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I work with thousands of guns every year as
I appraise collections here in the States and elsewhere, and I continue to
learn things every day. One thing which is crucial to gun values today is
condition, and quite often the "condition rating" of a given gun
literally determines its market value. At one time, antique guns were expected
to "look old", to "show their age", and even a "brown
gun" could be quite desirable to collectors if it was a scarce variation,
or if it "filled a gap" in a collection. In recent decades this has
all changed. Collectors have become more discriminating in the
"information age" where hundreds of high quality reference books
have replaced the relative handful of sources which were available to the
collector back at the middle of the century. Value guides, too, have become
more technical with percentage grading systems reflecting the demand for
"near new" examples which may be valued at four or five times the
price of a 92-95% gun in the same standard model. With this rapid rise in
value for pristine condition has come an increased dependence upon the
"Factory Letter" for verification of the gun’s features and
shipment information. Every year I watch collectors and dealers turn down fine firearms because they are not "new" enough, despite the rarity or significance of the arm in question. I’ve also witnessed any number of guns which have failed to bring a decent price due to the absence of factory verification, perhaps in a situation where the gun is obviously correct, but in a serial number range where it’s a "no letter available" gun, or in some cases where the letter appears to be at variance with some feature of the actual gun. |
Do collectors today attach too much importance to factory letters and
"new" condition when considering a classic or antique gun? It all
depends...Some new collectors bring money and/or
enthusiasm into the game, but seem to have no real interest in performing the
research - the intensive reading and the study of hundreds of real examples in
their chosen areas of interest - all of which is required to become truly
knowledgeable. Many of these "investor/collectors" never develop
what might be called "an eye for finish", and so it is that the
Factory Letter coupled with the "percentage of finish" grading
system seems to be their quickest, safest and easiest guarantee of quality and
value in acquiring good pieces. The problem, of course, is that both letter
and finish may be "doctored" by unscrupulous dealers in search of
the high prices brought by pristine, well-documented examples. Collectors who
use these criteria exclusively had best buy only from dealers they know, and
who will "stand behind" every item sold. Most of us can easily spot a badly buffed shiny reblue, or a "bumper shop" chrome job, but I am continually amazed by the number of folks (many of whom have been at it for decades) who simply cannot see the difference between an original specimen and the quality refinish or restoration. It seems to be a malady akin to being "tone-deaf" or "color blind". A few beginners quickly learn to see the difference, but a lot of budding collectors "buy quite a few lessons" before they get it right - or quit the game altogether. And let’s face it, the fakes are out there! Many times I’ve been called in (too often after the purchase has been made) to |
value or verify a gun which has been
"upgraded" or "restored" over the years. Sometimes the
collector simply can’t believe the truth about his new prize until he’s
been shown a decades-old photo or written description of his like new example
‘way back when the same gun only had 10% finish! Factory letters, too, can mislead collectors in several ways, including the occasional "ledger entry error" from the old days, or possibly by a modern mistake made in retrieving the information. When writing for a factory letter, always specify exactly what features you are seeking to verify, and describe the existing gun to the archivist whenever possible. It is best to study as many guns as possible, in all grades of condition, in order to memorize minute details which are seldom shown even in the best of reference books. Longtime collectors in one’s chosen area of interest (guys who are not trying to sell you anything) can also accelerate one’s knowledge and save years of toil. It is also useful to study period manufacturing techniques and processes as they relate to the brand or model you’ve chosen to collect. Learn the order in which the polishing, marking and finishing were done by that particular arsenal or factory during the era of your model’s production, and then simple logic can help you spot "impossibilities" of assembly or finish. The various inspector’s stamps and other gunmarks are a study unto themselves, but one which must be undertaken if you want to "be your own expert". Those who will dedicate the time for all of this will be compensated by having the finest guns in their collections, as well as by the development of a true "eye for finish." |
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~o0o~ ©2000 W.R. "Bill" Powell |
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