Morphys Auctions has Colt Thompsons, Reisings, Accessories in Upcoming May Auction

[Grease Gunner]

https://auctions.morphyauctions.com/catalog.aspx?auctionid=607

My Favorite Auction House and John Keene NFA Specialist Catalogued the NFA stuff

and he is Honest and Super Knowledgeable 

May8th thru 10th

Colt Thompsons, M1 and M1a1 Thompsons,Numbered Drums,Original and Repro Cases

And Early 3 digit Colt Tommys

Hope the members snag some of these items

you can pre bid now and it will show if you are high bidder right up to auction day 

I have personally bought a lot from them as well as selling thru them.When I sold thru them as a consignor,

i always got more than i could have gotten elsewhere!!

Edited March 27 by Grease Gunner
update

[Chappy]

THeir buyer premium is 25% so it adds up quickly. When you sold through them, what was the seller fee?

[MS Collector]

Per a recent conversation with John Keene at Morphy, they have dropped the seller fee to zero . . . in an obvious move to try to attract as many NFA consignment items as possible.

FYI: In addition to the buyer's premium, successful bidders must pay retail sales tax to their home state (assuming your home state collects retail sales tax); Morphy's collects the sales tax and remits same to the various state taxing authorities.  So, for someone like me who lives in an 8.00% sales tax state, the buyers premium + state taxes add up to a 31.00% add-on to the hammer price.

[Mike Hammer]

Yes, the buyer’s premium plus the state tax, (and mine is 10%), is outrageous. So be aware when you bid. I bought an item not too long ago and thought I got a reasonable deal till I added up all the fees and shipping, and it became obvious that it wasn’t that great a deal after all. The only people that really make it big time is the auction house.

Edited April 2 by Mike Hammer

[colt21a]

anyone who pays 31% or above what they paid is nuts.{ how do you expect any profit} if future sale pay them to buy 2 guns lets say a $100g $31 g more upcharge. and say even in five years. expect over $150g back to make $20 g profit..WOW what a deal////////////////

[TD.]

If I were to bid and win a machine gun at auction, I would have to have it transferred and shipped to my in-state dealer. This would be a dealer (Morphy) to dealer (my local in-state dealer) transfer. Would sales tax apply to this transaction?  

[StrangeRanger]

They will charge tax based on the sales price and your address

[johnsonlmg41]

17 hours ago, TD. said:

If I were to bid and win a machine gun at auction, I would have to have it transferred and shipped to my in-state dealer. This would be a dealer (Morphy) to dealer (my local in-state dealer) transfer. Would sales tax apply to this transaction?  

The gun would be sold to you at your address.  The sales tax is based on the sale to you at your location.  A lot of states have annual exemptions on the low end, but they don't really care about that, they charge it anyhow whether they break the threshold or not.  Where the dealer is in your state makes no difference.   If the dealer charges you a transfer fee (for what is your property), it's likely that transaction is also taxable?

When I do auctions I look at my top number, subtract all the fees/taxes, then bid that number.  MOST people obviously don't do this based on the prices I see and when the topic comes up and they complain about it? Once bitten twice shy.  HTH

There are some ways around it, but they don't happen for most people and the numbers involved are generally much greater to make it worthwhile. 

  https://www.nbcnews.com/id/wbna38378992

Edited April 3 by johnsonlmg41

[colt21a]

When you add in tax ship and fees. you better get a deal on the item. I have not bothered on many items lately... sometimes even ammo if a ship charge and tax and fee for using c.c. card on line. screw that.. you buy something for $500 bucks.  and gets to the door for $612 yeah such a deal, when at $500 cost it was marginal to begin with. many have sworn off gun shows. I still bother to save or lets say not pay a tax and ship and ins. cost.

but some have boosted prices at shows.so don't bother with it either. Just keep the cash...and move on. WE ALL WILL HIT A STAGE.We don't care what other people have or what we have.

you just enjoy.Many at the show of shows in Kentucky had to show boat. along with the prices. I like to tell them. MAN THAT'S A lot OF STUFF HOPE YOU HAVE 20 YEARS LEFT TO SELL IT.

Edited April 4 by colt21a

[SP Sarge]

51 minutes ago, condor34 said:

Be careful selling to this Level 2 scammer....check our emails.....scammmer

Thompson parts? There's a few suspicious regulars  on gunbroker...like "TheGreek" who doctors WW2 parts to look like Colt parts and advertises them as Colt.

[Grease Gunner]

A 20% buyer’s premium will be added to all successful bids and is payable by the purchaser as part of the total purchase cost. A 3% fee is applied to payments made by credit card(from Morphy FAQ)

I dont know where Chappy got 25% 

If you by check the premium is 20% with a card another 3%

if you bid thru proxibid another fee

i pay by check.

As far as sales tax if the item is bought by an SOT there is no tax

If an individual buys it , i would think thhere is tax  

On 3/31/2024 at 12:42 AM, Chappy said:

THeir buyer premium is 25% so it adds up quickly. When you sold through them, what was the seller fee?

 

[Chappy]

Grease Gunner, you are correct. It isonly 20 (only 20) % plus 3% so I was wrong. It is still one of the highest and with the sellers fee it all adds up. Poulin charges a ZERO fee for machine guns yet Rock Island is at 25%. Poulin pulls in good money at their auctions with some massive sales. With the 0% sellers fee, I am consigning mine with Poulin in Maine at this time.

23 hours ago, Grease Gunner said:

I dont know where Chappy got 25% 

If you by check the premium is 20% with a card another 3%

 

[mbc230]

I was going to consign an item with Rock Island and they charge the seller 25% and the buyer 25% Premiums and well that to me is ridiculous so safe to say I backed out of any sales with them in the near future.

[johnsonlmg41]

13 hours ago, mbc230 said:

I was going to consign an item with Rock Island and they charge the seller 25% and the buyer 25% Premiums and well that to me is ridiculous so safe to say I backed out of any sales with them in the near future.

RIA is also at 20% BP, but adds for CC, Proxybid, RIA live,  and of course, sales tax.    The sellers premium is also right up there on consignments under 6 figures.   It can add up fast along with large incremental bid amounts.   

As for the OP being an SOT and not having to pay sales tax, that's not actually true if you intend to keep it.  If you intend to resell, being the high bidder at a highly visible auction doesn't sound like a formula for finding a buyer that will pay even more than you did, since most of the fish you're looking for were in the same pool at the auction?

I sell on sturm and net more money than what I'd get at an auctions generally.  I can post three minutes from now, get payment overnight, and be done vs.   Shipping my stuff to an auction, waiting for the auction to happen, waiting to get paid, and giving up a large percentage.  And then....if it doesn't sell at that auction (shocking little known secret not everything sells)......a whole nother can of worms.....transfers back, etc.? 

[Blanksguy]

Just a question.........but would an individual's "Transfer-Tax" (the $200 "stamp") waive any state sales tax (?).......or something similar to real-estate Sale Tax in my state is paid by the "Seller" in Michigan at "closing. An example would be that a Buyer (out-of-state) only pays for the house and some smaller items at "Closing"........and the Seller pays the "Sales-Tax" at Closing.

Thoughts (?).

Edited April 17 by Blanksguy

[Got Uzi]

The "tax" is two separate things and you will pay them both

[johnsonlmg41]

One way or another, a buyer pays all taxes and fees on everything ever sold.  I am not aware of any states charging a "sales tax" on a house, so that's a bad example.  Real estate title transfers are fee's, not taxes.   The transfer tax on NFA is federal, sales taxes are localized (state and below) HTH