That’s the deal with auctions. You take more risk in hope of getting a price below that if you had bought from a dealer. The difference is often information. The higher end auction houses such as Morphy’s and Rock Island do a much better job describing and screening their guns, thus bringing more bidders and often higher prices. It’s the classic risk/reward of the free market. Sometimes you get a great deal, and sometimes you get burned. For pricier guns, I prefer to go with Morphy’s or Rock Island, pay a little more and mitigate some of the risk until I become more knowledgeable as a shooter and collector. That said, there are no guarantees and on the other side, you can still find some amazing deals!
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