Fair market value, determined by true auction, was $28,000.00. Seller thought otherwise. You can argue that those in the trade would only buy it, to make a later profit, after putting it into a better condition for selling so discounted their price accordingly. That auction is also attended, by well informed non dealers with money, who understood how rare that gun was. You will go a long time before you see another one come up for auction, so there had to be a reason the bidding stopped at $28K. Perhaps the gun was deemed to need a lot of work or the condition disappointed potential buyers. Sometimes reserves just keep guns from selling if set too high as they often are.
