Gentlemen, The guns in question above are not necessarily up for re-sale by the suggested original buyer. They were either 'bought-in' by the auction house at the initial sale when they didn't meet the seller's reserve or they were found to be inaccurately cataloged and returned by an unsatisfied or deceived buyer. The operating word here is 'deceived'. It is also possible they were not paid for within the required time frame.
Most honorable auction houses will accept a 'deceived' return, within reason, and then at the instruction of the seller re-enter the item in a future auction with an amended description and sometimes at a lower estimated value. The buyer, in all cases, must be aware of the auction house' terms and it is required by the auction house to disclose those terms. 'Guaranteed Descriptions', 'No Reserve Auction' and 'As Is - Where Is' are three of the major understandings the buyer must be aware of. There are others to consider as well [shipping expense, sales tax, tarifs etc.]
There are many arguments for and against placing an item in an auction with a reserve. The reserve actually protects the seller's interest and investment, however, when the investment is higher than the actual value the reserve backfires and the gun is bought in. When this happens the item is often times listed as sold by the internet co. monitoring the sale as they are not privy to the reserve and may actually think the item sold for the hammer price. If, however, the auction co. publishes a 'sales price list' showing the item sold then you are dealing with a different set of circumstances.
The fact the majority of these guns have reappeared is due to any one of the circumstances listed above. The only way to get a handle on what actually happened is to compare the original description and estimate to what is listed now.
It goes, without saying, the buyer's knowledge of the market, coupled with a good review of past and current information regarding an object of interest is paramount.
There is room in the ALR library for an 'Auction Buying' tutorial, however, the best advice for a new player is to have an experienced mentor along side during the auction preview and then the discipline to follow a plan. And don't forget the 'Buyers Premium'.
Remember; the actual cost of the item = Hammer price + Buyer's Premium + the expense of getting to the auction site and any shipping and sales tax additions.
It is definitely a 'Buyer Beware' world. Regards, HIB
