Jeff, I'm with you 100%, which is why my comment wasn't really aimed at the collector market. I'm thinking primarily about dealers with shelf stock of "shooter grade" transferables -- i.e. the guys with a handful of converted AR-15's, a few RDIAS, an HK trigger pack or two, and perhaps a couple tube guns or an AK. Those are the guys that are going to REALLY get shafted were Hughes overturned. Not to mention that the moment there's any real truth to Hughes being overturned I expect you'll see the "shooter" market slow, and the closer it gets to passing the "worse" things will get. Who wants to be the guy that paid $20k for a DIAS the day before they are legalized and can be had for $19.95?

Keeping in mind that a full 10+% of the transferable market is JUST MAC-type guns, when you throw in AR-15 conversions, DIAS, SP86 conversions, trigger packs, sears, tubes, bolts, etc. it gets hard for me to imagine that the bulk of the registry would be collector-grade guns, but (sadly) without being able to actually see what's on the books, we're limited to educated guesses and gut feelings.