Legacy collection sale?

[wcd]

Asking for a friend but liquidating several pieces, talking like 20 or 30 for profit. Seems like it would be best to involve a licensed dealer?

 

[Cameramonkey]

Asking for a friend but liquidating several pieces, talking like 20 or 30 for profit. Seems like it would be best to involve a licensed dealer?

I believe as long as he is not flipping the guns, but is actually selling a long held collection, he is not truly selling for profit. He's just exchanging real property value for its cash equivalent.

Quantity isnt the only factor in determining whether he would be considered selling as a business.

Edit: Now if he was buying here cheap and then turning around and making a profit on Gunbroker or at the local gun show, THEN he would be a dealer.

 

[Sigblitz]

Others have sold off collections here. I would do the same if it wasn't for the tragic boating accident. I don't buy to sell. It's not the same thing. I would rather sell here anyway.

 

[wcd]

I believe as long as he is not flipping the guns, but is actually selling a long held collection, he is not truly selling for profit. He's just exchanging real property value for its cash equivalent.

Quantity isnt the only factor in determining whether he would be considered selling as a business.

Edit: Now if he was buying here cheap and then turning around and making a profit on Gunbroker or at the local gun show, THEN he would be a dealer.

From my understanding there are original boxes and dated bills of sale some darting back to the late,1950’s.

it would be at an estate sale venue.

 

[Cameramonkey]

From my understanding there are original boxes and dated bills of sale some darting back to the late,1950’s.

it would be at an estate sale venue.

In Indiana you could DIY. Not sure about your friend's state. So YMMV.

 

[Warrior1354]

The big time gun dealer or a big shop are not going to pay good value sorry. Seen to many people get taken advantage of through the years. Now I do have a C&R license. But the main reason I got that license was to buy for my own collection and cut out the middle man. Plus it saved some money on transfers from FFLs. Have I sold pieces from my collection. Yes, but mainly I have sold to friends.

 

[wcd]

The big time gun dealer or a big shop are not going to pay good value sorry. Seen to many people get taken advantage of through the years. Now I do have a C&R license. But the main reason I got that license was to buy for my own collection and cut out the middle man. Plus it saved some money on transfers from FFLs. Have I sold pieces from my collection. Yes, but mainly I have sold to friends.

Carthage? Yes that is what I am trying to help him avoid. The proceeds will be going to help support his wife. My best advice to him was to hold tight , consult the Department of Homeland Security for clarification. If they are. Ot satisfactory a call to his local Senator.

 

[DoggyDaddy]

Carthage? Yes that is what I am trying to help him avoid. The proceeds will be going to help support his wife. My best advice to him was to hold tight , consult the Department of Homeland Security for clarification. If they are. Ot satisfactory a call to his local Senator.

What would DHS have do do with this? And contacting a senator just to sell some guns? I think you're over-thinking this. People sell collections at auctions all the time.

 

[wcd]

What would DHS have do do with this? And contacting a senator just to sell some guns? I think you're over-thinking this. People sell collections at auctions all the time.

Yes perhaps I am over thinking it, but that is just who I am.
In Tennessee DHS is responsible for permits etc. Also we share the same state senator, he is always helpful and has made it clear if there is ever a legal question he is there to help. Good Guy.

 

[DoggyDaddy]

Yes perhaps I am over thinking it, but that is just who I am.
In Tennessee DHS is responsible for permits etc. Also we share the same state senator, he is always helpful and has made it clear if there is ever a legal question he is there to help. Good Guy.

I'm not familiar with TN laws, but as Cameramonkey said earlier, there really are no special requirements up here. We can just sell them. Gun show, private sale, posting on Gunbroker, whatever. All legal, without involving .gov.

 

[Cameramonkey]

I think this is the takeaway. Per the ATF you are only considered a dealer in this case when you are flipping. Selling off your collection is perfectly legal whether its 10 or 100. No FFL required to sell off a collection.


I would consult TN state law regarding FTF sales as if he were wanting to sell *A* gun. Follow those rules and then lather, rinse, repeat for the other "99".

edit: If he were in IN, there would be no prohibition to him setting them up at an estate sale with everything else, verifying the buyer was an IN resident of age, and exchanging the cash. Or renting a table at the local gun show (provided they allowed non FFLs to sell firearms in this case)

 

[wcd]

I think this is the takeaway. Per the ATF you are only considered a dealer in this case when you are flipping. Selling off your collection is perfectly legal whether its 10 or 100. No FFL required to sell off a collection.


I would consult TN state law regarding FTF sales as if he were wanting to sell *A* gun. Follow those rules and then lather, rinse, repeat for the other "99".

edit: If he were in IN, there would be no prohibition to him setting them up at an estate sale with everything else, verifying the buyer was an IN resident of age, and exchanging the cash. Or renting a table at the local gun show (provided they allowed non FFLs to sell firearms in this case)

I have seen a few while not my cup of tea, but he never went on the cheap. I think original boxes and Bos will go a long way to document their history. No one likes to be put in that position but Important thing is that they don’t get taken for a ride. I believe a few of them are going to go through a ffl due to the diversity of citizenship.

 

[DoggyDaddy]

I have seen a few while not my cup of tea, but he never went on the cheap. I think original boxes and Bos will go a long way to document their history. No one likes to be put in that position but Important thing is that they don’t get taken for a ride. I believe a few of them are going to go through a ffl due to the diversity of citizenship.

Wait, so he's not a citizen? I'm getting confuseder and confuseder.

 

[Leadeye]

Original boxes and guns from the 50s would be best sold on GB for maximum exposure. The box means a lot to some collectors.

 

[wcd]

Wait, so he's not a citizen? I'm getting confuseder and confuseder.

Out of state resident that is a friend, diversity of citizenship.
Can sell to an out of state resident, it will be going through a ffl in Tennessee and it’s destination state.

I believer the one in question is a Colt Python? It’s a revolver. Seems like a lot of indigestion but from what I understand it is not your run of the mill ***** being sold.

 

[wcd]

Original boxes and guns from the 50s would be best sold on GB for maximum exposure. The box means a lot to some collectors.

I am also going to recommend that he consult with a competent appraiser , just to get an idea.

 

[DoggyDaddy]

Out of state resident that is a friend, diversity of citizenship.
Can sell to an out of state resident, it will be going through a ffl in Tennessee and it’s destination state.

I believer the one in question is a Colt Python? It’s a revolver. Seems like a lot of indigestion but from what I understand it is not your run of the mill ***** being sold.

Across state lines, you'll need to go through an FFL on both ends to ship it.

 

[wcd]

Across state lines, you'll need to go through an FFL on both ends to ship it.

Yes that is the plan With adequate insurance.

 

[Sigblitz]

Copied and posted from ATF website.

An unlicensed person who is not prohibited from receiving or possessing firearms may purchase a firearm from an out-of-state source, provided the transfer takes place through a federal firearms licensee in their state of residence.

Only one FFL is involved. Get your shipping costs, with the extra insurance if the included insurance isn't high enough. Have the buyer pay shipping.

The buyer sends money for gun and shipping, and pays his ffl.

This may be a bridge too far for out of state buyers.

 

[Denny347]

I'm considering doing this for most of my collection. I have way more than I can shoot and my kids have no interest. Maybe someone else can enjoy them. I wish I could sell all 20-30 C&R at once but that seems unlikely. There are no dealers anymore that specialize in these...not since Wannamaker Guns closed