Auction Picks - Hoy Auction and Lucchese and Stallion Cowboy Boots

Last weekend I bid on a large number of lots at a large estate sale mega auction held by a local auction company, Hoy Auction out of Wake Forest, NC. I generally shy away from online auctions unless I can see the items first which Hoy allows.  I ended up with winning bids on three pairs of high end new in box cowboy boots which were just stunning, one pair of Lucchese Black Cherry Ostrich, one pair of Stallion Zorro Blue Python and one pair of Stallion Red Stingray with matching Belt. These were probably the single largest single item purchases I have made to date.  Two of the Stallions are now listed and were flawless, just wonderful boots, although the Lucchese had a tear in the leather inner handle so won’t be listing those until I get them repaired (and depending on the quality of the repair). 

If you haven’t figured it out by now, you can see that I am a sucker for anything with an original box…and new high end unique cowboy boots with box, what choice did I have. I went All In.


The above are the Lucchese (pronounced loo-CAY-see) Osterich and visually my favorite and like this toe style better than the pointy X-toe. One of the inside handles has a tear in the leather, so won’t list just yet. Instead I decided to try them on. Oh my….big mistake. I’m no cowboy, but these boots were a half size too large, but felt incredible, so I have decided I might keep them and see if I can have the handle repaired but realistically they are probably one size too big to get the best molding to the foot effect over time. These retail for $1395. 


I visited Santana Leather Care in Raleigh NC (I think they have other national locations along the east coast) and was very impressed with their facility - let me just say this is a very profitable leather company. The reviews were hit and miss online, but I will say my first impression was highly positive and they even called me back within 15 minutes wondering if the boots were still under warranty (they weren’t). I will have to wait about 2 weeks to get them back, and the cost will be $80, which was under my budget for the repair which was $100, so that worked out. They couldn’t truly repair it but are going to reinforce the back of the leather and that will just have to do. I thought about sending it back to Lucchese, but too much hassle and the tear is on the inside strap. Depending on the quality of the repair when I get them back, will decide if I just keep them or if I list them and get some of the cost back.

As it turns out the Lucchese were the ones I paid the most for but were worth the least and I paid about as much for these than I did for the other 2 pairs below combined. I should have done a better pre-bid inspection on them along with review of the Lucchese model lines but in the end, the full lot will work out with a reasonable profit and a nice pair of boots for personal use potentially.


The red boots were the main reason I bid on the boots to begin with, just such a unique boot and also came with matching Stingray belt, never worn (although probably tried on) and soles were near perfect. I was so overwhelmed by the boots, I didn’t even look up what they were made of and didn’t know they were really Stingray!…rookie mistake (or potentially one anyway). They were flawless. These just sold as I am writing this at 2am btw.  These were custom made so don’t have a retail price, although I would estimate above $3000. Within an hour of listing these boots I had already received multiple inquiries on what “best offer” would be accepted, to which my standard reply was that I would not review lower offers until beyond the first week of the month. As it turns out, I didn’t even need to wait but a few more hours and now they are on their way back home to Texas.


The last pair was also visually impressive and retailed for $1695 and are a dyed Python snakeskin, also flawless with no wear on soles (although probably tried on). I liked the ankle style although personally I am not an X-toe fan. They are a fine boot but you can still buy them new from Stallion for $1695. Good news is that there are none listed in any condition on eBay, so these have a good chance for a short / mid sell cycle. They sold to the Samar person that bought thr Stingray boots. 

In Summary

I was more than a little nervous when I inspected the Lucchese and found the flaw and relieved when the other remaining ones were perfect. Could I go back to Hoy and state the defect? Perhaps, but I won’t as I believe I alone am accountable to this…I looked at them before the auction close, didn’t pay good enough attention, had a chance for post-inspection but passed on that, and as soon as I walked out of the building with them, the deal was irreversible (to me anyway) and any ‘Not as stated’ claim went out the window. I have a lot invested in the 3 pair of boots and I don’t just want to cover my costs, but want to make a fair profit margin. This was an opportunity to begin learning about a new and profitable category of product and while definitely no expert, I know the basics of what to now look for when reviewing potential purchases, who the main crafters are and a basic view of what potential resale looks like. In the end, the best opportunity comes from unique/one-of-a-kind high quality boots in as close to Like New/New condition as possible. Lucchese is considered one of the best brands out there, but there are are few handfuls of solid competition. Stallion certainly has a solid reputation and not as large and often doesn’t appear on high end boot Top 10 lists. I am sure I will expand to other makers over time, but its a start and the boot market is good for the right boots.
And for the record, I did not try on the Stingray or Python boot, but boy did I want to. The one boot I did try on, I only walked on carpet and grinned like a kid.

John


Comments

Popular posts from this blog

SecondMoonshot Storage/Warehouse Update #3

Custom Framing Price List (Work in Progress)

Interview with Myself, John Leschak, Owner of SecondMoonshot