine must be the poor man's version. Not a Colt but it was factory engraved at least. My as well repost the pics from the old board to save them when it goes away.

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#15 The1930sRust

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Posted 04 August 2003 - 06:26 PM

That is such a strange gun! Beautiful, but odd with the Lyman sight, finned bbl, and comp, for an M1 that is...
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#16 Waffen Und Bier

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Posted 04 August 2003 - 10:03 PM

I've been thinking about having a STEN or an M10 done up like this. Except chromed and engraved. Whadyah think? $50,000 per item wink.gif
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#17 Arthur Fliegenheimer

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Posted 05 August 2003 - 12:06 PM

Since King "Midas" TSMG has disappeared from "Subguns" & "Sturmgewehr" boards one can only conclude that Bill Gates purchased the weapon from the Pennsylvania collector and is now restoring #1361 to its original 1921 condition.
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#18 P51Mstg

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Posted 05 August 2003 - 03:07 PM

Best I can say is that I was seriously in on the bidding and the gun did sell for something over $95,000. Even if you try and piece it together, it is a rather unique piece and as long as there is someone who is willing to buy it, it will sell for some very high price.

Next plan is to go to Tracy's shoot and show and see what is for sale up there.

Mark H
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#19 Walter63a

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Posted 05 August 2003 - 03:14 PM

I am with John, Jr. on this; I feel as if a rare relic (the untouched gun) has been desecrated. ohmy.gif mad.gif I think it looks gaudy awful. If you need to 'spruce something up', use your daddy's shotgun! And, puleeeez, stop molesting the Tommys!! ph34r.gif cool.gif
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#20 John Jr

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Posted 05 August 2003 - 10:28 PM

I feel for the guy that paid over 20K for this gun. I guess PT Barnum was right.

Jr

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