By Sybil

Well, a bidding war can really drive the price of something desirable up. That’s why realtors will sometimes suggest you list below market value in a “hot” market. When a bunch of people want something they can get sort of out of control.

This bidding war resulted in driving up the price of a Prince guitar to $700,000. That’s the highest price ever paid for one of his guitars, according to Julien’s Auctions, and ten times what was expected.

The “Cloud” guitar went far above the predicted $60,000 to $80,000 at the Saturday auction.

The guitar was one of several items up for sale by rock legends: A Michael Jackson black and white rhinestone glove sold for $102,000 (!!!) while a red snakeskin jacket like the one worn in the Beat It video sold for $118,000.

A MTV Video Music Award Moonman won by Kurt Cobain went for $62,500; a Nehru shirt worn by Jimmy Hendrix sold for $106,000, and handwritten lyrics to Bowie’s Starman sold for $81,000.

(The guitar sold? Pictured below.)


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