Trash or Treasure? The answer (and the price) will surprise you!
I know what you’re thinking, and it’s wrong. How can a rusty dug-up like this Colt SAA possibly have any value left? After all, obviously, this revolver can no longer be fired or even loaded. The ejector rod housing, trigger, loading gate, and part of the grips are missing. There isn’t even one remaining part left that is salvageable or saleable. No, this SAA wasn’t “found” recently in a creek bed close to Custer’s Last Stand, and has no provenance or documented history (that could change, depending on the next owner). You can’t even get a factory letter from Colt, since the serial numbers have long since disappeared during the decades of rusting underground. The only good news is that it doesn’t have to be cleaned any more!
So does this rusty dug-up mean it also has a subterranean value? Maybe not. So why is it still valuable? Because of the coolness factor and it represents real history. Believe it or not, this is also the rarest original condition factor of any SAA. After all, it took maybe a century of underground aging to get this revolver to its current condition.
This Colt was auctioned off at Rock Island Auctions’ online auction this past weekend. The pre-auction estimate was $700-$1,100, and that price range is NOT a typo. Don’t forget a new 3rd Generation Colt SAA sells for around $1,200. I put in a spread bid for $650, and believe it or not, it sold for $1,092.50, including the 15% buyer’s premium!!
One last thing and it’s important. What did we learn once the cyberspace auction bidding stopped on this gun? Probably that it’s the perfect platform (storm?) for two or more crazed bidders to establish an unrealistic high price for a rusty dug-up that represents America’s Western heritage – not a fair market value.
Image and some information courtesy of Rock Island Auctions.