Gentlemen, I did not watch the auction Re: the subject Reedy, However, I understand it did not sell.
There are three main reasons a notable gun does not sell at auction:
First and foremost has already been addressed . . . . High reserve.
The second, which is often ignored by the interested public is an excessive 'Buyers Premium'. This premium often exceeds 20%.
The third and probably the most important is the actual 'landed cost' of the subject of interest. Landed cost include:
1. Hammer price
2. Buyers Premium
3. Shipping expense
4. Tax
And any associated expense while pursuing the prize, ie: travel and lodging.
Anyone considering buying at auction had best figure in the real 'out of pocket costs' associated with their purchase and record that number in their records so when they attempt to sell they know or a spouse knows what was actually paid in the first place.
Of course, many items reach the auction block without a financial history. Auction house estimate are based on a formula and wide range of possibilities , however, the 'reserve', if any, is generally several points below the low estimate.
My guess is this gun missed selling by one increment. I'd be interested learning the bid sequence. We will see this gun again within a few years unless it was purchased privately after auction. HIB
