Guns auctions and reserves

[Bindlestiff]

I stole this from another thread, I don't want to disrupt the flow of that thread.

Originally Posted by Dean Romig

The fact that a gun "hammered" is no indication that it met reserve.

It simply means that the high bid was recorded.
.

That is my main issue with the way auctions in New England seem to be run. When I first started going to auctions many years ago, any item that had a reserve was advertised as such, both in the auction listing and at the start of the items auction. They never reveled the reserve value but announced that an item had a reserve when it went "on the auction block". And, just as important, when the hammer dropped, they announced "no sale" if that reserve was not reached.

I watch high end auto and farm equipment auctions today and they announce reserve items and "no sales", as I would expect. I wonder why all the high end gun auctions I go to here in New England never follow that practice?

I have often wondered if this "sloppy" handling of reserve items is only a New England issue. There must be a reason other than laziness that they don't handle reserve items in a clear and obvious way.

Outside New England, how do gun auctions handle reserve items?

[edgarspencer]

I think some of it has to deal with maintaining their image. You can see the recap of Tuesday auction says every single item "INVOICED" however, only a few out of each dozen or so include a dollar amount. Going back and look at a lot I Know had a reserve, and I know did not sell, the recap still says "INVOICED" Tricks of the trade in the use of terminology? I think some auctioneers are reluctant to publicize a less than stellar performance.
Whether they sold or not, The Julia website will publicize the final prises, and when compared to the pre-auction estimate range, one can draw his own conclusions. When the "Second Chance" list comes out,(if one comes out at all) the truth will be revealed.

[Opening Day]

You watch high end car auctions, you know if there is a reserve and when it gets lifted, and you know when the auctioneer say's the bid goes on, or no sale, or we are close. I guess some feel it's better with "smoke and mirrors" I guess I just like to know what the real deal is. But that's me................

[6pt-Sika]

I went to a local reputable auction house a few years back expressly for a signed known maker longrifle they had . Sat around four hours waiting and the guy started it at $6500 with no takers so he slowly backed down to $1000 and it got started , gun went to almost $5000 and stopped . The auctioneer then informed us the gun had a reserve of $6500 and if anyone wanted it blah blah blah . If they'd informed me of this the day before at the preview it would have saved me the return trip ��

[mobirdhunter]

I went to a recent local auction. Not great stuff for double buyers, but I did pick up a nice A grade Fox for a bargain price. I watched several guns with interest, but no intention of buying. Some "went for" very low prices. I was not quick enough to note the bidder number of each, but eventually picked up the pattern. Apparently there was a number designated for guns not meeting their reserve. I confirmed this when I happened to talk with a gentlemen who was picking up his unsold gun. It was one of those sold at what I'd noted as a bargain price...and to the same bidder number. I think it is indeed a case of enhancing the reputation of the auctioneer.

[JLoew]

All- I have a 4 part series coming out starting in the Summer issue of the Double Gun Journal on auctions and what you likely want to know about your auctioneer and the auction process to be successful. If you read my article (4 part series) it will answer many/all of your questions and relieve your suspicions. It is brutally honest, transparent, and I am hopeful you will find it helpful.

[C.O.B.]

I know of at least one person here who's gun didn't make the reserve and he didn't get it back as the auction house bought it for the reserve then relisted it and another whose guns didn't sell but he managed to retrieve them with some legal maneuvering.

[edgarspencer]

Originally Posted by Rich Anderson

I know of at least one person here who's gun didn't make the reserve and he didn't get it back as the auction house bought it for the reserve then relisted it .

Rich, If the seller established a minimum he would accept, and he was paid that amount (no sellers commission was deducted) I don't see where he would have an objection.
Was it relisted in another auction, at a later date, or was it brought back up again at a later time in the same auction?

[Bill Murphy]

6PT, you described a "reputable auction" and then described less than reputable behavior. Which is it? Josh is going to write an article about the auction business. Is his article going to be a different description of the auction business than Mr. Julia gave to us a couple of times in the last couple of years? Some of Mr. Julia's descriptions go over OK, but others do not. I would recommend that Josh reread some of Mr. Julia's posts before he writes his article. I had a bit of an "experience" at this week's auction that seems to demand an explanation. I will wait a while before I ask for an explanation since the item in question seems to have not sold.

[C.O.B.]

As I recall the seller was told he could expect $X and the reserve was set lower to get the bidding started then it never made the reserve so he thought he would get it back. He could have sold to another individual for more than the reserve but he honored his commitment to put it in the auction.
To the best of my knowledge it was sold "privately" by the auction house and it never resurfaced.