Friday, July 3, 2009

Lennon guitar fetches £205,250 At Christie's Auction

One of John Lennon's guitars from the early years of his Beatles career sold for £205,250 ($335,430 US dollars) at auction yesterday, almost doubling its £100,000 - 150,000 estimate.

Lennon bought the 1958 Hofner Senator guitar from Hessy's Music store in Liverpool and auctioneers believe he kept it at home for song-writing purposes.

It was accompanied by a fax of a 1982 letter from George Harrison saying the guitar was one of Lennon's first guitars.

Neil Roberts, head of Popular Culture for Christie's auction house said they were overwhelmed with bidders on the phones and online as well those in attendance.

"It's quite amazing to have. You can't hope for more. It is so rare for Lennon's guitars to come on auction. Music memorabilia is a very strong component within Christie's," he said.

Art collectibles experts were also carefully watching a rare, photo signed by all members of the Jackson 5 which sold at £1,625 - nearly three times its estimate .

Fine arts collectibles expert, Robert Korzinek, said it was a sign of things to come for such memorabilia. "We'll see an increase in demand for anything associated with Michael Jackson. A good comparison is what is happening in the album charts. Sales are soaring," he said.

But with an increased demand, collectors may be vulnerable to fakes.

Korzinek said: "Any market is open to forgeries. That's why you want to focus on the provenance. Items tell a story that bring them closer to their idols. If you can prove it was associated with them it adds to the value. The advice is to ask whether the association makes sense."

Christie's, who have received a high number of inquiries about Jackson memorabilia do not want to predict the affect of Jackson's death on the value of items. Roberts said: "I think it is a volatile area and we need things to stabilize, but the market is going to get quite saturated."

1 comment:

Guitar Arbitrage System said...

Thanks for posting this-- lennon guitar. Hope I can find one in any auction store for lesser price.

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