The publicity may have slowed down, but Michael Jackson fans are still coming out in force. Several lots soundly beat presale estimates at an auction conducted by Julien's Auctions. The staples of Michael Jackson's image -- such as the famous white glove and the jacket from the "Bad" tour -- went under the gavel. A presale estimate for the entire auction of $80,000 to $100,000 quickly became irrelevant, as bidders sent prices into the stratosphere.

The white glove opened at $10,000 but went immediately to $120,000 before settling at the final price of $350,000 (not including fees and commissions). After all fees and taxes, Hong Kong businessman Hoffman Ma spent around $420,000 for the piece of Americana that Darren Julien, the auction house's CEO, describes as "the Holy Grail of Michael Jackson." It was expected to sell for $50,000.

The black jacket, with all the straps and zippers, that Jackson wore during his 1989 "Bad" tour, also made presale estimates pointless. It closed at $225,000 (before any fees or taxes), more than 20 times the expectation.

At the auction, held at the Hard Rock Café in Times Square, most of the 80 lots pertained to Michael Jackson, generally provided by friends and family who had received them as gifts. Other lots included a car driven by Jackson, a guitar once owned by David Bowie and memorabilia from the Beatles.

We've already seen the promise of a Michael Jackson diamond using his DNA, now a new line of fragrances offers the scent of a variety of celebrities based on their DNA. One of the first offerings is M, based on the DNA of Michael Jackson. My DNA Fragrance has created the "Antiquity" line of fragrances which will include dead celebrities like Elvis Presley, Albert Einstein, Marilyn Monroe, Joan Crawford and Katherine Hepburn. The firm already makes individualized scents for living customers based on the analysis of a customer's cheek swab. DNA tests performed on hair clippings provided by celebrity hair collector John Reznikoff are used to develop the scents of these luminaries. The Antiquity line sells for $59.99 per bottle and is available online. What does M smell like? The website is vague saying that it is "composed of the lightest, but most volatile essences."

[via Now Smell This]

Christie's tried in New York with a 1983 piece by Jean-Michel Basquiat and didn't succeed. The auction house may have been too aggressive in estimating the 16-foot piece at $9 million. That's what's tough about the art market right now. There are signs of recovery, and it can be tempting to push for higher prices. Unfortunately, it's easy to get a bit excited. The painting had the highest estimate at the auction. The piece with the second highest presale estimate, a piece by Andy Warhol, met a similar fate.

The Basquiat piece, "Brother Sausage," was offered anonymously by a buyer later revealed by Bloomberg News to be Peter Brant, an art collector based in Connecticut. The piece may be a casualty of his divorce from model Stephanie Seymour. Well, it won't be financing post-marital discord and could remain a contested asset for a while.

Warhol's "Tunafish Disaster" was projected to move for up to $8 million and, like the Basquiat painting, didn't receive any bids. Art dealer Robert Mnuchin of L&M Arts was stuck taking it home.

Yet, some works beat the odds in an auction that raked in $74.2 million, within the presale range of $61.5 million to $88 million. Nonetheless, this was the lowest result we've seen from a Christie's New York contemporary art effort since May 2003 and down 81 percent from the top of the market two and a half years ago.

Michael Jackson fans are getting a new look at his prized possessions in a new exhibition at London's O2 Center. The exhibit showcases many of Jackson's iconic glittering costumes as well as the eclectic bounty of his personal collections including toys, a crown, a throne and numerous portraits of himself in a variety of styles and outfits.

The show includes more than just Jackson's belongings. It also features the patented special design shoes that allowed Jackson and his dancers to lean forward at a 45-degree angle in the music video for the song "Smooth Criminal." Many other music video props are also displayed including the rocket ship he rode in the "Leave Me Alone" video and the zombie mannequins from "Thriller." The exhibit conjures up the magic of Michael Jackson and offers up some solace to the many fans who were planning to attend his London shows.

Christie's is looking for a thrill on November 10, 2009. The auction house is sending an Andy Warhol portrait of Michael Jackson under the gavel, with a presale estimate of between $500,000 and $700,000. The piece, measuring 30 inches by 26 inches, is one of a small collection of silk-screens the King of Pop Art created of the King of Pop in 1984.

The Jackson piece is being sold by an anonymous collector in New York, according to Brett Gorvy, the deputy chairman of Christie's. The current owner purchased it from the Andy Warhol foundation sometime in the 1990s.

Forty-six lots will be auctioned along with the Jackson portrait, and there will be two other paintings by Warhol.

Back in August, a similar Jackson painting by Warhol was sold. The buyer chose to remain anonymous, and nobody will reveal the price ... except to say that it went for more than $1 million.

Just as his (kinda) new single is released, word comes that Michael Jackson's famous illuminating glove has sold for $70,800, right in line with what it was expected to go for. Jackson wore the glove during the 1984 Victory Tour, 25 years ago. Hard to believe, no?

At the same auction of entertainment memorabilia from Profiles In History, a bidder paid $106,200 for a Martin D-28 guitar played by Elvis Presley during his final Las Vegas performance; a bullwhip swung by Harrison Ford in Indiana Jones and the Last Crusade went for $56,050; and full-scale Velociraptor model from Jurassic Park brought in $76,700.

Las Vegas was one of Michael Jackson's favorite places and according to an article back in August, appearing in the Las Vegas Sun, Jackson planned to buy the Primm Compound in Las Vegas and make it his home after his London concerts. The article said that Jackson planned to call the home "Wonderland." The estate, which was then listed at $25 million offers a variety of security features that appealed to him as well as other dramatic features like a pool with a waterslide, waterfalls and a grotto guest suite built inside a cave.

Move Trends reports that the home is now listed for $16.5 million. Jackson never lived in the home but it is being marketed as Michael Jackson's Wonderland. The 10-bedroom compound has secret tunnels and many of the home's doors are bulletproof. Another detail that Jackson would have appreciated is the panic room with its own oxygen supply.

The gated compound is on ten acres and in addition to the pool there is also an equestrian center, basketball and tennis courts, golf driving range, and underground shooting range which could be turned into a recording studio. The 20-car showroom also has a deionized-water car wash and gas station. Other details include an elevator, a 5000-bottle wine cellar and tasting room, a screening room, casino game room, library, trophy room, gym and a professional beauty salon.

In 1984, Michael Jackson and Andy Warhol were at the heights of their respective careers. The two pop artists have since passed, but their one collaboration is about to hit the auction block in a sale expected to figure in the millions.

This portrait of Jackson painted by Warhol, measuring 30 x 26 inches, is valued at half a million pounds sterling (nearly $850k), but is likely to fetch far more than that when it hits the block in the near future in a New York auction. Until then, it will be on display at the British Music Experience in London, where Michael was due to launch his comeback concert immediately prior to his untimely death.

[Source: Luxurylaunches.com]

Several celebrities did attend the art fair, but they brought little excitement, it seems, beyond their appearances. Jon Bon Jovi, personalities from The Real Housewives of New York City, Kelsey Grammer and Russell Simmons were all spotted, but Bloomberg didn't report any purchases.

The biggest name at the ArtHamptons fair, of course, was Michael Jackson – a creation by Andy Warhol. Originally, Vered Gallery had hoped to sell it via silent auction, but the gallery yanked the portrait late last week ... claiming that collectors were looking at the piece but "needed more time to assess the value."

Or, maybe they were just at the beach, like everyone else, apparently.

The mood in the Hamptons has been affected by real estate prices, plunging bonuses and – of course – the ongoing art market slump. But, the collectors gathering at ArtHamptons are trying to keep stiff upper lips. Rick Friedman, its founder and executive director, is saying that now is the best time to enter the art market, with low prices building in an inherently greater upside. And, there's no doubt. If you have the cash to put into the art market – and the inclination to invest in this asset class – now is the time to do it.

The major constraint on the art market isn't the notion that it's a bad time to invest. Any fairly serious art collector can see that this is the time to make a move. Like any other "discount," you can't take advantage of it if you don't have the price of admission. You might be able to pick up the Old Masters for a relative song right now, but if your bonus got slashed this year, the opportunity may not be possible.

So, what's moving at ArtHamptons this year?

Jane Wilson, who one a Lifetime Achievement Award this year, has seen some success, along with Elliott Erwitt, Lillion Bassman and other artists who lean toward decorative pieces. For some, the year's even been positive, with gallery director Joseph Newman calling the first quarter of this year the best he's had. Trompe l'oeil is working well, too. Interested in buying a Madoff joke for $13,500? You can do it with Eric Forstmann's Made Off with the Bail Out Package.

Meanwhile, soft porn is moving ... so, at least someone is making money on the skin business (the hardcore guys sure aren't). Suggestive images have always packed a bit of a thrill, and pieces that ply the flesh are doing well out in the Hamptons this year. Boyarde Messenger's Frilly in Yellow ($3,350) and Changing Rooms III moved for almost three times that amount.

The feel is somewhat upbeat at ArtHamptons this year, but the action is definitely taking place in the emerging artist space. Nonetheless, there are some big ticket items up for sale. At Vered Gallery's booth, you'll find a Picasso, Chagall, de Kooning and Rauschenberg – not to mention a 1984 portrait of Michael Jackson by Andy Warhol. If you're liquid, now's the time to enter the market!

Christian Audigier, the permatan designer behind the flamboyant Ed Hardy style has made a quite a show of his sadness over Michael Jackson's passing. The Los Angeles Ed Hardy store features a billboard and large posters paying tribute to the star and showing Audigier together. Jackson appeared at Audigier's 50th birthday celebration in 2008 and the pair were spotted as recently as last February. Audigier has also said that he was working on merchandising with the King of Pop and that the two were planning on collaborating on a clothing line.

But the strangest rumor comes from TMZ. Their sources say that Audigier will be leasing the Holmby Hills mansion where Michael Jackson was living from Ed Hardy CEO Hubert Guez, who owns the estate. Jackson was renting the seven-bedroom home for $100,000 a month while he prepared for his London shows. Audigier plans to do business from the home and will move his company in to the estate by the end of the year.

Audigier was in London last night for the launch of his new Champagne, the latest addition to his line of wines. Decanter reports that cases of the Champagne wine were stolen from London's MoVida nightclub jours before they were to set to be poured and so still wines were served instead.

The coming months and years will likely see a flood of Michael Jackson memorabilia. Some will be common or have only a tangential relationship to the superstar. Others that have a direct connection to Jackson's iconography will be more valuable. Michael Jackson wore many gloves while performing and so they will be of varying prices but one of only two Michael Jackson electric-white gloves used during the 1984 Victory Tour is likely to fetch a high price when Profiles in History auctions it off in October.

The glove was consigned by its designer Ted Shell who went on the Victory Tour to protect and maintain the glove which is covered with bugle beads, Austrian crystal rhinestones and fitted with 50 small lights which were powered by a nine-volt battery in the cuff. After the tour Jackson gave Shell one of the gloves and kept the other. Joseph Maddalena of Profiles in History estimated the value at $60,000 to $80,000, but it could sell for much more. The glove is one of many Jackson items that will go up for sale at the auction on October 1 and 2, 2009. Other items include costumes, a platinum record for the 20 millionth copy of "Thriller" and one of his fedoras, another of Jackson's signature accessories.

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]

Well, the answer to that question will be hard to come by for quite some time. It seems almost everything in Jackson's roller-coaster life remains unsettled and unquantifiable at this juncture. From the remodeling and hopeful future sale of Neverland Ranch to the would-be profits of his anticipated summer concert tours, everything within Michael's complicated estate will be even more murky as his three children and immediate family wade into the big picture.

It is estimated that MJ's current debt settles around $500 million which was accumulated over years of frivolous spending, two large molestation lawsuits, the yearly upkeep of the Ranch for nearly $10 million annually, property rentals since leaving the Ranch costing $100,000 per month, and other various expenses. Neverland Ranch is expected to sell for roughly $70 to $90 million, of which Michael would receive a sizable chunk, and his summer tours could have netted the comeback star $50 to $400 million depending if he added more concert dates across the globe.
One bright spot in his finances includes music copyrights to 251 Beatles' tunes as well as his own compositions which are most likely worth $500 million to $1 billion.

There isn't any cut-and-dry method that can solve this conundrum but surely when the estate is finally settled, or more likely as pieces of the puzzle come together, it will be a spectacular sum covered by eager entertainment news sources no matter if that number is in the red or the black.

As the world mourns Michael Jackson's death, some are beginning to focus on the future value of Jackson memorabilia. Perhaps no one else is as close to it as Darren Julien, chief executive of the Julien's Auctions. Julien's Auctions specializes in Hollywood collectibles. Earlier this year his company was set to sell around 1,400 Jackson items for auction including Jackson's Rolls Royce, Jackson portraits, costumes and even the gates to Neverland Ranch before the auction was called off by Jackson. It's not known yet if an auction could now take place but even the catalogs that Julien's Auctions had created for the event could be highly collectible.

Jackson-related keepsakes are already on the rise on eBay and elsewhere but buyer beware. Joe Orlando, President PSA/DNA Authentication Services warns of a potential explosion of fake Michael Jackson autographs and counterfeit memorabilia: "This happens every time a famous Hollywood, sports or political celebrity passes away," he says. "Online auctions and flea markets are suddenly filled with spurious signatures, and frankly many collectors don't know exactly what they're buying." Jackson did grant some fans autographs but he was reclusive and didn't offer fans frequent autograph access like some other celebrities. Orlando says that even if the signature is accompanied by what appears to be a certificate of authenticity, that may not offer consumers enough protection. "Collectors who purchase autographs or memorabilia need to know the reputation of the seller and the reputation and expertise of the authenticators. The bottom line is that a certificate or letter of authenticity is only as strong as the name behind it," Orlando said.

Michael Jackson also inspired quite a bit of art. Andy Warhol and Jeff Koons are just two of the artists who used Jackson as a subject. Check out this ArtInfo piece for more on Jackson as a muse.