A Ghost Town and A Rare Colt Revolver Shatter Records for Greg Martin Auctions

SAN FRANCISCO, CALIF.

:Greg Martin Auctions' sale of antique and collectible firearms, conducted April 25-27, was an event of records and firsts, according to the gallery.

The sale established a new company record, achieving $7.3 million in total sales, above the auction's estimate of $5 million, smashing the company's previous total sales record of $5 million at its initial sale in June 2002.

The latest auction featured Palisade, Nev, the first ghost town ever to be sold at auction. The unusual lot attracted much media attention and exceeded the consignors' expectations, realizing $168,750.

The 160-acre historic property, located 27 miles southeast of Elko, Nev., in Eureka County, had an event-filled past, tied to the boom-and-bust times of the railroad in the late Nineteenth and early Twentieth centuries.

The sale also included several noteworthy collections, among them those of John Driscoll of St Paul, Minn., and I.D. Shapiro of Baltimore, and the estate of a prominent Southern California gentleman. All did extremely well, and the Driscoll collection of Civil War-era and martial arms attained 100 percent sell-through.

The overall sell-through rate of the three-day sale, which featured more than 2,600 items, exceeded 95 percent.

The event also achieved a world-record price at auction for an historic Colt Walker revolver - $421,875 - purchased by an East Coast collector. The rare and important US Martial Colt Walker revolver with Gold Rush hand-tooled leather holster, found in Murphy's, Calaveras County, Northern California, far exceeded its auction estimate of $90/100,000.

Among the sale's highlights, a scarce Colt Model 1877 Gatling gun sold for $168,750. In .45-70 caliber and with iron and oak tripod, the firearm is an example of the mechanical guns on revolving frames - the first machine guns - developed by Dr Richard Jordan Gatling.

A rare and historic cased presentation Colt Model 1861 Navy revolver, elaborately engraved and inscribed to George Nevers, brought $135,000. Presented from the Colt Factory, the firearm well exceeded its estimate of $70/90,000. A fine and rare 9-inch Colt Texas Paterson No. 5 holster model revolver with eight silver band inlays also fetched $135,000.

A total of $101,250 was paid for a rare and historic deluxe engraved Colt Model 1902 military semiautomatic pistol, inscribed "General Victoriano Huerta." Huerta was a counterrevolutionary who overthrew Mexican President Francisco Madera, had him assassinated in 1913 and briefly assumed the presidency; Huerta himself was ousted soon after.

A fine engraved and deluxe Winchester Model 1892 lever-action saddle ring carbine, signed by engraver John Ulrich, went for $84,375.

An engraved Winchester Model 1886 lever-action sporting rifle with numerous documented features exceeded its estimate of $60/70,000 and sold for $81,562.

A lot comprising an historic presentation inscribed and engraved Colt Army special revolver, Winchester Model 1894 rifle, 10-gallon Stetson hat, presentation gold police inspector badge, Crockett spurs, decorated holster and documenting letters of cowboy and film matinee idol Tom Mix sold for $39,375, well above its estimate of $20/25,000.

Prices reported include the 121/2 percent buyer's premium.