Hi Ken,
For purely investment, I would buy 3-4 George Herron Hunters.
Let me explain my investment strategy.
You buy one Loveless for $1,800.00. Even upon his death the best this knife will see is $3,000.00.
With George, you can get his hunters for $400.00. You have now spent $1,600.00
Each of Georges knives will eventually reach $1,200.00. Yes I am a fortune teller, and I know this will happen!
So with your investment in Loveless you will make $1,200.00. Not a bad profit margin.
With George you will make $3,200.00 even better.
Also, there are alot more people out there who will spend $1,200 than $3,000.
So you have the advantage of being able to sell the knives for less money, thereby increasing the size of the market you are selling to. Further, not all of your "eggs" are in one basket.
Also, at $1,200.00 the knife is still 140% less than the Loveless.
In my opinion, George Herron has been every bit as important as Bob Loveless to custom knives. Probably more so, as he has given graciously of his time over the last 30 years to so many makers.
Bob has helped train makers, however most of them have stayed in his shop and "helped" him make his knives for the time frame they were there.
In Steve Johnson's case the student has definelty surpassed the teacher. However, as great as Steve's knives are, they do not bring the interest in the aftermarket (and the increase in prices associated with that interest). This is one of those knife mysteries to me.
If a Loveless Drop Point is worth $2,200 in the aftermarket. Based on that number a Johnson should sell for $3,500.00.
At the auction in Texas I bought hunters by Warenski, Schneider and Pendelton. I think the arguement could be made that all 3 of these gentlemen do better work than Bob Loveless and have been very instrumental to the evolution of custom knives. Buster Warenski would probably make anybody's top 5 list for best in the world. His hunters generally sell for $750-$900. Schneider gets well above $1,000 and Pendleton is around the $600 mark.
Loveless knive continue to eclipse these better makers because you can make money with them. But then again, that's what investments are for.
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Les Robertson
Custom Knife Entrepreneur
http://www.robertsoncustomcutlery.com