Keeping a record of Firearm Values

[B3dlam]

So after seeing this other thread:
What You Said You Paid vs...

It reminded me of a situation a friend happened upon through a friend of his mother's. The ladies husband had passed away leaving her a collection of firearms. She knew nothing about them nor their value and took them to a gunshop to get an estimate they offered her $1200 for the entire collection luckily my buddy was around and suggested she might want to do some research first. I helped her out and the collection in poor condition was valued at upwards of $9000 to potentially significantly more as there were a few firearms that I didn't get all the info I needed to properly get values on.

That situation plus the above valued post got me thinking. It seems to me that if you have a firearms collection and someone who doesn't know much about firearms that may receive those firearms in the event of your death it would seem to me it would be worth preparing a spread sheet with the pertinent details of all your collection (Make, Model, serial number, value etc) even if that stays in a folder in your safe I'm sure it would be invaluable in helping a family member out after your passing. I'm just curious if anyone has considered this issue and prepared for it as I am sure plenty of members here have extensive collections along with wives who could care less about firearms.

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[Alexx1401]

So after seeing this other thread:
What You Said You Paid vs...

It reminded me of a situation a friend happened upon through a friend of his mother's. The ladies husband had passed away leaving her a collection of firearms. She knew nothing about them nor their value and took them to a gunshop to get an estimate they offered her $1200 for the entire collection luckily my buddy was around and suggested she might want to do some research first. I helped her out and the collection in poor condition was valued at upwards of $9000 to potentially significantly more as there were a few firearms that I didn't get all the info I needed to properly get values on.

That situation plus the above valued post got me thinking. It seems to me that if you have a firearms collection and someone who doesn't know much about firearms that may receive those firearms in the event of your death it would seem to me it would be worth preparing a spread sheet with the pertinent details of all your collection (Make, Model, serial number, value etc) even if that stays in a folder in your safe I'm sure it would be invaluable in helping a family member out after your passing. I'm just curious if anyone has considered this issue and prepared for it as I am sure plenty of members here have extensive collections along with wives who could care less about firearms.

A couple have brought this up and it's a VERY good idea. For just the reason you mentioned. Many spouses know little about firearms. Many of them could end up really being taken advantage of if they asked the wrong person, "so what are these worth?"

 

[B3dlam]

A couple have brought this up and it's a VERY good idea. For just the reason you mentioned. Many spouses know little about firearms. Many of them could end up really being taken advantage of if they asked the wrong person, "so what are these worth?"

Yeah in the case of my buddies friend I put together a spreadsheet with values based on condition and more information on the firearm such as date of manufacture etc.

 

[Camelfilter]

Hopefully that shop is no longer in business. That's pretty darned lame.

I could see them giving an honest value, but then offering to purchase at 1/3 of the value, being a business and all. Offering an 8th the value, without being honest is simply skeevey.

 

[B3dlam]

Hopefully that shop is no longer in business. That's pretty darned lame.

I could see them giving an honest value, but then offering to purchase at 1/3 of the value, being a business and all. Offering an 8th the value, without being honest is simply skeevey.

And I honestly don't know the whole situation for all I know the shop themselves didn't bother to do all their research. But the fact that there was a colt snake gun in the collection alone should have resulted in more scrutiny.

 

[Alexx1401]

Hopefully that shop is no longer in business. That's pretty darned lame.

I could see them giving an honest value, but then offering to purchase at 1/3 of the value, being a business and all. Offering an 8th the value, without being honest is simply skeevey.

Sadly a spouse who had no idea what something is worth will also not know who to avoid. There is always some crooks who would be glad to take advantage given half a chance. My Wife does not keep real good track of what stuff is worth but she does know who to take anything she wants to sell. So I know if I am gone she will get an honest price quote. Over the years I have made some VERY good buys at pawn shops. Which told me the shop had to have gotten the gun for a fraction of what it was worth.

 

[B3dlam]

Here is the list I put together for my buddy and is sorta what I am suggesting people put together for themselves.

 

[Flymph]

A couple have brought this up and it's a VERY good idea. For just the reason you mentioned. Many spouses know little about firearms. Many of them could end up really being taken advantage of if they asked the wrong person, "so what are these worth?"

That makes me think of a good way to find good shops with honest staff. I'll just go in and ask "hey, what is this 'insert valuable gun' worth?" Just to see how they answer.

You could add that to the spread sheet, who will treat you fairly, and who will rip you off. May as well ensure that your valued collection if sold, goes to good people who will offer a fair deal to the person selling them.

 

[Andy54Hawken]

Remember to record the date when you priced the gun as well ... As values can go up and down at various times.
Also it is important to know that what a gun can sell for , may be vastly different than what it is worth.
A guns value or worth can also be different depending on where you live or are trying to sell it.
Andy

 

[Alexx1401]

That makes me think of a good way to find good shops with honest staff. I'll just go in and ask "hey, what is this 'insert valuable gun' worth?" Just to see how they answer.

You could add that to the spread sheet, who will treat you fairly, and who will rip you off. May as well ensure that your valued collection if sold, goes to good people who will offer a fair deal to the person selling them.

That's a good idea. Walk in acting like you have no clue what it is or what it's worth. See if they are honest, or if they try to take advantage.

 

[Stomper]

I often play "ignant" when feeling out an individual(s) to see if they're fulla crapola (or themselves).

 

[wired]

I have no doubt that when I die my wife will sell all my SBR's, silencers, and pistols at a garage sale for pennies on the dollar no matter what I put in my trust or will.

 

[MrMillspecer]

That's a great idea. And include scopes, ammo, reloading equipment safes and all.

Then I need to go to the shop and list values on tools and equipment fishing gear and all. She wouldn't know a Lamiglass w a Penn from a Zebco junker. Don't forget the knifes.

 

[WAYNO]

I have a much simpler approach. I remember what prices were ten, twenty, or even 40+ years ago. And I know what guns are worth today. Todays values are all that matters to me.

The easiest way out for me would be to give all my guns to my kids, except for the part where they don't have any interest in them.

So...I have a close friend that is extremely knowledgeable of gun values, and between us we have decided to liquidate the guns of the other when the time comes. Problem is, this is a one way street and it will only benefit the first one of us to go. After that, I don't have any answers, other than liquidating many of my guns before the time comes. Easier said than done. I have a ridiculous attachment to my guns and I'm just not ready to let them go.

This is the dilemma many of us are facing. It was much easier to address prior to the background check laws.

WAYNO.

 

[Diamondback]

Here is the list I put together for my buddy and is sorta what I am suggesting people put together for themselves.
View attachment 368467

Good idea, and appreciate the effort, but your screencap's unreadable to my eyes. Could you maybe add a text list of your column headers?

 

[wired]

Mine are insured with real values through USAA. Serial numbers,pics, receipts etc. All of it I can access online .

 

[Norwestr55]

Mine are insured thru Collectibles ins. They only require serial numbers in the event of a loss. I have serial numbers, value, plus photos on the net and in the safety deposit box at the credit union. Safety deposit box photos are on a flash drive with a backup copy. I've been meaning to get copies to a family member also.

 

[UserNameInUse]

Good idea, and appreciate the effort, but your screencap's unreadable to my eyes. Could you maybe add a text list of your column headers?

I always go way too far with these things and this is where I am at so far.

Type (Handgun, Revolver, DA/SA)
Brand (Smith & Wesson)
Model (629)
Features (Target Grips, Target Sights)
Caliber (44 Magnum)
Finish (Stainless)
Serial Number (XXXNNNNN)
Manuf. Year (1994)
Purch. Date (2/28/1995)
Purch. Price (600.00)
Items Included with Purchase (Box, Papers)
Condition (98%)
Est. Value (750.00)
Date Last Updated (6/7/2017)

 

[Diamondback]

I know that feelin', amigo. On my homebuilds I have a spreadsheet that tracks actual amount paid and MSRP down to each individual component...

 

[Alexx1401]

I have no doubt that when I die my wife will sell all my SBR's, silencers, and pistols at a garage sale for pennies on the dollar no matter what I put in my trust or will.

Can we have a heads up