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Thoughts on hammer price?
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November 12, 2021 - 6:13 pm
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The starting bid seems a little high to me, especially as seeing that it is a 2nd Model and not a 1st Model as described.

Sincerely,

Maverick

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November 12, 2021 - 6:55 pm
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I certainly would want/need some more detail images of the opposite side of the receiver and butt stock.

Michael

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November 12, 2021 - 7:10 pm
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And I would want to know what the factory ledger says.  Lots of special order features on that rifle.

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November 12, 2021 - 10:28 pm
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I’m personally not an auction gun buyer. I can’t afford to make a mistake by putting my trust into any auction company. Jmo

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November 13, 2021 - 3:25 am
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From what we can see it could eventually bring much more than that…IF those features letter. Looks great but could be sucker bait.

 

Mike

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November 13, 2021 - 12:33 pm
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Just a few semantics…

You state in the title of your thread you want thoughts regarding the “hammer price”.  As this rifle has not sold yet, it cannot have “hammered”.

There is a minimum bid of $10,000.  That sort of serves as a “reserve” in many cases. The seller will let it go for that, if the minimum bid is not attained, it doesn’t sell.  It may be that this is not functioning as a reserve, in that there is a true reserve of, for example, $20,000, and if a bid of that amount is not obtained, the auction doesn’t sell.  The opening bid is sometimes intentionally low to attract attention.  

Unless I missed it, most auction houses give a pre auction estimate, and the low end estimate is often twice the opening bid and the high end estimate is often half again or twice that low end estimate.  In this case, a pre auction estimate might be 20 – 30k or 20 – 40k.

The hammer price is what it sells at.  In this case, it might hammer at 10k.  On top of that, there’s usually a buyer’s premium and sales tax and shipping and sometimes packaging fees.

When researching post auction results, the results are sometimes posted by the actual hammer price, and sometimes they are posted so as to include the buyers premium.    So, when researching closed auctions, look to see if there are several closed lots with oddball amounts or not.  For example, if a post auction result shows a firearm sold for $12,000 and the auction house has a 20% buyer’s premium, it might be that this firearm hammered at 10k and the post auction results include the 20% buyer’s premium.  Or it may be that it did hammer at 12k and the winning bidder actually sold for $14,400, including buyer’s premium.  So then you look at other lots.  If a firearm shows a post auction result of $1800, that’s what it likely hammered at.  If it shows $2160, it really didn’t hammer at that, the buyer’s premium is included.

On increasingly rare occasions, a firearm might open at 10k, and, if no takers, the auctioneer has the authority from the consigner to lower the opening bid at a lower amount, such as 5k.  Often, said item hammers at over twice that anyways.

And then there’s absolute auctions, everything must go.  Usually that’s for low end items, but not always.  In the second hand firearms market, that’s usually for mass produced and well used firearms.

My favorite auctions to attend used to be before the days of the internet, a little inclement weather, if you’re not there in person, you couldn’t bid.  The party pooper was when someone left a bid prior to the auction who wasn’t able to attend.  Usually someone local.

With the advent of the internet, you might have a local auction that is convenient, but find you are bidding against virtually anyone in the world with a wallet and an internet connection.

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November 13, 2021 - 12:44 pm
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There was 22hrs remaining when I added this topic. My post title should have included the words “what” & “will be”. I was unable to edit it. I already assumed a reserve at $10k when you open the link.

And just to clarify my auction sentiments, I’m referring to internet auctions. In person live & a viewing period or opportunity would be a different story for me. ?

RickC

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November 13, 2021 - 9:49 pm
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Sold for $17,000 plus buyers’ premium. Somebody, or more accurately at least two bidders, liked it. 

 

Mike

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November 13, 2021 - 10:17 pm
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TXGunNut said
Sold for $17,000 plus buyers’ premium. Somebody, or more accurately at least two bidders, liked it. 

 

Mike  

Geez you’re right Mike, someone liked it. I bet they got the configuration details back from CFM…or I hope they did. Thanks for the update.

RickC

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November 13, 2021 - 10:34 pm
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personally even if it fully lettered ive seen much better for that price range. all i see is undersized wood, worn checkering,taken apart and marred screws especially on false patina end cap and traces of case finish at best.. i think two people need glasses.. just my two cents. 

Jeremy Scott.

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