Jackson 5 photo beats estimates in Christie's auction
A black-and-white signed photograph of the Jackson 5 was sold last night for around four times its low estimate, in what is believed to be the first sale of Michael Jackson memorabilia in an international auction house since the pop singer's death last week.
The photograph changed hands at a Christie's auction to an anonymous buyer for £1,625 ($2,709), including the buyer's premium, demonstrating the increased investor interest in Michael Jackson since he died unexpectedly last week. Christie's had previously given an estimated value of between £400 and £600.
The photograph was sold as part of Christie's annual Popular Culture: Rock & Pop sale at the South Kensington Auction House. The whole sale of 158 pieces raised £782,413 and was 83% sold by lot.
The star piece of the auction was a 1958 Hofner Senator Guitar owned by former Beatles vocalist John Lennon. It sold for £205,250 after an estimate of £100,000 - £150,000.
The sale proves the demand for iconic memorabilia. Sales of memorabilia relating to to Michael Jackson are expected to reach new highs after the singer's sudden death last week.
An estimated $10m (€7.1m) auction of 1,400 of the American singer's belongings had been due to take place in April, but was cancelled at the last minute and Hollywood-based auctioneer Julien's returned all items to Jackson. It is not yet clear whether the auction house will relaunch the sale.
The sale of such items is unlikely to repay outstanding debt in the Jackson estate, reported to be in $500m at the time of his death.
Future sales of his recorded music are likely to be a more important source of income. His estate also has a half share in a music catalogue which incorporates rights to his album, Thriller - the best selling of all time - and the Beatles song catalogue. According to one analyst, the estate's share of the catalogue is said to be $500m.
-- Write to Tara Loader Wilkinson at twilkinson@efinancialnews.com
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