.45 Auction Advice

Discussion in 'The Ask the Pros & What's It Worth? Forum' started by terryu1, May 24, 2012.

  1. terryu1

    terryu1 Armed Infidel Supporting Member

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    Once again I am thinking about hitting the local auction house tomorrow night. They have a few guns from time to time and many times you can "steal" them. Tomorrow night they have a Colt .45 Gold Cup MarkIV '70 Series. It looks in pic to be in quite good shape. What is the value range I should be thinking (or at least the highest I should bid). I am quite ignorant about value of handguns but I would love to have a .45.

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  2. Hammerslagger

    Hammerslagger New Member

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    I would suggest that you type in a phrase like "gun auctions" from Google search engine. Then go to several auctions and see what is actually being bid for similar goods. Also see what guns are getting no bid because the starting price is too high.

    I just did so and similar goods have bids in the $700.00 to $850.00 range. Pistols with starting prices of over $1000.00 seem to be getting no bids.

    I can not tell you how much to bid. Such depends on the actual condition of the gun (which can not be accurately assessed from the auction photo) and how bad you want it. Usually, when one buys anything at an auction, one is buying "a pig in a poke" (sack). Therefore one is usually wise to set ones maximum bid beforehand, making an allowance for unexpected defects or wear.

    Personally, as this gun appears to be in 99%+ condition, I would expect that It might go for over $1000.00 or as little as $700.00 if there are no knowledgeable bidders at the auction. If it has the original box (serial number matching the pistol) and papers, it will likely bring an additional $100.00 to $200.00 from a collector.
  3. terryu1

    terryu1 Armed Infidel Supporting Member

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    This is a "live" auction and only people there bid. It is a small town and usually about 50-75 people show up. Sometimes a little more. this is why I have seen guns go for what I think is real cheap but I do not know much about value of handguns as I said. thanks for the input.
  4. Hammerslagger

    Hammerslagger New Member

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    Actual sales of near identical goods, at the internet auctions, are likely the most accurate "yardstick" of an item's worth. Bidding often increases dramatically in the last hour of an internet auction. Still one can get some idea of minimum market value by watching items actually being bid on with more than 10 bids.

    Obviously, items (with starting minimum bids) that get no actual bids are overpriced; and someone has been likely reading and setting a minimum bid by a wishful price in a gun value reference book.

    Small live auctions can be good places to get items at well under fair market price.

    Such usually happens when there are no knowledgeable bidders, with the necessary cash, present. A friend of mine once purchased a like new item for $2000.00 (about 1/3 of its fair market value) because it was a strictly "cash now" auction and another knowledgeable and higher bidder had run out of cash money necessary to secure his bid.
    Last edited: May 24, 2012
  5. Goody

    Goody Member

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    Series 70 Gold Cup is worth a minimum of $1000, that one would probably bring close to $1500 IMHO.
  6. terryu1

    terryu1 Armed Infidel Supporting Member

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    This auction house is no reserve. Bids start at $1.
  7. Jim K

    Jim K New Member

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    FWIW, be aware that the Colt Gold Cup is a very fine target pistol, but it is a TARGET pistol. If that is what you want, go for it, and I suspect you might find a real deal there.

    But its target sights and light trigger pull make a gun like that unsuitable (IMHO) for carry or general SD/HD use.

    Jim
  8. Double D

    Double D Administrator Staff Member Supporting Member

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    Yea, this makes alot of sense, so, here's the plan...you go to the sale and pick up the pistol for lets say, 550.00 and I send you a check for 650.00 the next day and you ship me the gun. :). I am always trying to help when I can.
  9. Jboy

    Jboy Member

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    If you get it and decide to strip it there is an extra little spring in the Series 70 Gold Cup not found in other 1911s that you may lose if you are not careful. I forget what the spring is named, but getting a replacement might be a bit hard. $700/$1100+ depending on shape and who is bidding. Very nice piece. The front sights have been known to eventually fly off and the pin that holds the rear sight down has been known to break or disappear. If you get it you should have no regrets with the acquisition. Accurate and just fine for wadcutter light target loads to hardball. Just change the spring. Excellent trigger for a factory or any pistol. Suggest getting a replacement recoil spring as you will eventually need it and immediately installing the firing pin spring that comes with the recoil spring from Wolfe Gun Springs. Springs will not be expensive and the Wolfe firing pin spring is something I highly recommend on a Series 70. If you ever needed it it would have been worth a lot to you to have done it previously. I'd get the variable recoil spring.

    If the pin that holds the rear sight disappears replacement is very cheap. Replacing the front sight is also cheap and you might never have any problems with either. Suggest getting it if possible and then start saving for a Marvel conversion after learning how to reload as it is otherwise expensive to shoot and become proficient with. The Marvel (get the better model) will give you a great 22 target piece for a couple hundred dollars+ on the frame of your Gold Cup and the same trigger.

    Fabulous piece to enjoy using in a diverse set of uses.
  10. terryu1

    terryu1 Armed Infidel Supporting Member

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    That may be a plan. I was thinking if I get it I may try to flip it for a little profit. (after thouroughly testing it at the range for a week or 12 of course LOL) WE will see. the wife has other plans for this evening so we may be having one of our "discussions".
  11. TheGunClinger

    TheGunClinger Well-Known Member Supporting Member

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    I dont win too many of those "discussions"
  12. Double D

    Double D Administrator Staff Member Supporting Member

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    I would really like for you to explain what spring a series 70 has that other 1911s dont have and why the front sights would fall off. Just curious. Thanks.
  13. terryu1

    terryu1 Armed Infidel Supporting Member

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    Oh well, close but no cigar, several spirited bidders and was going in $25 increments from $100. When it hit $325, I tried to scare some out when I jumped in with a $500 bid. (I set myself a $600 limit). Well the bidding continued past $600 and I kept on bidding. Several bids and increasingly harder shots to the ribs from my better half, I gave up at $725. It sold for $850. Guess there were a few others there who know the value also. Maybe next time.
  14. Gabob

    Gabob Well-Known Member

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    Double D
    I had one that was used for nothing but light loads. The pin in the Elliason sight was constantly working out. I finally made one from drill rod and put locktite on it. That fixed the rear sight then the front sight fell off in a pistol match. The spring he mentioned was the trip on the sear . Been a while but I remember I had to make a slave pin out of a toothpick to hold it in place when reassembling. Forgot to mention it went full auto in a match. Sear was incorrectly ground. Dang turkey of a pistol. I finally traded it
    Last edited: May 26, 2012
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