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Tips For Buyers And Sellers At A Firearms Auction

Wednesday, November 29th, 2017
gun auction tips

Auctions are a great place to go to find good deals on a variety of items. Firearms are one of the more popular items brought to auctions that draw a large number of people. For this reason, many use auctions as a way for both selling and buying collections of guns. However, there are restrictions involved for both the buyer and the seller of firearms and various laws that differ from state to state. Make sure you are educated on the terms of firearm sales and purchases in your area. You should also make sure to be knowledgeable on what you are buying to ensure you pay the right price. The following are a few tips to make the auction process easier for gun buyers and sellers.

Important restrictions on firearms

The federal government regulates sales of long guns, shotguns, and rifles to dealers with a valid Federal Firearms License. These authorized dealers can only sell to those who are 18 years of age or older. If you are interested in purchasing a handgun, you must be 21 years of age or older. Each state is required to enforce and regulate the gun laws established by the federal government. Some states may have a different age limit than others, so be sure to research before you try to buy a gun at auction.

Licensing and age are not the only restrictions you need to be aware of if you want to purchase a firearm at an auction. These restrictions must also be followed by the seller of the firearms. Restrictions state you cannot be a user of controlled substances or an illegal alien. If you have been dishonorably discharged from the military or have given up your citizenship, you are not allowed to purchase firearms.

Other restrictions are placed on anyone who has been convicted of a misdemeanor or faced charges relating to domestic violence. If you are currently considered a fugitive or have been committed to a mental institution or labeled mentally incompetent, you are not allowed to own a firearm.

A license is not required by federal law to purchase firearms, but it is needed to carry them concealed in most states. Regulations vary from state to state on concealed carry and open carry laws, so you should check the laws in your state before attending an auction.

Tips on buying firearms at auction

You can usually get a great price on firearms at auction. The bidding process can be quite enjoyable as well. However, it is easy to end up with buyer’s remorse if you are not prepared before attending the sale. Most auctions have a preview period before the auction begins. You should do a detailed inspection of any firearms you intend to bid on to make sure they are in the condition you expected. This is especially important if the guns are antiques.

Other tips to help your purchases be more successful are to know the value of the firearms you are looking to buy and to set a budget. It is easy to get caught up in the bidding wars at auction. You should try to avoid assuming that because bidding prices are increasing, an item may be worth more than you thought. Know what the gun’s book value is and don’t bid more than you can afford.

Tips on selling firearms at auction

There are two types of gun auctions known as estate and consignment. The auctioneer acts as the agent in both of these types and never physically takes possession of the firearms. Without having possession, the auctioneer is not required to have a Federal Firearm License. Should an auctioneer purchase guns for resale, they would then be subject to the same licensing laws as all other firearm dealers.

To sell firearms, you must conduct the NICS (National Instant Criminal Background Check), unless the buyer holds a valid permit to purchase. If someone is buying both a long gun and a handgun and shows proof of a handgun permit, it is acceptable to sell them both firearms. If you’ve sold one gun to an attendee and run the NICS and passed, you will still need to rerun the check if the same attendee purchases a second firearm.

Guns sold at auction are regulated by both federal and state laws. You need to be aware of these laws for your area to know which apply to your sale. Some of the most notable gun acts include The Gun Control Act of 1968, The Firearm Owners’ Protection Act, The Brady Handgun Violence Prevention Act, and the Federal Assault Weapons Ban.

Contact the auction experts

Are you interested in buying or selling firearms at auction and want more information about the process? Contact High Plains Auctioneers at (806) 244-6776 or Contact Us by email to find out more about buying and selling at auction. Don’t forget to check out our Upcoming Auctions to see what we will have available!