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.)