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Very true... but we also thought that the last time this gun sold 7 years ago.
Very true. Just goes to show the fish keep getting bigger and bigger. All an auction has to do is keep convincing at least one person they have to have something. Bidders are easy enough to provide to get the desired end result.
 

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It would have been mine but I was about $412,000.00 short. hahahahahaha
 

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The market speaks. I thought it wouldn't go for the high estimate.....I was wrong. My bet is 3 to 5 years from now it sells for more...of course the time value of money offsets that appreciation however, as Rob Greer mentioned in another forum "It was sold in July of 2010 and hammered for $145k . Pretty good return on that investment. Beats the S&P.
 

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Anyone remember the 'Million Dollar Luger'? It had been bought by an Indonesian billionaire for a million dollars, and according to some sources went in and out of the U.S. in a diplomatic courier case. Apparently it was in the U.S. when things went south in Indonesia, otherwise it might have been lost to history.

It came up for auction amid much hype as the $1,000,000 Luger. The hammer price was $430,000 and with buyer's premium came to just under half the price expected.

The market can be fickle.




 

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I think this sale reveals more about the buyer than the gun or the market. And I'm not saying anything negative about the buyer. It just indicates that there are some people willing to pay far more for the same item than others.

There are a lot of elements to auctions/sales that can never really be known. Some sellers specialize in finding deep pocketed bidders/buyers and convincing them that an item is a "must have" for their collection or investment portfolio. And clearly, some people and/or companies are better at that than others.

When I inspected this item 7 years ago, it had a Colt oven blued barrel bushing, Colt oven blued plug and shorter SM Ace style recoil spring in it right before it sold. I have no idea whether or not the buyer at that time got the gun corrected, but I know he was aware of it. He approached me at the next CCA convention and asked me what I thought of the pistol he had purchased. I assumed he knew the parts weren't right, but he didn't until we discussed the particulars of the gun. When he left my table, he went over and spoke with a big name from the auction. I suspect he shared what I told him, but don't know. That wasn't my business and I never asked. I didn't bother to inspect the gun again after 2010. Once you've seen them with incorrect parts, they don't become original again. At best, once a gun has had parts swapped, it can only be corrected.

It's my understanding that the auction was not allowing anyone to disassemble the gun this time around. Their online video sorta implied that, and I just had a phone call a few minutes ago from a collector who attended the preview and auction, who said he asked an employee about inspecting the gun and was told no one was permitted to do that with this gun. Granted, you'd have to be very careful allowing just anyone to tear down a pistol like that. Maybe the gun got corrected in the last 7 years. I do not know. Another interested bidder phoned a few days ago asking if I'd inspected the gun. He told me someone with the auction had told him it was exactly as it should be.

Years ago, a big name auction sold a nice, low numbered Singer to another collector. The buyer read the description and thought he was buying an all correct/original gun. He contacted me after the sale and asked about the barrel and magazine. He brought the gun from NY to me for an inspection. The pistol had a Colt barrel and incorrect magazine.

Over the next year or so, the buyer brought different parts to me he claimed the auction sent him to resolve the problems. The barrel was first to be corrected, and then finally the magazine was corrected after a few attempts with incorrect parts. I never asked what arrangement was made to resolve his claim. I just know the gun was finally corrected. I didn't have any dealings with the auction, so I can't say where the parts came from...except for the fellow who owned the gun at the time.

Having collected as long as I have, I know authentic Singer parts are not common. I've always believed the most likely way one might correct a Singer would be to cannibalize another gun, by robbing Peter to pay Paul, so to speak. I'm not sure where the replacement parts came from. Auctions and individuals alike, I'm sure, have various sources for parts. I just know there were only so many Singer parts produced...and they are truly scarce.

Some people with limited knowledge spend lots of money. That's a reality of "the market". People value things based on different factors. Some value based on others' opinions or descriptions from sellers. I, personally, place a lot of emphasis on originality. I always do an actual hands-on inspection and form my own opinions. I might not value one gun in 99% condition as high as another in 95% condition if I believe the first gun isn't all original. But it reality, I have no impact on the market with my opinions, except of items I purchase or sell. My opinion is mine. But only actual buyers and sellers of any specific item determine sales prices.

"Value" is always subjective, based on opinion. In the end, only the buyers opinion matters. He is the one who has the final say what something is worth (to him).

I think sales always end up being more about the players than what some might consider to be the "market". That's why it's nearly impossible to predict sales prices of anything. In time, this gun may come up for sale again. It may sell for more, less or the same if it does. But I wouldn't even take a guess at which unless I actually knew the players. And we don't ever really know what someone is thinking.

I've sold two nice Singers in the last few weeks. I suspect the owner of those guns feels like he got a good deal. And I'm selling another all original Singer and a partially restored Singer now. Will they see a bump because of this sale? I don't know. I'm not raising prices, but will someone feel like they need to buy these guns as an investment? Who knows? I really doubt any Singers get a significant bump from this auction...unless of course the buyer is the same fellow, or thinks like the buyer of this gun. It's more about the people than the guns, IMO.

You might have the same gun for sale for a year. Hundreds look at it and pass. Then, the right person sees it and has to have it. We've all seen that before.
 

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There must have been two very eager potential buyers to drive the price up. That means the one who 'lost?' is still after a good Singer.
Or he may have just been after this specific Singer, due to condition, reported history, sales hype, description, etc. That's why I don't necessarily think this sale impacts the real market value of other guns in a significant way.
 

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Singer or not, it's hard for me to imagine spending that kind of money on a firearm. Then again, I'm sure some people feel the same way about the amount I paid for some of my guns.

As I write this, I'm staring at my 1942 and 1943 Colts, both 1911A1s. They may not be as rare as a Singer, and may not be in pristine condition, but I'm very fortunate and happy to have them all the same.
 

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As has already been stated in the previous posts, it's more about the "people" than the
"object" in an auction. I've been to automobile auctions were I've seen vehicles roll
across the stage and sell for millions of Dollars. I've never, however, seen a pistol,
especially a WWII variety, sell for anything close to this. I do remember the
million Dollar Luger, but that was a fluke considering the circumstances.

Whatever "floats your boat", providing you have the finances, is what happened here.
One guy just had to have it and he won. I also agree with Scott that this one sale will
not automatically increase Singer prices to a great extent.

Cheers to the new owner.
 

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Discussion Starter · #20 ·
As has already been stated in the previous posts, it's more about the "people" than the
"object" in an auction. I've been to automobile auctions were I've seen vehicles roll
across the stage and sell for millions of Dollars. I've never, however, seen a pistol,
especially a WWII variety, sell for anything close to this. I do remember the
million Dollar Luger, but that was a fluke considering the circumstances.

Whatever "floats your boat", providing you have the finances, is what happened here.
One guy just had to have it and he won. I also agree with Scott that this one sale will
not automatically increase Singer prices to a great extent.

Cheers to the new owner.
Why can't I find buyers like this when I want to sell something?? (Also glad for the new owner / caretaker.)
 
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