doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com How Should A Spouse Handle A Gun Collection?

After my passing into the next life, what is the best way for my girlfriend to handle my gun collection?

I would be interested in hearing what others are thinking or have planned.

Questions:

1 - Where is the best place to go, that handles "Estate Sales"?
2 - Who would you trust to give an honest appraisal so one would know if the price the consignor puts on a gun is fair?
3 - Would an outright sale or consignment be best?
4 - What is the going % rate a person should expect to pay to handle the sale?
5 - What discount from Blue Book Value would be fair on an outright buy? (Cabela's, etc.)

Of course I am requesting your opinion only!

binko

Much depends on the type of firearms in your collection. One cannot give you advice without knowing this.

I just took care of one of these for someone. I can tell you it's a pain for all involved. I made nothing for taking care of this for someone I barely knew.

I can tell you I was pressured by the spouse to sell everything quickly as this was her most important criteria since she had to move within a couple weeks. I did that. The return I got on what was there was about 50% of what a deliberate sale might bring over the course of a year. I will not be volunteered for such duty again. It was a thankless task that left the spouse disappointed in what money was garnered and not so thankful to me. More times than not, I've been around these sales where all the appraisals and bluebooks get tossed out the window in favor of getting rid of the whole problem all at once to someone or some business that will make a good swat.

My advice? If you don't give a damn about what burden you leave behind, keep 'em all to the end (assuming you can plan for the BIG event). If you don't want to burden others, start selling off as your usage and health decline in a more deliberate manner. In other words, take care of your own mess. And believe me, it is viewed as a mess more often than you think.

After reading Chuck's post, I have started and stopped three different answers for you, and ended up not likeing any of them. That's a tough call. Do you have a brother you are close to, or a son? Either would be preferable to a girl friend, IMO. I believe the temptation to heavily discount everything and move it out quickly would be overly tempting.

If you don't have another family member who would take the time to do a decent job for you, I would start selling them off ahead of time, maybe keep a couple that you would most likely hunt with and a home defense weapon.

I'll try and have a chat with my wife and a son before that time.

As with most investments you can either get more money or you can get it fast NOT both.

Depending on the total value some of the larger gun auction houses will work on seller commission,0-10% do not have the heirs sell them at other then the big 3 or 4 as you will not get the exposure.I have seen antique dealers give away gun collections they have no business selling guns and could care what they get.
If your dealing with a collection of smaller size perhaps a honest dealer (which can be a oxymoran) and consigment,10-20% might work.

If they want the cash fast expect 50% if your lucky
You should keep a book or ledger that shows what you have in them and what the true market value should be for each.That might help her.
I thankfully have avoided the job/mess Chuck H took on and will do my best to do so again after reading what he went through.

Whatever you do have the talk with the wife or girlfriend (or both!)as they should at least have some idea of whats invloved.There was a widow a couple years ago who's husband had a six figure luger collection.She waited so long that the matching holsters,mags and guns took on rust.She took the holsters and matching mags to the dump !!! exit major money.Also have been to auctions that had ammo for guns not represented,when I asked what happen to those,"the deceased husbands friend "helped" the widow and bought those"!

All of the above is very sound advice. I would take the time now to look at the major gun auction houses and see what similar guns have been listed for and what they actually brought at auction. Typically the auction house charges between 10 and 17 & 1/2% to the seller based on the hammer price. Most of the major auction houses have their past sales & prices realised on-line. By posting them now yourself on Dave's site (selling cost only $10.00 per gun), Guns International or Guns America & selling them yourself you will probably realise more money but it will, of course, take longer. Depending on what you have will largely determine how marketable your collection is. To leave this up to someone, like your girlfriend, who is unknowledgeable about guns is only asking to get ripped off, in my opinion.

Just My Thoughts, George

Many of us tend to keep guns that we seldom use any more. In some instances, it was a very special purchase that we craved 20 or 30 years ago -- but haven't fired in the past 5 years.

I think that when we reach a senior milestone it is time ro start selling off those that really are "extra's" -- or giving them to younger family members, or the children of friends. Especially if we rarely use that gun any more.

If sale is the goal, we can get more $$$ for it now, than will the executor of our estate.

You may also want to consider leaving written gift instructions to award favorite items to friends or family.

JERRY

This is good advise, but us as collecters, put us in a special category, ie, we can not sell anything, we are pack rats. I can think of 20 reasons to keep a gun to every 1 to sell. This a very difficult task indeed.

That is why I keep a list of my guns, what I paid and what I feel they are worth. Which I update every year. And give which auction house is the best to use. My dad is the one who is in the loop. That will be reviewed yearly also. (both my dad and the auction house)

Because if you have 1 gun or 100 guns it is a shame to have to sell them at cents on the dollar because you didn't take a little time with one of the things you enjoy the most!!!

EXCELLENT THOUGHT BINKO, PREPARE
it will pay and your family will love you even more.

Tim

Get someone you trust, who has the same interest in your collection that you do, and who you will expect to outlive you. Offer him his pick of your collection to handle the sale of the guns.

I've been asked by a friend to do this for his wife, he's about 20 years older than I am. I would have done it anyway but he sweetened the deal by offering me my pick before the sale starts.

Now I just have to find someone 20 years younger than me....

Unless you make out a will, your girlfriend won't get them anyway. They will probably go to your next of kin. If she doesn't know anything about guns (as Chuck says) she will probably only get about 50 cents on the dollar. I retired in 2006 and started selling my guns off because they were an investment to begin with. I probably have/had $30-50K worth- (ballpark). I have bought two in the past two months to shoot skeet with. I am considering about selling more here shortly..... You don't give your age. Is your girlfriend going to possibly be your wife some day? Any kids in the future? Your question is a little vague...... Besides, if you continue to live where you are, Mother Nature will probably end up giving them to a new owner here soon. So I wouldn't worry about it if I were you anyway.