What Buyers and Sellers Need to Know About Gun Auctions

When it comes to buying and selling firearms, there is a considerable amount of red tape. Guns aren’t like any other kind of personal possession, like furniture or clothing. Owning a gun is serious business, and you don’t need us to tell you why there is an added amount of security when it comes to both buying and selling them.

However, even if you were to take away the legal complexities of firearms, there is still a lot to consider just as a general product. Guns, for one, are extremely expensive, so one must take great care when it comes to picking out one to purchase. Secondly, any firearm aficionado knows just how much variety is out there when it comes to choosing a gun. With so many price points and options to consider, it helps to narrow your choices down and know where to buy.

One great place to buy and sell firearms is a gun auction. Gun auctions are great for the buyer because they present a variety of firearms at non-traditional prices. If you’re strategic in your bidding, you could walk out with a gun that you obtained at a fraction of the price you’d usually pay for it. As a seller, auctions are also ideal because they bring an entire crowd of buyers straight to your doorstep. 

Here are some things you should know about gun auctions:

Gun Auctions Are Subject to Federal Regulations

Auctions are often used in media as the go-to method of selling illegal products on the black market. Shady individuals gather en-masse, and a sinister auctioneer sells each item to the tune of millions of dollars. If this is your perception of a typical auction, we hate to tell you this, but you’ve got it all wrong.

Most auctions are, in fact, not on the black market, and they are subject to all the rules and regulations that you’d usually find in firearm purchasing and selling. So if you think auctions are a quick way to snag a gun or accessory you couldn’t normally find legally, think again. There are no loopholes in auctions.
As far as sellers go, they should know that gun auctions are an amazing way to sell their entire inventory. However, it’s important to know that the auctioneer in question is required to have their Federal Firearm License (FFL). This is what allows them to legally sell firearms, and you can know the guns are safe under their stewardship, as acquiring an FFL requires an extensive amount of authentication through government channels. 

It’s Important to Do Your Research

This one is mainly for buyers. A gun auction can be an incredible opportunity to obtain your favorite firearm at a rare and reasonable price — but auctions aren’t always on your side. To truly benefit from an auction, you need to make sure you do your research. 

First of all, you should be aware of the true value of every firearm. Of course, most guns don’t have a set MSRP value like most commercial products do. However, if you dig around enough, you’ll be able to get a general grasp of how much it’s worth. While auctions often result in incredible deals for the bidders, sometimes it can even out to standard market value, or in worst case scenarios, end up being more expensive than what you’d normally pay.

If you walk into an auction blind, you’ll have no idea if you’re getting a good deal or not on the guns, and it will also affect your bidding. If you don’t know what the value of the gun is, how are you going to make smart bids?

Before you go to the gun auction, you might consider finding out if there’s a way to know which firearms will be available. Do your research on those guns, and know where your limits are. 

Familiarize Yourself With the Auction Inventory

This is similar to the point above, but this one applies to the auction site proper. It’s one thing to do your research on paper, but it’s another to actually see the product in person.

Remember that the guns from a firearm can be from any number of sources. You might be bidding on guns from a police auction, a military surplus auction, or antiques from an estate sale. In most cases, the guns aren’t brand new, so it pays to make sure that they’re in proper condition.

Lucky for you, most gun auctions have a preview period where you can get a general idea of the gun’s condition. Make sure that the guns are to your personal standard! This is especially true if you’re thinking of buying antique firearms. Do you plan to use these guns or do you want to own them because you’re a collector?

Likewise, if you’re a seller, it’s important to be as transparent as possible when it comes to the firearms you’re selling. Guns aren’t a product that you want to be deceptive with. At I-15 Auctions, we have gun experts who ensure that we know every single detail about every firearm we’re selling — details that are passed on to the bidders for the sake of transparency.

Know Your Limits

This is something that’s exceedingly important for potential gun buyers to understand — you need to know your limits. Auctions are a more “dangerous” form of buying, because there is no set limit on the price of the inventory. One can walk into a store and know that a $700 TV is out of their limits. But in an environment where the price starts out cheap and where you’re competing for the best deal with other people, it can be easy for that sense of financial preservation to throw itself out the window.

If you have a proclivity towards overspending or have had troubles with gambling addictions in the past, approach auctions carefully. While it’s not the same thing as gambling, it does trigger the same satisfaction that one gets from getting something of value for less than what it’s worth. If you get carried away with these impulses, you may end up spending much more than you bargained for. This is especially true with guns, which will burn a hole in your wallet real fast if you’re not careful.

Be Prepared for Background Checks

In addition to the typical federal regulations around buying and selling guns, be prepared to deal with background checks — this applies to both buyer and seller.

While background checks are not yet a universal requirement for gun ownership in the United States, most auctions have them as a mandatory requirement due to the unorthodox nature of the transaction.

Gun Auction Services in Greater Los Angeles

There is one thing that buyers and sellers both have in common — 1-15 Auctions can help you. We host a variety of auctions, working with diverse organizations to fulfill their needs. You can keep up to date with any gun auctions that may be happening in the Greater Los Angeles or High Desert area, and if you’re a seller, we’d be happy to work with you to arrange an auction event, whether it’s at our own auction house or a venue of your choosing.

As the only auctioneer in greater LA to have an auction house, a FFL license, and a DOT license, we have everything you could ask for in an auction service. Contact us today!