Texas Paterson Revolver gun from the Al Cali Collection blasts to nearly $1m



2015-06-26 12:34:42

Texas Paterson Revolver gun from the Al Cali Collection blasts to nearly $1m

Sold for $977,500, the gun's six-figure final price shows the continuing popularity of antique firearms

Paul Fraser Collectibles,Tuesday27 September 2011

An exceptional, rare and fine ivory-gripped Texas, or Holster Model No. 5, Paterson Revolver from the Al Cali Collection realised $977,500 as part of Greg Martin Auctions/Heritage Auctions Signature Arms & Armor Auction in Dallas on September 18.

The sale set a world record price realised for a single firearm sold at auction. All prices include 15 percent buyer's premium. It was purchased by an anonymous West Coast collector, whom auction house officials will identify only as a Silicon Valley mogul.

"There are certain collectibles that transcend genre, period and form and exist simply as great works of art," said Greg Martin, president of Arms & Armor at Greg Martin Auctions/Heritage Auctions.

"Clearly this supremely beautiful firearm is such a thing. The nearly seven-figure final price realised proves just how great a piece this is, and well worthy of being the world record holder."

The auction, altogether, realised more than $8 million, with 583 bidders vying for 378 lots, translating into a 90 percent sell-through rate by lot value. Altogether, the top four lots of the Cali Collection brought more than $3.28 million.

The revolver, with a 9-inch barrel and attached loading lever, is the finest known surviving example of Samuel Colt's first revolver, produced by the legendary gunsmith in Paterson, N.J., in 1836.

 The rare and fine ivory-gripped Texas, or Holster Model No. 5, revolver

"This is as desirable as any piece that exists, and as desirable as any piece I've seen in my more than 40 years of buying and selling the very best firearms in existence," said Martin. "Out of maybe 3,000 similar pieces made, with most likely less than 300 surviving, this is clearly among the very best, and the market realised that."

A pair of Colt revolvers came in a tie for the auction's second most valuable lot, both realising $805,000, and both also originating in the amazing Al Cali Collection.

The first was an exceptional historic, cased, engraved and presentation inscribed Colt Model 1861 New Model Navy Revolver, From the Colt Co. to E.W. Parsons, of Adams Express Co., doubling its $400,000-plus estimate.

It was followed by a historic cased Gustave Young-engraved and ivory-gripped Colt Third Model Dragoon Revolver, Inscribed "Colonel P.M. Milliken," which also performed well above its $500,000-plus estimate.

Another famous Colt pistol brought the admiration of gun-aficionados and the serious consideration of many high-end collectors; the fine and exceptional historic Colt Walker Model Civilian Series Revolver, more commonly known as "The Thumbprint Walker."

One of only 100 made, out of the surviving examples, most are in poor condition. This must be the finest known, and it soared to $690,000.

"Prices like these, which show that craftsmanship, rarity, beauty and historical importance bring a true premium," said Martin, "also show that serious buyers know that pieces like these are real investments, certain to appreciate in value as the years progress, and certainly worth serious consideration when it comes time to bid."

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