First Jackson Auction Drop in the Bucket, But Higher Than Expected
In what is likely to be the first of several auctions, Michael Jackson's estimated $500 million debt was chipped away by $205,000. This is far ahead of the initial estimates of $10,000 to $12,000, showing signs of life in at least one corner of the auction market today.
The auction was not a knee-jerk reaction to the entertainer's death, as it had been scheduled prior to his demise. Items brought under the gavel include a sheer, long-sleeve shirt from the 1984 "Victory" tour. Clearly, the unexpected death pushed prices higher. The shirt went for $52,500, much more than the $1,000 to $1,500 anticipated, and a handwritten letter was purchased for $12,500 – up substantially from the $200 to $300 estimate.
Also on the block were a painting of Mickey Mouse conducting with Pluto singing (acrylic on cardboard) – signed ... twice ... by Michael Jackson. The first painting was in black paint, and the second was in white paint, over the original signature. It sold for $25,000, well above the $1,000 to $1,500 target.
[Photo via Julien's Auctions]