Winchester Repeating Arms Company. Herb Houze
A résumé of their somewhat checkered past (also Chapter I) demonstrates the deserved critical recognition and proud status since achieved by this collecting field.
THE PULSE OF COLLECTING REMAINS STRONG, THE CLIMATE STIMULATING
It has been an exciting 6 years since the issuance of the last edition of this Guide. Much has happened in the antique arms world, generally mirroring the tenor of economic times in America. Reviewing my own comments in the previous 8 editions about the general health and climate of this arms collecting hobby affords the opportunity to get a handle on its stability and endurance, a reasonably accurate barometer to envision its development and anticipate its future. Cutting quickly to the bottom line: values, allure and demand for antique American firearms continues strong and robust just as they have since I first committed myself to print in this Guide over 30 years ago. A cursory reading of the “Introduction” of all those earlier editions amply confirms that conclusion. Collecting antique American firearms, and consequently the values of them, continues its unabated growth. That has proven quite the opposite trend of many other fields of collecting. Values have generally reflected a constant upward course throughout all the various ups-and-downs of the economic cycles of the stock market and the economy. With that track record, there is every reason to believe that this engrossing field of collecting will continue that same stable and healthy upward path, neither distracted by an influx of speculators, nor unbalanced by the excitement of awesome, record-shattering prices recently achieved for a few matchless, superlative rarities. The recent decade has witnessed increasing importance paid to minor manufacturing details and historical associations once thought insignificant. Quite often the respective arms are attended by a commensurate of value rise. Those changing patterns of collecting are often affected by the numbers of new collectors continually entering the field. Their outlook often differs from those old hands whose peripheral vision may have been blurred by years of concentration on a narrow field of specialty; possibly an instance of “not seeing the forest for the trees.” Arms collecting does experience continual evolutionary change; most of it subtle, logical and enduring; occasionally profound and far-reaching. Those same possibilities continue to present themselves with the undertaking of each new research project in every area of this field. Nothing better exemplifies that comment than the recent entry on the collecting scene of the incongruously named “British Bull Dog” (see full story Chapter 8A-061). The disclosure of new factual material, often the minutiae, and for some the very essence of collecting, has been seen to open up new turf for the collector to explore, investigate and go gunning for (the analogy was inescapable).
If logically priced, antique firearms will continue to find a ready, if not eager market; just as they always have over the past half-century. I have written those identical words in all prior editions of this Guide. They continue to reflect my assessment of the present-day antique arms marketplace.
ARRIVING AT VALUES
The values reflected for the antique firearms cataloged in this 9th Edition have been carefully and rationally analyzed and determined on a piece-by-piece basis by my personally conferring with many other dealers and collectors, each of whom are actively involved in this hobby and are cognizant of market conditions in their respective fields of specialty, including my own fifty years of actively buying, selling, trading and dealing in these very same estimable arms. There is no simple formula for arriving at values and value changes nor, would it be justifiable or accurate to simply assign a generalized, overall percentage of increase (or decrease) to all antique firearms or a particular specialized area or make of them. Each specialty of arms collecting is characterized by its own popularity and value trends. In some of those more narrowly focused fields of special interest, it often takes but a newly published research study, or merely a handful of active collectors to initiate an active search for those particular models to realize dramatic value changes. The broad range of values indicated for each of the listed firearms may be accepted as carefully considered, judicious, general guidelines that should be found of practical use in determining retail market values. To borrow phraseology in common usage by appraisers, these value guidelines would serve to ultimately determine “the full and fair market value as would have been paid for the [firearm] by a willing buyer to a willing seller in an open market, with both having knowledge of relevant facts.” To expect that all collectors or traders would approach the estimation of values of antique firearms in the same manner or with the same practiced eye or with the same motives of buying and/or selling would be unrealistic. The highly subjective nature of placing dollar values on antiques of any type, firearms specifically, and the many motivations involved just do not make for unfailing exactness. It is commonly taken for granted that no two antique guns, in any condition less than new or like new, are rarely, if ever, identical; hence, should be evaluated on that individuality.
THE EXCITEMENT OF RECORD PRICES vs. CONVENTIONAL VALUE PATTERNS
Among the many exciting, newsworthy events that happened in the interim since the last edition have been the unprecedented, record-shattering prices, invariably realized at auction, for a wide variety of antique firearms. The startling numbers brought much favorable publicity and acclaim for this provocative field of collecting. Understandably, the media most often reports only those phenomenal prices for a handful of choice rarities, with little or no coverage given the more conventional arms, which comprise, by far, the major part of the collecting marketplace. It is essential for the collector, especially those newly introduced to the hobby, to recognize that such exceptional values (many running into the mid- and high-six figures) do not reflect across-the-board proportionate increases to all antique guns, and that those remarkable values seldom, if ever, reflect upon to weapons of the same make and model in lesser degrees of condition. The excitement created by so many record smashing American gun values was certainly provocative for the collecting community, and remains so to this day. It is of paramount importance to recognize that, almost without exception, such sensational values were established for antique firearms of equally outstanding rarity or condition or historical import. The values are certainly indicative of a new status achieved by the collecting of antique arms. They equally signify the continuing influx of an astute cadre of collectors with a deep understanding and appreciation for the ultimate, top-of-the-line for their respective fields of interest. However, the collector and dealer should not become blind-sided to the reality that those eye-opening, astounding prices were paid at public auction for equally eye-opening, astounding antique firearms. As for all other American arms, i.e. 99.9 percent of them, including the various ranges of grades of those listed and valued in this Guide, values will be seen reflecting more modest changes and increases. These remarks are certainly not intended to diminish the import of such values or the desirability, of the respective arms, but rather, to again call attention to the unique disparity of values for those ultimate specimens and caution the collector to keep in perspective the factors that affect and are responsible for establishing that other 99.9 percent of antique American firearms that are most apt to be encountered in the marketplace.
The values reflected by this 9th Edition confirm that prices have continued a just about an across-the-board rise, just as they had in every edition of this Guide over the past 30 years. Generally, firearms on the lower end of the condition scale reflect modest increases, while those in the upper levels of that same scale are shown to have disproportionately larger percentages of increased value owing to their greater demand in the marketplace.
THE DUAL RANGE OF CONDITIONS UTILIZED TO GRADE (AND VALUE) FIREARMS.
The dual grades of conditions shown for almost every listed firearm cataloged in this Guide represent the average range of condition in which that particular specimen is most apt to be found offered for sale (or available for sale) in the collectors marketplace. Merely using the same average condition grades for all guns of all types and periods would be as inaccurate, as it was unfair. All antique guns, regardless of their era of manufacture are not normally encountered in identical ranges of condition. That is especially evident with flintlock vs. percussion firearms vs. cartridge arms. In each instance the later manufactured weapon (especially those of post-Civil War through turn-of-century eras) is more likely to be found in a generally better range of condition. The dual ranges chosen for inclusion here have been based on my own experience in