What will it mean for Old Python Values?
Old Pythons have been routinely selling for $2,500 to $5,000 since the Obama years and every collector is wondering if the MSRP of $1,499 on the new Python will have an affect on prices. In my opinion, pricing of the old guns can go either way, or be unaffected altogether.
If the 2020 gun is a hit, it will draw attention to the older guns. If the new gun doesn't live up to the reputation of the old Python, it will draw attention to the old ones.
The price point of the 2020 Python being less than the average market value of the old Pythons will certainly pull potential buyers of the old gun away initially, at least to some extent. But my gut tells me that all of the attention being generated by Colt bringing the Python back in 2020, can only be good for the collector market in the long run.
My 1962 Gun
Because I liquidated all of my Pythons but the one pictured here during the Obama years, I'm not on edge about the market. My wife says I can be too optimistic, But I really think that Colt bringing the Python back in 2020 is going to be a good thing all the way around.
The Python Price Phenomenon that occurred in the Obama Years appears to be holding in spite of Colt bringing the Python back in 2020. This year is a Presidential Election Year, but I think it has had less impact on collector guns than defensive guns and ammo.
October 2019 to October 2020 Buyers Paid 2x to 3x for an Old Python over the New Python. Old Guns Rule!!
The 2020 Python has not yet been on the market a full year and we have the COVID Pandemic possibly affecting the market, so what I see is that the MSRP of $1,499 has not put any downward pressure on the pricing of the Old Pythons. In fact, it appears that the reputation of the Old Python has influenced (boosted) the price of the New Python.
Updated 10/25/2020 - Based on my market research this month, I've concluded that the new 2020 Colt Python has not decreased demand for the Old Python and has not adversely affected values. For the best examples of the Old Python, you can still expect to pay $2,921 to $4,564, which represents 2X to 3X cost of the New Python.
In my research I found 2,291 completed online auction sales for $6.7 million of the Old Colt Pythons over the 12 month period from October 2019 to October 2020 and the Average Sales Price was $2,921. Of the 2,291 completed sales analyzed, I found that 12 Pythons sold for more than $10,000 each in the past year, which was not enough to skew the average. Observation #1 - The 2,291 sales that I looked at were from just one online auction. It is important to note that although all of these guns are considered collectible, the Best Collector Grade guns Averaged $4,564 each during this time frame. Observation #2 - A search for 2020 Pythons available on the auction site today revealed 170 guns ranging from $100 to $500 above MSRP of $1,499.
Note: Since these were online sales it is important to note that buyers likely paid $100 more than the reflected sales price to cover credit card fees, shipping costs and FFL transfer fees.
When I first learned of the return of the Python, I initially thought I would purchase both a 4.25" and 6" gun as soon as possible. Then the more I learned about the new gun the more my enthusiasm waned. In fact, I lost all interest. To the point that I decided I would not buy a new Python at all, not even when they came out with a 3" version.
About Greg Cook
Greg Cook writes about firearms collecting, personal history, and the stories behind interesting guns. His Army MOS was 76Y, Unit Armorer, and he brings that practical background to his collector articles.