How Do You Dispose of a Collection?

[Brownie]

I'm sure some of you guys have pondered this question. I have a fair sized collection. About 2/3 collectibles and the other 1/3 are shooter/modern rifles, pistols, and shotguns.

Should I die unexpectedly or for any reason, have to liquidate my collection. What would be the best instructions for my wife and kids on how to best dispose of my firearms? I do want them to get as fair a price as possible. But being unknowledgeable, they will be lost on where to begin.

Or even if I wanted to get out of my collection entirely and didn't want to hassle with online listing, shipping and selling. What would be your recommendation?

So the question is: How to dispose of your gun collection in bulk? Local auction company? Sell out to one of the online sellers? If so, which one?

[Edward Tinker]

I can give you my advice, which is as good as anybody's and what I have seen the last 10 years (when I really started collecting after getting guidance)

Worst case;
Folks wait too long to sell, then they might die or start to feel unsure of themselves (Alzheimer's or the like) and then the collection is left to 'friends' (who sometimes turn out not to be very nice to the widow) or to the widow doing her best

Middle case;
Folks sell one or two and then a close friend helps sell off after they die

Best case;
Folks start selling off 'certain' pieces and slowly get down to those that are meaningful (its what I hope to do), they keep a couple so they still feel in the collecting community and then give them in their will to family or friends

Ways to do above, IMHO

1. Sell via gunbroker, not a bad way, but you have to deal with all the blah, blah and pay amounts
2. Sell on the forums, not a bad way, but still have to deal with shipping etc
3. Sell via a auction or company, pay them a commission

Personally I don't mind #1 and #2 but I feel fine selling this way, some don't want to deal with it

#3 is not bad and there are several private guys out there who would either buy your collection (expect 50-70% offer of what its worth). Sounds worse than it is, but consider that a bulk buy, they will be interested in say 15 of your 35 guns and they have to move that other 20 guns via gunbroker or gun shows.

An auction is not bad but you'll pay x number of dollars and if items don't sell, you are paying shipping both ways

Ed

[alanint]

Ed has good advice.
However, the first thing you should do is catalogue everything you own, with a description and an approximate market value for each piece. Have the list on your computer and printed copies as well. Tag each of your guns with a number or code tied into your value list. Share this list with trusted family members with instructions on how to read it. This will insure that your family is fully aware of the extent and value of your collection should you depart suddenly. This will give them the knowledge they need to deal with selling off the collection and obtaining a fair value for it. You might also want to explain a bit about how auctions work and which houses are trustworthy.

[spartacus38]

Great advice from Ed and alanint.

[SteveM]

Don't forget the accoutrements/accessories...mags, grips,holsters,collectible ammo,boxes, knives, bayonets etc..be sure and tag all of these also, especially the boxes if they match something in your collection. That is what I have been working on lately, the extra "stuff" that I have picked up over the years.

[lew1]

Originally Posted by Edward Tinker

I can give you my advice, which is as good as anybody's and what I have seen the last 10 years (when I really started collecting after getting guidance)

Worst case;
Folks wait too long to sell, then they might die or start to feel unsure of themselves (Alzheimer's or the like) and then the collection is left to 'friends' (who sometimes turn out not to be very nice to the widow) or to the widow doing her best

Middle case;
Folks sell one or two and then a close friend helps sell off after they die

Best case;
Folks start selling off 'certain' pieces and slowly get down to those that are meaningful (its what I hope to do), they keep a couple so they still feel in the collecting community and then give them in their will to family or friends

Ways to do above, IMHO

1. Sell via gunbroker, not a bad way, but you have to deal with all the blah, blah and pay amounts
2. Sell on the forums, not a bad way, but still have to deal with shipping etc
3. Sell via a auction or company, pay them a commission

Personally I don't mind #1 and #2 but I feel fine selling this way, some don't want to deal with it

#3 is not bad and there are several private guys out there who would either buy your collection (expect 50-70% offer of what its worth). Sounds worse than it is, but consider that a bulk buy, they will be interested in say 15 of your 35 guns and they have to move that other 20 guns via gunbroker or gun shows.

An auction is not bad but you'll pay x number of dollars and if items don't sell, you are paying shipping both ways

Ed

Also could have them sold on consignment.

[lew1]

What I have done has been to make a list with the purchase price and date by each one.

Then I have told my kids who not to go to.

Also have contact info for a couple of people who would be honest in setting values. Also mentioned how to get approximate values.

[Vlim]

Ah, and don't store that information on your PC alone.

Put a copy of the document with values in a location where it will be found, if needed. (the gun safe is probably a good place, I keep mine in a plastic folder on the inside of the door).

I've witnessed several occassions where the value of a collection was lost because the owner had stored all the data on his laptop, which was given to a relative after his passing, who promptly did a reformat and reinstall of the PC, so that all data was lost forever.

It's funny how a 200 dollar laptop can destroy a collection that is worth thousands.

[alanint]

This sounds silly, but also make sure that the family can access the collection! I've heard of more than one case where the family had to have a safe professionaly opened because the collection's owner never bothered to give anybody a combination and nobody ever asked!

[lew1]

Originally Posted by Vlim

Ah, and don't store that information on your PC alone.

Put a copy of the document with values in a location where it will be found, if needed. (the gun safe is probably a good place, I keep mine in a plastic folder on the inside of the door).

I've witnessed several occassions where the value of a collection was lost because the owner had stored all the data on his laptop, which was given to a relative after his passing, who promptly did a reformat and reinstall of the PC, so that all data was lost forever.

It's funny how a 200 dollar laptop can destroy a collection that is worth thousands.

Well, mine is stored on 4 PCs in two different locations, plus a uncle, grandfather, father, and son back up drives. And I told my kids where.

[lew1]

Originally Posted by alanint

This sounds silly, but also make sure that the family can access the collection! I've heard of more than one case where the family had to have a safe professionaly opened because the collection's owner never bothered to give anybody a combination and nobody ever asked!

That is one way to keep things from developing legs. I know of a couple of instances where things were missing.

[Brownie]

Thanks for the great suggestions. I've done quite a few of them. I do keep a running list of firearms on my home PC and backup to my laptop and office computer. Also keep hard copies at home and at the office. I like the idea of keeping one in one of the gun safes. These lists have for the most part, but not all - of the dates and purchase prices.

Good idea on adding the accroutrements. Most wouldn't know the value of mags, holsters, bayonets, and field gear. I also have a lot invested in a Luger Library. Yes. I suffer from OCD just like the rest of you guys. Once I take up an interest, I can't do it in moderation.

I have the combination numbers to the gun safes written and coded. I have briefed my family on where they are written and how to decode them.

I guess my big decision is going to be whether to leave them with the task or dive in and pare down and cull the herd now. It's hard to let go of the babies. There is simply not going to be an easy way.

[Conny]

My coffin will be extra large so I can take them with me.

I wrote down all my collection serial numbers and put a market value next to each with the date valued.
The post script tells my boys to research on Gunbroker for up to date values.
No one in my family is into firearms. Other than life insurance to wife, the kids get nothing.

[Curly1]

I have a spread sheet inventory with what I have into each item and what I think the replacement cost is. I review and update as needed.

Hardcopy is in kept as well.

[Magic Jar]

Originally Posted by lew1

Also could have them sold on consignment.

I've done this with four guns and have been pleased with the outcome.

Maybe Ed meant this method when he suggested 'gunbroker', but I took that to mean the internet version of gunbroker.

Allen R

[sheepherder]

Here's a problem...Lets say you purchased a rare collectible Luger from a well-known (but not necessarily reputable) dealer/collector, for a lot of $$$...and you think it is worth it and will only appreciate, but other knowledgeable collectors know it is a mechanic's work...You die...Your widow has no idea what it is or what it is worth, but she knows you paid tens of thousands of $$$ for it...and she has it examined by experts and they tell her it is a fake and only worth a tenth of what you paid...

There's a well known and often told tale among stamp collectors...About a rich collector who spent hundreds of thousands of $$$ on "stamps"...Dozens of albums of 'rare' stamps, collected over the years...but he was actually spending the money on apartments, jewels, clothes, vacations etc for a series of mistresses...His wife had no objections to his 'stamp collecting' because she thought that when he died, they would provide her with a nice nest egg to sustain her during her golden years...When he finally did die, she had the albums/collection appraised and found them to be virtually worthless (but very colorful)...

The point I'm trying to make is that even if you list your ideas of what your collection is worth...it may not be...

I keep all my purchase receipts...but that's not a good indicator of value either...Only a Colt owner would know that my Series 70 Colt Gold Cup is worth more than a 'new' Colt Gov't Model...

Having a friendly dealer who can be called on to appraise and maybe even handle the sale of the collection is IMO the best way to dispose of your collection...

[Edward Tinker]

Originally Posted by Magic Jar

I've done this with four guns and have been pleased with the outcome.

Maybe Ed meant this method when he suggested 'gunbroker', but I took that to mean the internet version of gunbroker.

Allen R

No, I did mean consignment, but like with me or Tom Whiteman

Seriously, I did mean gunbroker, as consignment leaves it up to the seller to decide how they want to apply this way of selling. That said, I am very up-front with the owner, and tell them that if I go the way of gunbroker, those fees need to be added in (shipping, GB fees, etc). From years of selling on Ebay, where I have lost .25 cents to several dollars, any loss is frustrating. Now the USPS uses the flat fee boxes and they work very well for smaller items.

For rifles and pistols, you need to either set a fee and live with it (you can look on-line for weight vs cost) or tell them you will get back with them.

I am a lazy seller, I like to package, print the USPS or FedEx and drop it off at my leisure, not carry the box in with me, get it weighed, go home, write the seller and wait for payment, then ship. Pistols I do well, the price vs actual cost I am usually right on, rifles throw me off due to size and weight, so I usually say, 'actual cost"

Ed

[alanint]

Both Fedex and UPS have online services. If you sign up as a user, they provide a calculating feature where you put in dimensions, weight, value for insurance if any and start and ending addresses and it provides you with the shipment cost. The websites also allow you to print the labels and get free packaging and labeling materials.
If you do enough shipping, its worth your while