Jack Lewis, the firearms director for Cowan’s Auctions, had modest expectations for a pre–World War II, double-barrel rifle the Cincinnati auction house was preparing to sell last year. He had seen a similar rifle fetch $4,700 at an earlier auction, so he placed a presale estimate of $3,000 to $4,000 on this one, which was made by Lefever. He was way off target. "The damn thing went for $23,000," says Lewis, adding that two brothers issued that bid. "They told me they had been after the gun for a long time and they were just tickled to have a chance to get it."

The episode demonstrates the unpredictable nature of auctions, and the effect that demand can have on value. "It was Patton who said Americans love a champion," says Lewis. "He was talking about our competitive nature. Another way of looking at it is that if you have a great item, there’s always going to be someone else who wants it."

Whether a gun is vintage or new, certain characteristics can affect its worth, can help to ensure that someone else will want it should you ever be inclined to, as Robin Hollow Outfitters president William Hadfield says, "convert it to profit." Here, Lewis, Hadfield—whose Rhode Island business sells fine guns and sporting accessories—and the Connecticut Shotgun Manufacturing Co.’s Chris Erb discuss some of those valuable traits.

CONDITION
"The beautiful thing about a great shotgun is that it can be used and its value won’t diminish much," says Erb, whose company’s top-of-the-line model is the made-to-order A. Galazan, a full-sidelock over/under gun named after the Connecticut company’s founder, Antony Galazan.

Lewis agrees, to a point. "There are guns that are usable and can still increase in value; you just have to buy intelligently," he says. "But you don’t want to use a really high-grade gun. There are ones that you hang on the wall and keep just as an investment."

The price that the Lefever garnered at the Cowan’s sale suggests that infrequent firing can add to a gun’s value the same way that low mileage can elevate the asking price for a car. The auction house’s description of the Lefever notes that it "has seen very little action."

ORIGIN
While some of the most esteemed gun manufacturers might be located in England and Italy—Purdey and Holland & Holland; Piotti and Fabbri—Erb says that his company’s made-in-America claim is a selling point. "Many people value the fact that the guns are made here in America," he says, noting that the company produces its firearms in its facility in New Britain, Conn.

If you’re purchasing a gun as an investment, you might consider buying American for practical—as well as patriotic—purposes. As Hadfield points out, the American-made label can add value to a vintage gun. "Guns made in England and in Italy have a tremendous reputation for investment and for quality, but American guns might be the most collectible," says Hadfield. That collectibility is related to the quality of the guns made by such companies as Lefever, Winchester, Parker, A.H. Fox, and L.C. Smith. But it’s also related to their rarity.

RARITY
Hadfield tells of a conversation he had with a friend who works for another auction house. They were discussing the value of American pewter, how it’s valuable because it’s rare, and that it’s rare because the craftsmen who produced the mugs and cups did so in a very short span of time, before they became preoccupied with making weapons for the Revolutionary War.

"It’s the same with guns," says Hadfield. "This country didn’t get into gun making as an industry for a long time, not until the turn of the last century. And then by the end of World War II, many of the best gun makers ceased to exist—Parker, A.H. Fox, L.C. Smith, Ithaca, Winchester. There was such a narrow window when these guns were made. The companies made very high-quality guns, but for a short time, and that contributes to their rarity."

The Connecticut Shotgun Manufacturing Co. recognizes the relationship between rarity and value. "We don’t make many A. Galazans in part because the more you make the more it diminishes everyone else’s value," says Erb. Even if the company wanted to make more A. Galazans, though, it would be difficult to do so. "It’s a difficult gun to make," says Erb. "It’s done entirely by hand, and that takes time."

In this respect, rarity is a function of artistry.

ARTISTRY
Hadfield compares guns to fine art. "When you buy a beautiful oil painting by an unknown artist, it’s not going to be as valuable as a van Gogh or a Monet," he says. "You can think of a gun that’s priced at $50,000 to $150,000 from Fabbri or Piotti as a work of art in wood and steel instead of paint and canvas."

He notes that it can take six to 12 months to do the engravings on some of the finest guns, particularly in Italy, where there are only a couple of dozen master engravers, each of whom works on only one gun at a time. "There is limited production and limited availability because there’s so much handcraftsmanship involved," Hadfield says. "The engraver might wrap the metal in cheesecloth and put it away until a day when he feels inspired. Then he’ll work on it for several days straight and then wrap it up and put it away again."

Regarding engravings, Erb says that for the sake of the gun’s investment value, the Connecticut Shotgun Manufacturing Co. usually advises clients against monogramming their guns. "We tell people that engraving their initials can reduce the gun’s value," he explains. "If a gun has someone else’s initials on it, it can be hard to sell."

Unless, of course, those initials prove a gun’s valuable provenance. As noted in the November 2009 issue of this magazine, at a Cowan’s auction last year, a gun with a raised gold J.F.D. monogram sold for $460,000. The gun, a Winchester model 1886 takedown rifle that had never been fired and was custom-etched with images of wildlife, belonged to John F. Dodge, cofounder of the Dodge automobile company. It’s not clear how much Dodge paid for the rifle, but records show he spent $150 on the engraving.

A gun dealer from Minnesota made the high bid on the Dodge gun. "He fell in love with the gun," says Cowan’s Lewis. "He told me he started shaking when he wrote the check."