Million Dollar Luger Sells for Half Its Estimate – But Still Achieves New World Record
IRVINE, CALIFORNIA, MARCH 17, 2010 – Presenting Fine Collectible Arms & Militaria to a packed house in Southern California on March 14, Greg Martin Auctions achieved strong sale results of $2.6 million at its second live event in 2010. The iconic “Million Dollar Luger” – estimated to bring $500,000 to $1,000,000 – attracted wide interest prior to the sale. The rare 1907 semi-automatic pistol sold below the low end of its estimate at $494,500 including buyer’s premium, but still set a new world record for a Luger sold at auction. The event’s other highlight, the rare and historic Bowie knife made by Daniel Searles and Reese Fitzpatrick of Louisiana, circa 1830s, sold for $120,750.
Bidding was strong at the event, held near Disneyland in Anaheim, California, and the room overflowed with buyers and other antique arms enthusiasts. Over 890 items were offered at the sale, which continued eight hours without a break. The spring auction also included Part II of the Dale & Dolores Buller Collection, which featured of the highest-quality firearms offered in recent years, including exceptional Winchesters and Colts. Bidding for the Winchesters was particularly robust at the sale, with four items achieving $20,000 or more.
According to Greg Martin, president of the firm bearing his name, the sale answered the question of what the Million Dollar Luger would bring in today’s marketplace. “One of the rarest and most coveted firearms in the world, the 1907 pistol sold at the low end of its estimate, but still achieved a world record at auction for a Luger firearm,” said Mr. Martin. ” This pistol will always be known as the ‘Million Dollar Luger’ and is sure to be the centerpiece of any collection. Someone made an exceptional investment – no doubt the buyer is ecstatic.”
The coveted pistol received its moniker after it was purchased in 1989 by Indonesian billionaire Yani Haryanto for $1,000,000 before financial problems forced its sale. The firearm was also featured in the 1987 movie Wall Street – “The rarest gun in the world, Larry, the .45 Luger” – which earned Michael Douglas an Oscar for his role as the ruthless corporate raider Gordon Gekko. The character is still known today for his notorious line “Greed is good,” which entered into the public lexicon. The newest buyer, an entrepreneur and firearms collector who wants to remain anonymous, acquired the pistol through Paul Cole, president of Gun World in Burbank, California.
Highlights of the March auction include:
- Lot 2062 – $494,500: Ultra-Rare and Desirable Georg Luger Model 1907 U.S. Test Trials .45 ACP Semi Automatic Pistol, Serial Number 2. (See photo, left)
- Lot 1102 – $120,750: Exceedingly Rare, Important and Historic Bowie Knife made by Daniel Searles and Reese Fitzpatrick, Baton Rouge, Louisiana, c. 1830s. (See photo, right)
- Lot 2061 – $31,625: Fine Cased Model 1893 Borchardt Semi-Automatic Pistol, by Ludwig Loewe.
- Lots 1171 and 1172 – $28,750 each: Both lots were Deluxe Winchester Model 1886 Lever Action Rifles.
- Lot 1173 – $20,700: Deluxe Winchester Model 1876 Lever Action Rifle.
- Lot 1362 – $18,400: Rare 20 Gauge A. H. Fox HE Grade Super-Fox Boxlock Ejector Double Barrel Shotgun.
- Lot 1141 – $13,800: Fine and Rare Cased, Engraved and Silver-Plated Colt Model 1851 Navy Revolver, with Relief Carved and Checkered American Eagle and Shield Grips. (See photo, below right)
- Lot 1212 – $12,650: Beautiful Early Commercial Colt Single Action Army Revolver.
Complete catalogs and auction results from the March Sale are available online at www.gregmartinauctions.com by individual lot, including full descriptions, estimates and photographs.
Greg Martin Auctions’ next live sale is scheduled for June 2010 in Anaheim, California.
(Note that, unless otherwise noted, all sales figures mentioned here reflect aggregate sales; that is, hammer price plus 15% buyer’s premium.)
Photos of auction items are available upon request; please contact Ron Goulden at Greg Martin Auctions at 949-748-4848 or via email at rgoulden@gregmartinauctions.com.
ABOUT GREG MARTIN AUCTIONS
Based in Orange County with an office in San Francisco, Greg Martin Auctions (GMA) provides collectors, institutions, dealers and enthusiasts with unsurpassed expertise and a complete range of services to appraise, value, market and sell fine antique, collectible and sporting arms, armor and historical memorabilia. The company's full-service approach to auctions includes state-of-the-art technology; telephone, absentee and online bidding; fully-illustrated print and online catalogs; and private previews by appointment. Sales schedules and collector information are available online. The company also conducts periodic appraisal clinics around the U.S.
A leading auction house for antique arms and historic memorabilia, Greg Martin Auctions has achieved the sale of some of the most important arms ever sold and numerous world records, including one of the highest prices ever paid at auction for a firearm – $862,500 – for the Serial No. 1 Colt Single Action Army “Peacemaker” revolver. For more information, contact Greg Martin Auctions by telephone toll-free at 1-800-509-1988, by fax at 949-955-9205, by email at info@gregmartinauctions.com or online at www.gregmartinauctions.com.
Greg Martin Auctions
Main Office (Carol Watson)
2152 Alton Parkway, Suite K, Irvine, CA 92606
Tel: 1-949-748-4848 • 1-800-509-1988 (US/CAN) / Fax: 1-949-955-9205
Email: cwatson@gregmartinauctions.com / info@gregmartinsauctions.com
www.gregmartinauctions.com
Northern California Office (Greg Martin)
463 Union Street, San Francisco, CA 94133
Tel: 415-834-5665 / Fax: 415-834-5408 (San Francisco)