My apologies for my belated reply to this thread. Not retired yet, so my day job wastes takes up a lot of my time.
Let's start with the title of this thread. Artillery Model revolvers are more than a myth. They are a reality, part of the "lore" of the Old West, the Indian Wars, for better or worse.
As for value. As others have said, the value is what anyone is willing to pay for an item or object. Indeed, during the Great Depression, Colt revolvers were often stuffed into pickle barrels, or so I have been told, with a sign stating "Your choice, $5 each", or something similar. Old, matching serial number Colt Single Action Army revolvers with little condition had no value, I'm sure the nonmatching (Artillery Model) revolvers were deemed even less desirable. It has been only the last 50 years, after scholarly research has been done, in which the true value of these, from a historical perspective, has been identified, and an increase in monetary value has risen in tandem.
When you purchase a Colt Single Army Revolver, you are purchasing, if not later faked, components of original Cavalry Model revolvers that were there, part of the taming of the West, part of the Indian Wars, these intact Cavalry Model revolvers being recalled due to the reports of poor performance of the .38 Long Colt. Springfield Armory would disassemble these intact revolvers, refurbish all reusable parts, cut the barrel to 5 1/2" and reassemble. Having done that, these Artillery Model revolvers, although valuable, are generally not as valuable as an intact Cavalry Model revolver in similar condition and in a similar serial number range, even though those Cavalry Model revolvers still extant do not have such a storied past, most having been issued to state militias.
So, I hope this dispels the myth of these being of little interest due to being parts guns. Yes, in the strictest sense, they are parts guns, but parts of Cavalry Model revolvers that all have a history. Indeed, the history behind a barrel, cylinder, back strap, trigger guard, and frame, all with different numbers, can prove fascinating as to the origination of each part, although the barrel and cylinder sometimes have 4 digit serial numbers of which preceding digits cannot be determined.
Now, as to the question of whether or not one could fabricate an Artillery Model revolver and pass it off as genuine today, the answer is emphatically yes. Indeed, when one presents a Colt Artillery Model revolver, the first sentence or so usually begins with something along the lines of the subject revolver has been previously identified in our survey, and then John Kopec determines if the configuration is identical to as previously surveyed, provided there are no problems previously identified, or has someone since monkeyed with it. IF John determines that this is a new entry, then he examines all components, references parts lists he has going back many decades, looks at known serial number ranges for Artillery and Cavalry Model revolvers, and assesses the general integrity and finish of the revolver, and, if after all that, if you have managed to assemble a revolver using genuine Cavalry component parts, of which none have been previously surveyed, not on parts lists, no obvious questions as to originality or even the fit of the revolver, such as the ears of the backstrap not fitting properly or even something as simple as grips having evidence of usage as a tackdriver and curiously the backstrap exhibits no such evidence--if, after all that, it appears genuine, then it would qualify as such. Indeed, in the 1950's or 1960's , a few drums of Cavalry Model components were discovered in the Colt factory, and from these no doubt several Artillery Model revolvers were assembled. This being prior to John's surveys and so an Artillery Model assembled then could come up as a Gold Seal of Approval letter, if deemed authentic. I suppose what's the difference between an Artillery Model, probably with better condition than a well used one, as it was assembled decades later, what's the difference between that and one demonstrating considerable wear having been used in the Philippines? Indeed, the one recently assembled might be more desirable due to condition.
As to value, you are paying for a First Generation Colt Single Action Army revolver, antique, in .45 Colt. Unless in dastardly condition, reblued & rebuffed, that's at least a 2k gun today. Add in the lore of the West and the Indian Wars, and you can generally easily double that. Add in any condition and the value goes up from there. A Kopec letter is a must, as, in my research, it is difficult for an Artillery Model to crack 4k without a decent Kopec letter, unless the condition suggests otherwise.
Also, as far as valuation goes, as stated previously, this is only what others are willing to pay. Figures given, although approximate, are what these tend to bring today. Prices on these have been depressed recently but there might be a slight upswing--only time will tell. And, the market is only what this fraction of a subset of collectors is willing to pay. Think of it this way--I might be willing to pay a certain price on these, because I collect them. Most of the general public might consider me certifiably insane. Likewise, I'm sure that there might be a Cabbage Patch Doll collector who might slap down $500 for what they feel is the bargain of a lifetime, whereas if I dropped $25 on the same item, I might think I might have made an egregious error for which I might not financially ever recover from.
