Ted,
Just curious about your comment on the really little gauges having no basis in reality. I'm not hacking on you, truly. I just don't see any difference in motivation of a buyer spending, say $5k for a 80 yr old 12ga sxs of note and $5k for a little gauge of similar vintage. We all know a Mossberg pump will do the same job. So it's not about utility.
My take is that it's all because the next guy is willing to pay more than $4k. I think collectables are all about perceived value and perception becomes reality when acted on.
I think Jon pointed this out as well as I could have, except that, in reality, a 12 is likely far more practical for far more pursuits than a .410, but, using your own example, two 80 year old guns of the same make, the .410 will likely bring a lot more money than the 12, all else being equal.
28 or 20 gauge, too.
Best,
Ted