Disposing of an estate of Firearms?

[Sniper66]

I'd like to start a dialogue with you guys about ways to sell estate firearms. My brother died 2 years ago, leaving about 2 dozen guns. His daughters inherited the lot and just this evening asked for my advice. I've bought, sold, and traded lots of guns over the years, but have never been faced with such a challenging task as this, complicated by my emotional connection to my nieces and my brother's collection. Added to that, they and the collection are in Minneapolis and I'm in NE Kansas...about a 7-hour drive. In the past, I've offered to buy some of the guns at fair value. That will be one of the options, but will only account for 4-5 of the guns.
One option would be to call the local Cabela's and ask them to make an offer. Or find an auction company to sell everything. If I lived closer, I could sell them one or two at a time.
First, I'll need to learn about Minnesota's transfer laws. I want to make it as painless as possible for them and to get as much money for the collection as I can. I will be grateful for any helpful thoughts.

 

[MikeInOr]

Painless as possible ≠ as much money as possible

Firearms really are not a good investment unless you have the time and energy to sell them as the market will allow for a profit. A gun store will give you a fraction of what they are worth on the market. A gun stores business is to buy low sell high and money tied up in less than hot inventory is money that is not making them money.

You might consider a table at a weekend gun show with REALLY good prices then consign or sell the rest to a gun store / pawn shop. Consignment might be the best way to go. A gun store can fill their shelves with consignment guns and not have a huge amount of money tied up in inventory.

I would start by making a list of the firearms. Without a list of what is there you really have nothing.

 

[Tilos]

Do his daughters know what local gun store your brother dealt with??
I would start there or with any FFL local to them.
Many shops will sell them on consignment or offer a wholesale price for them.

I went thru some thinning of guns a few years ago by doing consignment sales at a local dealer.
He appraised and listed my guns on Gun Broker where I could watch what was going on, so totally legit.
Anything over the appraised price was his to keep, and the buyers paid the shipping and sales tax for their state.
Listing on GB is the kitchen table type FFL dealer's bread and butter.

If you are a member of Gun Broker you can search guns by recent sales to get an honest value for the guns your brother had.
"My guy" has since given up his FFL and, like you, I'm in search of another local dealer to sell my unused guns.

I believe I've seen listing dealers on GB offering to buy guns or list them on GB for a price.
Maybe search GB for dealers in Minneapolis Minnesota area that will work with them.
jmo,
.

 

[Lyle Wyatt]

A couple of years ago I had shoulder replacement surgery on my right shoulder. I am right handed. I decided to get rid of many of my stout recoiling rifles and shotguns. I rented a table at one of the gun shows and was very pleased with the results. When it was over there was only one rifle left and I got asking price for everything I sold.

 

[silicosys4]

Simplest solution is to find an LGS that see's good traffic that also runs an online shop, consign it with them. Consignment is going to be your best option at seeing the most value, unless you want to bother listing them yourself and deal with the pain of shipping. You can shop around and see if you can get a good cash offer for the lot but be ready to take a 50% bath from any gun store. The above suggestion for a gun show can also be a good way to go, unless your state has onerous transfer laws.

 

[bearcreek]

First, I'll need to learn about Minnesota's transfer laws.

Not a bad idea of course, but not really relevant to you specifically. By Federal law, you can't legally buy or sell any of the guns directly. The owner/s of the guns (your nieces) can do that, either directly via private sale, to another resident of Minnesota or via FFL dealer/dealers to a resident of another state (this would include you). Probably the easiest way for them to get the most out of the weapons would for you to find an FFL dealer in Kansas (where he'd have to be if there are any handguns involved) and transfer the lot to you for you to then dispose of. It would certainly take longer than sending them to an auction house or selling the lot to a dealer, but they'd get a lot more out of them.

 

[Lo-Profile]

First of Cabela's will make you feel violated with their offers.

If you can determine the LGS he dealt with or a consignment dealer you'd be much better off

 

[redneck2]

For whatever reason, many don’t want to accept the fact that anyone else involved in the transaction needs to make a living. We somehow get in our mind that, since guns are our hobby, any stores or individuals involved shouldn’t make any money but rather do it for fun or out of loyalty since that’s what I’m doing.

The hardest emotional part is to look at them as a commodity. I know it belonged to my grandpa and I learned to shoot with it as a kid, but sentimental value means zero to a potential buyer. That said, one needs to decide if you are willing to expend the effort or pay someone else to do it.

One also needs to accept the law of diminishing returns on price. Anything will sell and sell quickly if it’s cheap enough. The closer you get to maximum price the narrower the market. You typically won’t sell quickly if it’s top dollar

Low price = minimum effort = quick sale

Maximum price = max effort = may take forever to sell

While these thoughts seem too basic to many, I worked at the LGS. We would make an offer and often the response was “yeah, but this was my dad’s gun. It’s worth a LOT more.” Though we couldn’t say it our thought was “if it’s so valuable or important to you, why are you selling it?”

So, after all that, everyone in involved needs to come to a resolution as to relative value. It’s not uncommon for someone to feel they should get top dollar but don‘t want to expend any effort themselves or pay anyone else for their time and effort. I had a rather large garden. I paid to have it tilled, bought and planted the seed, fertilized it, watered nearly every day, hoed it to keep the weeds down. When harvest time came I couldn’t even get people to come pick the vegetables for free. They expected me to harvest for them. Probably at least half got wasted.

 

[Savage30L]

I've been dealing with nearly the same issue here, whole bunch of guns from my uncle's estate ended up with me...but I don't have the cross-state issue to contend with. I've sold a few to a member of our gun club and his friends, and did well on it (not as much as a gun store would sell them for, but at least twice what a gun store would pay me for them)....but it's painfully slow doing it this way.

I may go the consignment route with the rest of them.

 

[Elkins45]

Consignment to a decent shop or an auction house that does firearm sales is probably the easiest route. I went to an estate auction a few years ago that had a lot of guns and every one went for more that I would have been willing to pay. That's what I've told my wife to do with what I leave behind.

 

[wanderinwalker]

For whatever reason, many don’t want to accept the fact that anyone else involved in the transaction needs to make a living. We somehow get in our mind that, since guns are our hobby, any stores or individuals involved shouldn’t make any money but rather do it for fun or out of loyalty since that’s what I’m doing.

The hardest emotional part is to look at them as a commodity. I know it belonged to my grandpa and I learned to shoot with it as a kid, but sentimental value means zero to a potential buyer. That said, one needs to decide if you are willing to expend the effort or pay someone else to do it.

One also needs to accept the law of diminishing returns on price. Anything will sell and sell quickly if it’s cheap enough. The closer you get to maximum price the narrower the market. You typically won’t sell quickly if it’s top dollar

Low price = minimum effort = quick sale

Maximum price = max effort = may take forever to sell

While these thoughts seem too basic to many, I worked at the LGS. We would make an offer and often the response was “yeah, but this was my dad’s gun. It’s worth a LOT more.” Though we couldn’t say it our thought was “if it’s so valuable or important to you, why are you selling it?”

So, after all that, everyone in involved needs to come to a resolution as to relative value. It’s not uncommon for someone to feel they should get top dollar but don‘t want to expend any effort themselves or pay anyone else for their time and effort. I had a rather large garden. I paid to have it tilled, bought and planted the seed, fertilized it, watered nearly every day, hoed it to keep the weeds down. When harvest time came I couldn’t even get people to come pick the vegetables for free. They expected me to harvest for them. Probably at least half got wasted.

This, 100%.

It would also help to have an idea of what the firearms involved are, and realistic expectation for prices. Just because a relative had a bunch of Winchesters (or Colts or Smith & Wessons) doesn't mean they had valuable models. I definitely offended my fair share of people with offers when I worked at a gun shop, with the response usually being something like "But it's a Colt, it HAS to be worth more!"

My suggestion would be to have your nieces decide if it's fast money or most money they want, and how much hassle they're willing to put up with. Consignment at a local shop may give the best ratio of time/effort, but selling the whole assortment as one lot might just get the hassle over with.

 

[JDeere]

Consignment at an LGS depending on their percentage and knowledge. Have an idea of what they may be worth before going in. This way you do not have to deal with buyers and tire kickers. Collect a check when done. Of course right now is not the time to sell. It's a buyers market. I have done well thinning my herd the last few years doing consignment...

 

[Craig_AR]

My wife had the same challenge with her brother's (locked!) safe full of guns one state away. She found an FFL willing to piece out the collection effectively on consignment, and paid him by giving him his choice one or two from the collection.
We are including in our own legacy lettera recommendation to leave the safe in the house as a selling point for the house.

Too late for the OP's family, but for others to consider...
Firearm Owner's Legacy Letter of Instructions.

 

[danez71]

I'd explain the above to your nieces regarding easy = less $ and vice versa. It's not revolutionary but sometimes it needs to be said out loud.

Personally, I'd go the consignment route.

Since you're not there... you'll need to guide them... like their father, your brother, should guide them.


Have them take a list and basic pictures to a few shops and start having conversations.


Hopefully at least 2 would be willing to come out to view them so they don't have to cart around 2 dozen guns.


Imo, consignment is the happy medium between dumping (selling) them to a shop and private party sale.

There may be some price negotiation for the listed sale price and the actual sale price.

You can be by their side every step of the way.

Possibly, you could go there to help get that started then guide them the rest of the way from home.

 

[argonn]

Contact these people. A very good friend be of mine passed, and his wife used them, she hot far more than I thought she would.

Amoskeag Auction Company – A Specialty Sporting And Military Collectibles Auction House

 

[joed]

I was told to sell by auction too. Haven't done it yet but getting ready.

 

[tubeshooter]

Sorry for your loss, and sorry you have to deal with the situation. But I'm also glad you can help...

A lot of people report satisfactory results with consignment. If you have the time I think I would try this. Problem is there are fewer and fewer shops that are willing to bother with it.

I have a running list of what I own and what I paid for it, and I've let some family know about it. This can help provide a ballpark figure for what is reasonable to expect. You could probably come up with these figures for 20-something items without too much trouble.

I was asked to help unload some things for a late family member, but it was only 3 items. I felt I could do better than the shop was offering for 2 of them, so I became the "buyer of last resort". I am not in a position to do that for a whole bunch of items.


There may be some extended family and good friends that might be interested. Renting a table at a show is another option. Or turning to a reputable auction house. Or even cutting a good deal or two for a shooting/4-H Club or someplace like that. May take a combination of these solutions to get everything a new home. Best wishes on your endeavor.

 

[danez71]

I'd explain the above to your nieces regarding easy = less $ and vice versa. It's not revolutionary but sometimes it needs to be said out loud.

Personally, I'd go the consignment route.

Since you're not there... you'll need to guide them... like their father, your brother, should guide them.


Have them take a list and basic pictures to a few shops and start having conversations.


Hopefully at least 2 would be willing to come out to view them so they don't have to cart around 2 dozen guns.


Imo, consignment is the happy medium between dumping (selling) them to a shop and private party sale.

There may be some price negotiation for the listed sale price and the actual sale price.

You can be by their side every step of the way.

Possibly, you could go there to help get that started then guide them the rest of the way from home.

One other thing....

If he was actively shooting than he may have shooting friends that are local.

If your nieces can contact them, they may feel honored to help.

 

[jmorris]

First of Cabela's will make you feel violated with their offers.

If you can determine the LGS he dealt with or a consignment dealer you'd be much better off

Yeah, you might as well go to a pawn shop first so you can laugh at the cabelas employee.

Painless as possible ≠ as much money as possible

That is a simple way to put it. If it was easy to make money we wouldn’t work for it.

 

[Mostly Lead]

I'd like to start a dialogue with you guys about ways to sell estate firearms. My brother died 2 years ago, leaving about 2 dozen guns. His daughters inherited the lot and just this evening asked for my advice. I've bought, sold, and traded lots of guns over the years, but have never been faced with such a challenging task as this, complicated by my emotional connection to my nieces and my brother's collection. Added to that, they and the collection are in Minneapolis and I'm in NE Kansas...about a 7-hour drive. In the past, I've offered to buy some of the guns at fair value. That will be one of the options, but will only account for 4-5 of the guns.
One option would be to call the local Cabela's and ask them to make an offer. Or find an auction company to sell everything. If I lived closer, I could sell them one or two at a time.
First, I'll need to learn about Minnesota's transfer laws. I want to make it as painless as possible for them and to get as much money for the collection as I can. I will be grateful for any helpful thoughts.

Much depends on their goals. Do they need money? Are they tired of looking at them and just want them out of the house? Or are they just finally ready to take that next step in their grieving process and let them go?

Identifying their goals will determine their process... sounds like selling one-on-one isn't what anyone wants to do, selling consignment at a LGS can drag out the process over years, maybe finding a pawn broker willing to buy the lot will meet their goal.

Hopefully money isn't an issue for them. Fear drives prices up and right now folks are feeling pretty comfortable - used gun prices are low and a pawn broker is only going to pay 50 cents on the dollar anyway...

 

[lightman]

First of all, sorry for your loss!

You have several options. Personally I would ask to take possession of them, make a list of them and give a copy to the family, make a fair offer for the ones that I was interested in and get a table at a local gun show and sell the rest of them. Another option that I have is that I have a buddy with an FFL that charges a very reasonable price to list things on GunBroker for his friends.

 

[Buzznrose]

Tom Gresham on Guntalk Radio show has been advertising for Durys Guns for years. I can tell you that Durys makes it pretty easy. The seller just needs to reach out. Durys sends boxes and instructions how to send them. I’ve never heard anything negative. They are quite straightforward with pricing and expectations.

Doesn’t cost a thing to check them out or call:

Sell Your Guns – Durys Guns

durysguns.com

 

[Madcap_Magician]

Selling as a private party in Minnesota is now a colossal pain in the butt.

 

[Sniper66]

I'm really grateful for all the thoughtful advice. Asking the daughters what their specific goals are is a good place to start. One of the two women is smart and level headed. The other, meh.

 

[HHollow]

I helped a local widow dispose of her dead husbands guns. (3 pistols, 4 sgs, 11 long guns). Before I came along she made sure that her great nephews got anything of family significance. Her nephews were allowed to take anything gratis. So I was to sell the leftovers. The widow was upset because a local dealer offered her $3K, and she knew that was BS.

I rented one table at our local (small) gunshow. I made a sign explaining that all sales proceeds go directly in the windows purse. I was a small enough town that everyone when the family. A friendly dealer helped me price the guns and my prices were adjusted when I saw similar items at the show. On Friday and Saturday morning I was able to sell about half the inventory at the desired prices. Then I lowered the prices so that everything was sold by closing on Sunday afternoon. The hardest gun to sell was a (worn) rare caliber savage 99, which ended up at $1300. My disappointment was that a beaten winchester 9422 only fetched $450.

When the dust settled the widow got $6K and she was quite pleased. I had a great time.