Story of a timid bidder!

[Dennis Glazener]

Take a look at Lot 1 for the Nov 30 online auction at this site: http://motleys.com/index.php

lot 1 is a really nice Simon Lauck VA flintlock rifle. It is pictured on page 182 of the second edition of James Whiskers "Gunsmiths of Virginia".

I had hoped that this rifle might go under the radar of many of the VA collectors and that I might have a chance to buy it at a reasonable price. I think I choked at the last minute!

I discussed this with a knowledgeable friend that knows way more about antique rifles than I, I set a price that I would be willing to give. I watched the auction off and on all day. At 5:25PM (auction closed at 5:30) the bid sit at $6000.00 the rifle was worth considerable more in my opinion. I kept vacillating I ended up talking my self out of it and was relieved when the auction ended. I immediately was sorry! I think it went for a steal of a price. Even with the 18% buyers premium and another 5% VA sales tax the rifle went for  $7380.00.

Here is what happened to me. I recognized a dealer friends user ID and when he appeared to drop out I called him to verify and he said for him the rifle had gotten beyond his chance for resell. In discussing he expressed several concerns he had about the rifle, this concerned me even though I looked at the rifle in person and felt it was a nice solid rifle. Then I found out the auction company was charging 18% buyer fee instead of the 17% that they had told me earlier, then I realized I would have to also pay the VA 5% sales tax. Then I got to thinking about the big blob of white paint that had been dropped on the wood next to the sideplate and how it wasn't shown or described in the auction. Then I got to thinking about a rifle that I had put on consignment in the same auction and how NONE of the described defects were mentioned in the auction. All this made me gun shy and I think I may have missed a great buy! But I learned to do more homework before auction day and to be more confident of what I am interested in bidding on!
Dennis

[debnal]

I have a similar experience. In a recent Doyles auction last week there was a buttstock for sale. I mean a sideplate, a triggerguard, a thumpiece, a buttplate and the wood from the front of the lock mortice back- a buttstock. But it was indentifed on the sideplate to a CT officer in the Rev War. The thumpiece had the man's initials and the date 1776. Plus the buttplate tang had the words "Liberty or Death" engraved on it. The piece was listed as a remnant musket- a very accurate description. It was clearly made by Medad Hills and was once a primo gun. But with a forestock, barrel and lock missing I was hesitant to bid a lot on it. After consulting with some very knowlegeble friends I left an absentee bid of $5000 on it. I figured no one would be so dumb to bid that high on it, except me. Well- my bid just covered the auction premium! It sold for $20,000 plus the $5000 juice for a total of $25,000!!!!!
It has been my experience that auctions can be a $#@* shoot.
But, had I not bid on it, it might have gone for virtually nothing. I have gotten some great pices for very little but lately I have been left in the dust. I think it has a lot to do with the internet. If the auction house is online then the chances of getting a "steal" are virtually nil.
Al

[HIB]

Dennis, As mentioned above bidding at auction is at best a $#@* shoot. There are some basic rules you might want to consider in the future as they are tried and true examples based on 50 years of auction bidding.
1] Know the product. If you can not preview the item personally then pay someone
    to appraise the gun for you. Money well spent.
2] There are bargins but they are few and far between. In 50 years I can actually 
    count just 2 of them and only because the under bidder lost his nerve in each case.
3] If you really want the gun and it fits into the direction you are going with your 
    collection then stay in the bidding past your anticipated number. You won't be
    sorry and will long forget the price if it is a perfect for you. This is assuming you in
    fact........
4] Have a plan. Maybe this should be #1. Without a collecting plan you are simply
    accumulating. Remember ' It is not how many but how good '
5] If you are at the auction make sure you do not sit next to your wife or a friend 
    while bidding. One will discourage you and the other might encourage you to do
    something you don't want to do. Ask Wayne !!

After a pretty discouraging decoy auction a friend of mine did his best to cheer me up. He said "You were pretty aggressive but I see you only won one bird and you did well with what would have been my first choice". He went on to ask just how much money I had left and I told him. He said "Damm almost as much as you came with!! Your wife will be happy"and so she was.

So remember when you come up short on a bid situation you still have the funds for the next opportunity.  Good luck.  HIB