Question about the value of two guns

[baldeagle]

My wife's brother passed away recently. He had a nice gun collection that included a S&W 500 (.50 cal magnum, 8 inch barrel) and a S&W .44 magnum. The 500 was purchased in 2005, the initial year it was sold. Neither gun has ever been fired and are NIB. Some family members are trying to buy the guns from the estate on the cheap (the 500 for $500 and the .44 Magnum for $400), so my sister-in-law, who is the administrator, called me and asked me what I thought they were worth. I did some research on the Internet and told her no less than $700 for the 500 and $600 for the .44 Magnum. (I priced all the other guns as well.)

I'm curious if anyone has recently purchased either of these guns used. If you have, and you don't mind sharing, how much did you pay for it? Did it come with any extras (ammo, scope, custom grips, etc.) How many rounds had been fired through it?

[stroo]

Depends on the condition of the guns and what model S&W 44 mag. If they are in excellent condition, your prices are low. If they have any significant wear, your prices may be high. I Bought a S&W Model 29, which is a 44 mag, before Christmas for $600. I thought that was a fair price.

Next question, how much is peace in the family worth?

[baldeagle]

Peace in the family isn't something I have control over. That decision rests in the hands of my sister-in-law, who will have to weigh that against getting a fair price for the pistols.

[grim-bob]

If they are truly NIB in then you are low on the 500 for sure. The 44 would depend on the model. The 500's regularly sell right around $1000 give or take a little. Maybe shave a little since it is family but $500 is definitely low for a NIB gun.

[Jumping Frog]

$900-$950 for the 500.
$700-$750 for the 629.

[RECIT]

Top dollar and a fair price are two different things IMHO. I think for family $800-900 for the .500 and maybe $600-650 for the .44mag.

[baldeagle]

Thanks, guys. I got a little more info on these guns. The S&W 500 is an 8 & 3/8ths barrel, mfg 1/13/2004, SN CHD3239. There's also a Model 36 Chief's Special.38 Special snubby, mfg 1967, SN J604151. The .38 Special was his carry gun, so it has some holster wear.

[03Lightningrocks]

Thanks, guys. I got a little more info on these guns. The S&W 500 is an 8 & 3/8ths barrel, mfg 1/13/2004, SN CHD3239. There's also a Model 36 Chief's Special.38 Special snubby, mfg 1967, SN J604151. The .38 Special was his carry gun, so it has some holster wear.

They are worth what someone is willing to pay. A good place to get an idea of the upper end for a gun is Gunbroker. Don't forget I said "upper end". I have sold several weapons on Gun Broker and got top dollar on every one of them. I just had to wait a month or so in some cases. There is always someone who is willing to pay what it takes to get a gun they like. I haven't looked up the weapons you mentioned yet but it seems you are getting low balled a little. Model 29's go for much more than 600 bucks if they are in excellent shape. 600 for a Model 29??? That is either a medium condition weapon or someone gave it away. The Model 29-2 and older 44 mags are more desirable than the 29-3 and newer models.

With it being family and all... it may be more about keeping the gun in the family than money. It would make me mad if I had a family member buy one of my guns fom me on the cheap so they could flip it for a quick profit.


Just looked up the 500. 850 seems the low end and 1700 is the upper end.

http://www.gunbroker.com/Auction/ViewIt ... =267530265" onclick="window.open(this.href);return false;

http://www.gunbroker.com/Auction/ViewIt ... =267253448" onclick="window.open(this.href);return false;

http://www.gunbroker.com/Auction/ViewIt ... =267553340" onclick="window.open(this.href);return false;

[Jumping Frog]

A good place to get an idea of the upper end for a gun is Gunbroker. Don't forget I said "upper end".

I like Gunbroker as a measure of market value -- upper, lower and middle. I've seen all kinds.

However, there is a big difference between "asking price" versus what someone is actually willing to pay. That is why I use the advanced search options to list only completed auctions and view only auctions that had 1 or more bids. There is a big difference between what someone lists a gun for with a high reserve where the bids still ended up with "reserve not met", and actual completed auctions where the gun was sold.

[Hoosier Daddy]

Next question, how much is peace in the family worth?

If the guns were not left to someone specifically in the will, I think the best solution for peace in the family is to let interested family members bid on it. The winner gets it and the money goes into the estate to be divided according to the will or state law. Nobody pays more than they're willing and allowing any family member (in the will) to bid makes someone look like an tool if they whine that Uncle Jesse cheated the family by underpaying for the gun, and it makes Uncle Jesse look like a bigger tool if he whines that he paid too much.

[baldeagle]

Next question, how much is peace in the family worth?

If the guns were not left to someone specifically in the will, I think the best solution for peace in the family is to let interested family members bid on it. The winner gets it and the money goes into the estate to be divided according to the will or state law. Nobody pays more than they're willing and allowing any family member (in the will) to bid makes someone look like an tool if they whine that Uncle Jesse cheated the family by underpaying for the gun, and it makes Uncle Jesse look like a bigger tool if he whines that he paid too much.

Well, he died intestate, so there is no will. Any money raised goes to pay his outstanding bills, which are more than the guns are worth, even at top dollar. But the idea of having an auction might not be a bad one.

[03Lightningrocks]

A good place to get an idea of the upper end for a gun is Gunbroker. Don't forget I said "upper end".

I like Gunbroker as a measure of market value -- upper, lower and middle. I've seen all kinds.

However, there is a big difference between "asking price" versus what someone is actually willing to pay. That is why I use the advanced search options to list only completed auctions and view only auctions that had 1 or more bids. There is a big difference between what someone lists a gun for with a high reserve where the bids still ended up with "reserve not met", and actual completed auctions where the gun was sold.

Very good advice. I do the same thing when checking prices and should have mentioned this in my post. I like the fact that Gun Broker doesn't charge me anything if the gun doesn't sell. Unless I want premium listing services. Then they only charge once. this allows me the time to relist until I find someone willing to pay my price. It is funny to look at how many times some of the guns are re-listed.

[WildBill]

Next question, how much is peace in the family worth?

If the guns were not left to someone specifically in the will, I think the best solution for peace in the family is to let interested family members bid on it. The winner gets it and the money goes into the estate to be divided according to the will or state law. Nobody pays more than they're willing and allowing any family member (in the will) to bid makes someone look like an tool if they whine that Uncle Jesse cheated the family by underpaying for the gun, and it makes Uncle Jesse look like a bigger tool if he whines that he paid too much.

I think that's a great way to handle it. That way, everyone in the family has an equal chance to get them if they really want it. It will sort out the relative who wants it to keep as a family heirloom versus the one who wants to get it cheap and selling it to an outsider for a profit. It won't stop some people from whining, but you can't please everyone.