CINCINNATI, OHIO – Record levels of online bidding sent Cowan’s May 6 and 7 Arms and Armor auction well past its estimate on its way to a $2.2 million two-day total. In a sign of the adaptability of the marketplace during unprecedented times, a staggering $1.2 million of the auction’s total came from bidders using internet bidding platforms. Cowan’s proprietary platform, Cowan’s Live, led the way with more than $960,000 in total hammer prices.

The auction was conducted virtually with staff and bidders participating from their homes. The unusual format did not dampen bidders’ enthusiasm in the auction. More than 1,000 active bidders participated, a third of which were bidding with Cowan’s for the first time. Even in a virtual environment, Cowan’s was able to accommodate phone bidders who accounted for more than $680,000 of the sale’s total.

The top lot of the auction was a #5 Holster Model “Texas” Colt Paterson with an extra cylinder that sold for $132,000, to a private collector. The #5 holster model is generally held as the epitome of the Colt Paterson revolver. Just 1,000 units of the #5 model were ever made and this particular example was in extraordinary condition despite being more than 175 years old. A more extensive sale recap to follow in a future issue.