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The gun recognized as one of the greatest Paterson Colts fetched a record $977,500 at auction in Dallas at Heritage Auctions on Sept. 18, the most a single firearm has ever fetched at open auction. It surpassed the previous record firearm auction price of $920,000, also for a Colt revolver. The buyer of the Paterson Colt was identified only as a “Silicon Valley mogul.”
The entire Cali collection sold extremely well, a testament to collector Al Cali’s eye for quality according to Greg Martin of Greg Martin Auctions. In addition to the Paterson Colt, a pair of revolvers tied for second highest price at the sale at $805,000 apiece, both well above their pre-auction estimates. One was a cased, engraved presentation Model 1861 New Model Navy; the other, a cased ivory-gripped Colt Third Model Dragoon revolver, engraved by Gustave Young and inscribed to “Colonel P.M. Milliken.” The “Thumbprint Walker” brought $690,000.