Greg Martin Auctions' Sale On June 26 & 27 Realizes Over $3 Million In New Venue

Online, July 6, 2010 (Newswire.com) - Continuing its track record of strong live-auction results in 2010, Greg Martin Auctions' third event of the year realized over $3 million in sales. Over 1,270 rare and historic arms and militaria came up for bid on June 26 and 27 in four sessions: Fine Antique & Collectible Arms, Collectible Colts & Winchesters and Native American Artifacts, Modern Military and Commercial Firearms, and Sporting Arms and Fine Japanese Swords & Fittings. Several noteworthy collections were among the lots that went under the hammer, including the Joe and Brian Buffer Collection, items from the National Cowboy & Western Heritage Museum, and an exceptional assemblage of fine Japanese edged weapons and fittings from a Southern collector. Greg Martin Auctions' June event was held for the first time at the company's offices in Irvine, California, which proved to be an attractive venue.

The highlight of the sale, both going into auction and coming out, was the 1876 Gatling Gun on a wheeled carriage, which stood nearly 14 feet long and over four feet high. Estimated to bring $175,000 - 250,000, the weapon achieved $282,000. The biggest lot in the auction, both in terms of size and the price realized, was purchased by an international telephone bidder.

Another lot that generated attention were two Confederate naval signal pennants captured from the gunboat C.S.S. Tennessee during the Civil War. The signal flags date from the deadly Battle of Mobile Bay in 1864, in which U.S. Rear Admiral David Farragut uttered his impassioned command still known today, "Damn the torpedoes - full speed ahead!" Estimated at $15,000 - 25,000, the naval signal pennants realized the mid-point of their estimate at $19,975.

Commenting on the auction, Greg Martin, principal of the firm bearing his name, said bidding was solid and steady. "The arms & armor market continues to show consistent strength, despite the headwinds of a choppy, uncertain economy," said Mr. Martin. "We're pleased with our 2010 results to date, with three live auctions achieving near or over $3 million each."

Highlights of the June auction include:

Lot 1267 - $282,000: Rare Model 1876 Gatling Gun, on Wheeled Carriage, Extensively Marked Including "S. Colt" and "N.J." and U.S. Ordnance Inspector Stamps, with Limber, and Magazine / Ammunition Chest. Designed by Dr. Richard Gatling and patented in 1862, the Gatling Gun was an early rapid-fire weapon and the first machine gun with reliable loading. The Model 1876 Gatling Gun was built at a significant period of U.S. Government campaigns against hostiles in the West. It was a featured display at the 1876 Centennial Exhibition, at which Dr. Gatling received a medal for his weapon. This is the first time ever that this Gatling Gun has come to auction; its estimate was $175,000 - 250,000.

Lot 1127 - $35,250: Rare and Massive English 8-Bore Hammer Double Rifle, by Charles Boswell. This lot far exceeded its estimate of $15,000 - 20,000.

Lot 3273 - $32,313: Rare Pedersen Device, Caliber .30, Model 1918-Mark I. This lot well exceeded its estimate of $18,000 - 24,000.

Lot 1261 - $19,975: Lot of Two Historic Confederate Civil War Naval Signal Pennants Captured from the Gunboat C.S.S. Tennessee During the Battle of Mobile Bay. It was during the Battle of Mobile Bay, one of the fiercest naval combats on record, that Federal Rear Admiral Farragut uttered his famous command, "Damn the torpedoes - full speed ahead!"

Lot 2336 - $16,450: Rare and Historic American Revolutionary War Inscribed Powder Horn of Private Benjamin Stedman, 5th North Carolina Regiment. This lot well exceeded its estimate of $8,000 - 12,000.

Lot 1189 - $15,275: .375 Flanged Magnum Holland & Holland Falling Block Single Shot Rifle.

Lot 2183 - $15,275: Winchester Engraved Like 1 of 1000 Deluxe Checkered Straight Grip Model 1873 Lever Action Rifle.

Lot 2209 - $15,275: .50 Express Winchester Model 1886 Takedown Lever Action Rifle.

Lot 1095 - $11,750: Fine Bowie Knife and Engraved Scabbard, by Greaves.

Lot 1352 - $9,400: Exceptional Custom Gold-Inlaid and Engraved Spanish Brevette Smith & Wesson Double Action Revolver, ca. 1905. This lot tripled the high end of its $2,000 - 3,000 estimate.

Lot 4180 - $5,288: Matched Pair of Signed Tsuba, with Dragon Motif and Papers.

Complete catalogs and auction results from the June Sale are available online by individual lot, including full descriptions, estimates and photographs.

Greg Martin Auctions' next live sale is scheduled for September 2010.

(Note that, unless otherwise noted, all sales figures mentioned here reflect aggregate sales; that is, hammer price plus 17.5% buyer's premium.)

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Greg Martin Auctions
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 protected]
www.gregmartinauctions.com