An Easy Profit: The 3 Basic Steps of the Firearm Auction Process

If you have an extensive gun collection, it turns out that you've probably made a sound investment. Don't overlook the business opportunity right under your nose. Selling your antique firearms at auction is may end up bringing you a tidy profit.

Firearms in pristine condition rarely depreciate. And guns that are antiques, no longer in production, or bear some historic significance almost always increase in value. Also, with the recent political volatility and all the shortages, gun values are currently very high.

In all likelihood, your collection has appreciated. Read on to learn about selling firearms at auctions.

Understand the Firearm Auction Process

If you're not a federally licensed firearms dealer, selling your guns at auction involves entering into a consignment arrangement with a person or business that is licensed. The auction house that you choose will have a Federal Firearms License (FFL) if they conduct gun auctions. Selling your guns with them is generally a three-step process:

1st Step: Evaluation

The staff of the auction house will appraise your collection and point out which pieces are most likely to sell. Once you've agreed on what items from your collection to sell, there will plenty of registration paperwork for you to fill out as well as terms that you must agree to. Make sure that you understand any fees that the auction house will be charging you as well as what their commission on the sale will be.

2nd Step: Promotion

The auction has a vested interest in getting the people most likely to buy your guns to the auction. So, they will conduct marketing operations between the day that you register and the date of the auction. Many auction houses mail or email listings of upcoming auctions to registered purchasers. They may also entice new customers with radio and television ads.

3rd Step: The Auction

At the appointed date and time, the auction house will auction off your guns according to their procedures. The great thing is that they the entire before and after the process, including all merchandise handling and collecting payment. Plus, they assume the responsibility for complying with state and federal laws regarding the sale of firearms. After the entire process is complete, all you have to do is collect the proceeds, minus the commission and any fees.

Now Is the Time to Sell

With conventional gun stores unable to keep stock, there may be no better time to consider selling any AR-15 or other assault-style firearms that you have. With the current administration mulling the idea of banning the sale of assault weapons, prices for those types of guns are currently very high. Selling them auction would likely bring a very handsome price indeed.