Rock on a roll: Generating huge prices at auction, collections of pop memorabilia are hot alternative assets

At a June preview of the Freddie Mercury collection that will shortly be sold by Sotheby’s, the media forms a semicircle around a young woman holding aloft the left shoe of a pair of white high-top sneakers. “These are the shoes Freddie may have performed in at the Live Aid Concert in 1985,” says Gabriel Heaton, a Specialist in the Books and Manuscripts department of the auction house, before clarifying: “However, as there are other pairs which are similar, careful checking indicates that we cannot be certain these are ones used in the Live Aid Concert.”

The fact that these Adidas shoes were worn by the flamboyant Queen frontman during the band’s mid-80s tours is enough, though, to set the room abuzz with excitement. Of all the items on display during the media tour, it is a simple pair of shoes within touching distance that generates the most interest.

As the ritual of media photo-taking gets underway, there is an almost spiritual, slightly unworldly moment in time, when Freddie himself seems close, like he is being reincarnated in a ghostly apparition. He wore these shoes as he held the audience in the palm of his hand during his mid-80s pomp when he knew his time was short, and every time he stepped onto the stage he was determined to put on the show of his life. Mercury loved the freedom of movement and comfort the high-tops brought him as he strutted, preened and sang like an angel. These sports shoes seem to represent the physical embodiment of a force of nature and everyone in the room wants a part of it.

Mercury Rising

The Adidas footwear was among 20 highlights from the collection of the flamboyant rock idol showcased in Hong Kong before a series of dedicated auctions to be held at Sotheby’s London from 4 August (online) and during 6-8 September 2023 (live). A portion of the six ‘Freddie Mercury: A World of His Own’ sales will be donated to the Mercury Phoenix Trust – an Aids charity founded by the band after the singer’s death in 1991 – and the Elton John Aids Foundation.

Part of the fascination with Freddie Mercury is that he was a complex man with multiple personalities. Heaton talks of how reserved he was, but of how he also loved to hold lavish parties. He points to Mercury’s iconic stage crown thought to be loosely modelled on the coronation crown of St Edward; a life-size picture of the maestro wearing it in his full regal attire forms a striking backdrop. The crown is estimated to sell for £30,000-£40,000 (about HK$300,000-$400,000), and as Heaton notes, Mercury donned it for the final rendition of God Save The Queen at the end of his last performance, at Knebworth Park in Hertfordshire, UK, on 9 August 1986, in front of a crowd of more than 120,000.

Rhapsody Revelations

The collection previewed in Hong Kong included handwritten working drafts of lyrics to some of his most famous songs. An early draft for Bohemian Rhapsody, the third best-selling UK single of all time, is written in black and blue ballpoint pen and pencil on stationery from the now defunct British Midlands Airways.

This is the song that changed everything for Queen, when the “volcano erupted”, as Mercury put it, and these lyrics are estimated at £800,000-£1.2 million. The page on display (from 15 in total) indicates that he originally planned to call it ‘Mongolian Rhapsody’ – ‘Mongolian’ is crossed out and replaced with the word ‘Bohemian’ – rhythmically similar but with a different resonance, as Heaton points out. The sheets reveal detailed notes on harmonies and the painstaking drafting and redrafting by a man who was modest about his composition process.

“In these pages we see Freddie Mercury wrestling in grand operatic terms with profound themes – sin, damnation, stoic acceptance – and witness the great efforts he goes to pinpointing precisely the right words to embody these emotions, and to create the most extraordinary narrative,” says Heaton.

Songs Going for a High

According to the expert, this type of memorabilia often generates huge interest. “The highest prices tend to be for original handwritten lyrics and also musical instruments when they have a significant playing history with a great musician,” he says.

Referring to the Rhapsody lyrics, he continues, “Early drafts such as these are easily lost or discarded, so the rare survival of these manuscripts provides us with fascinating insights into how his songs were developed and put together, as well as reminding us of their musical complexity and sophistication.”

Heaton adds: “There are, of course, other valuable items: rare records, stage-worn costumes and other evocative items – I sold a pair of John Lennon’s sunglasses for £137,000 a few years ago.” An ivory-hued satin catsuit inspired by the mythic god, Mercury, which was used in Bohemian Rhapsody’s groundbreaking promotional video is estimated at £50,000–£70,000.

“In general people pay high prices for music memorabilia for the same reason that they pay high prices for art or ceramics or rare books – because they are passionate about them.” The majority of collectors will have a love for the music they buy into. “Sometimes these are people who collect in other areas, other times they are not – it is the passion for the music that unites them,” notes Heaton.

Music to Collectors’ Ears

According to Darren Julien, Founder and President of Julien’s Auctions, iconic pieces worn during a stage performance, video or red-carpet event often sell for higher amounts since that appearance is recorded by photographs or on film. There is an element of nostalgia involved. “These items represent a time or a memory in one’s life that drives the bidder at an auction in the hopes of winning and keeping that memory alive,” he says.

An 18-carat white-gold and diamond Omega wristwatch worn by the King of Rock and Roll, Elvis Presley, and seen in photographs during his extraordinary career, sold at a 2018 Phillips auction for US$1.8 million (HK$14.09 million) after frenzied bidding, smashing the world record for an Omega.

Julien’s Auctions famously sold the Beatles’ handwritten Hey Jude lyrics in 2020 for US$910,000, nine times its original estimate. The acoustic-electric guitar used by Kurt Cobain at a 1993 MTV Unplugged performance went for US$6 million in 2020, a world record for guitars sold at auction. The US auction house has also sold items from the Rolling Stones and other major stars. “The Beatles, the Rolling Stones, U2, Madonna, Michael Jackson, Cher and Barbara Streisand are all highly collectible and have a huge global audience. But contemporary artists such as BTS are also highly collectible, along with Taylor Swift, Coldplay and even Rosario,” says Julien.

Sound Investment Vehicles Pop Rock memorabilia is now regarded as an asset class. “People buy these items not only for the cool factor but also as investment vehicles. Museums also buy iconic pieces and fans are always hoping to win something representing their idols’ life and career.”

The resale value of iconic pieces is also tremendous, notes Julien: “We sold Kurt Cobain’s green cardigan from MTV Unplugged for US$120,000 in 2015 and resold it in 2019 for $340,000. In 2006 we sold an Elvis Presley belt from the Aloha tour gifted to his friend Jack Lord of Hawaii Five-O for approximately $65,000 and we resold it in 2018 for over $354,000.”

“Collectibles continue to be highly sought after by a global audience and prices continue to rise with the help of improved technology and social-media awareness. We also see NFTs as a new class of investing in all things celebrity,” adds Julien.

Ahead of Sotheby’s Freddie Mercury auction, Heaton notes that the star’s attraction remains undiminished to this day. “Queen’s songs are woven into the fabric of our culture and have an incredibly wide appeal, and Freddie himself is widely acknowledged as amongst the most powerful vocalists in rock history,” he says. In Heaton’s view, the popularity and value of pop memorabilia will not diminish in the foreseeable future. “It is now more than 60 years since the Beatles began recording, and 50 years for Queen. If people still love the music now, I am sure they will do so in another generation.”

Vinyl Record-breaking: Top 3 most expensive vinyl records ever sold

With vinyl resurgence now well and truly a thing (see our coverage of this burgeoning social phenomenon here), this once-antiquated music medium has spawned legions of die-hard fanatics who proclaim that something gets lost in translation in the analogue-to-digital transition. But just how far are they willing to go, how much are they willing to pay to own these prized collectibles? Here’s our list of the top 3 most expensive vinyl records ever sold.

3. The Quarrymen, That’ll Be The Day/In Spite of Anger – US$250,000

Before the birth of worldwide musical sensation, The Beatles, Paul McCartney and John Lennon first cut their singing teeth in a now-little known band called The Quarrymen. So rare are the records created by this group that this particular album is one of a kind. Valued at US$250,000 by Record Collector magazine in 2015, this unique collectible now resides in the private collection of McCartney himself.

2. Elvis Presley, My Happiness – US$300,000

As Elvis Presley’s legion of fans will probably be aware, My Happiness was the first song that The King ever recorded. No wonder, then, that this early ‘50s album makes our list of the world’s most expensive vinyl records here. In January 2015, an acetate pressing of the song was bought by The White Stripes rocker, Jack White. The final sale price? US$300,000.

1. The Beatles, The Beatles (White Album, No. 0000001) – US$790,000

When The Beatles’ self-titled album was first released, a small number of serial numbered ‘White Album’ versions were distributed to those involved in its production. While already something of a collector’s item, this particular item, with the serial number 0000001 – was actually owned by Ringo Starr himself. When he put it up for auction a few years ago, it sold for an astounding US$790,000, making it the top entry in our list of world’s most expensive vinyl records ever sold.

A big hand for Elvis: Omega owned by Elvis Presley breaks records

While Elvis has long been hailed as the King in rock’n’roll circles, his contribution to the world of haute horology has been somewhat less celebrated. It does, however, appear that when he was not rocking jailhouses or worrying about scuffing his distinctively coloured footwear, he was apt to collect precision timepieces, a number of which recently went up for auction in Geneva, including the rocker’s personal favourite – a white-gold Tiffany & Co Omega watch.

Described as the “most historically significant Presley-owned watch to ever to come up for auction” the 18K gold wristwatch – complete with a manually-wound calibre 510 movement and 44 brilliant-cut diamonds – was originally presented to Elvis by RCA in February 1961, as the label looked to commemorate the fact that their single best asset had passed the 75 million mark in terms of global record sales. Among his album releases in 1960, the hits that propelled him to the peak of his career that year included Are You Lonesome Tonight and It’s Now Or Never.

The incredible provenance of the Omega watch was further confirmed by photos of Presley wearing the watch, as well as a certificate of authenticity from Jimmy Velvet, the Founder/CEO of the Elvis Presley Museum.

Ultimately going for a whopping US$1.5 million, following an intensive round of highly competitive bidding, the watch set a new all-time record for an auctioned Omega. Despite the many keen offers from lifelong Presley fans, however, it was ultimately purchased by Switzerland’s Omega Museum.

Text: Suchetana Mukhopadhyay

King and Country

For those unfamiliar with the expression, ‘flyover states’ is a disparaging term of employed by Big City Americans to dismiss that great swathe of country that is neither East nor West Coast. To be fair, glanced from 30,000 feet above, while sipping Chardonnay en route to Los Angeles or New York, this patchwork of farms and forests, hills and highways does, indeed, seem somewhat bland and anonymous. You ‘fly over’ because, the thinking goes, there’s really no reason to stop.

Those able to remove their head from the clouds, both literally and metaphorically, though, may well discover that Middle America is anything but middling. Seemingly every town, from the smallest collection of sun-bleached shacks to the largest landlocked metropolis, has something its citizens – at least -are proud of and rather keen to share.

For a starting point, you could choose almost anywhere with an airport. By and large, this means any town with a population slightly larger than 10. Simply pick up a hire car, choose a direction and drive until some rogue slice of arcane Americana catches your eye. You won’t have far to go.

Those with a taste for music, whiskey and racing – whether on hooves or with tyres – could do a lot worse than opt for the 500 miles from Memphis, Tennessee to Indianapolis, Indiana, taking in Nashville and Louisville on the way.

As with many Midwestern cities, Memphis has an air of faded glory. It is a place more concerned with its past than with its future – and more than happy to trade on its heritage to attract a visitor or two

The city is forever associated with two Kings. Back in 1953, Elvis, the still-undisputed King of Rock and Roll, cut his first record in the city. The venue, Sun Studio, just outside downtown, is still a working recording space, although it’s the steady outflow of Presley memorabilia that keeps it viable.

Elvis is not the only rock royalty the city has known. Johnny Cash, BB King, Roy Orbison and Jerry Lee Lewis all recorded there during its heyday
Despite the press of fans and the racks of mass-produced memories, the studio retains a degree of shabby magic. It’s not hard to imagine the young dreamers clutching guitars, all crammed around a microphone, hoping to be discovered.

Presley, unlike so many other small town boys made good. He also stayed loyal to Memphis, making it his home. His Graceland mansion, some 15 minutes’ drive from downtown, is every bit as overblown as Sun is intimate. Only the truest of Elvis fans, though, should endure its long queues and steep fees for a tour of what is, by modern standards, a rather modest suburban estate.

Today, Memphis’ live music scene revolves around the famous Beale Street, a thoroughfare lined with dozens of lively bars and clubs. While music of the 1950 and 60s provides the inspiration for most of the acts, there’s little of the pioneering spirit that once put Memphis on the map. The acts tend to stick to well known early rock, blues and country, rather than any new material.

Just 15 years after one King was discovered, another – Dr Martin Luther – met his demise. It was April 1968 when the civil rights leader was assassinated at a Memphis motel gunned down by opponents of his struggle to win equal rights for Americans of African descent.

The Lorraine Motel, along with the building across the road where the fatal shot was fired, now makes up the National Civil Rights Museum. Far from being mawkish, the Museum offers a window into the upheavals that gripped America – especially its southern states – during the later years of the 20th century.

Some 200 miles east, Nashville is even more of a music town, rightly renowned as the capital of every kind of music – both country and western. While Memphis’ glory days are clearly well behind it, Nashville’s musical influence is very much a thing of the present. Aspiring country stars still flock here in the hope of being discovered in this self-styled Music City.

While many Midwestern cities show signs of industrial decline, Nashville positively hums with business. Instead of mass producing corn or combined harvesters, though, its phonic factories churn out country music. There is, indeed, something of a production line feel to its massed ranks of musical
attractions. There are, however, a fair smattering of authentic gems mixed in among its many workaday strummers

Nashville is also home to the Grand Ole Opry, the longest running radio show in America. Today, it still adheres to its tried and tested formula of a live mingling of both established and aspiring artists in front an enthusiastic theatre audience.

If it’s the Opry that brings rising stars to a wider audience, The Blue Bird Café is where talent scouts and discerning country fans go in search of the Next Big Thing. With a capacity of just 90, this up close and personal venue has a fame that belies its size.

Taylor Swift, the global starlet and sauce bucket, was discovered here, while the Café remains a regular feature on Nashville, a hit ABC TV show. If time is limited, a better way to take in the city’s musical pulse is a stroll up Broadway, between 3rd and 5th Avenues.

Almost every property, on both sides of the road, plays live music from morning to night. While every Nashville resident has a different opinion about the best venue, Ripppy’s Bar and Grill and The Stage on Broadway are seldom omitted from most reputable must-see lists.

Moving on and you will soon encounter the towering white grandstands of Churchill Downs on the outskirts of Louisville. This is the site of the biggest fixture in the American horseracing calendar – the Kentucky Derby. Every year, Derby Day sees a sudden influx of America’s movers and shakers, all dressed up and vying to be picked by the circling TV crews.

Attending this annual exercise in ostentation requires substantial planning and deep pockets, with admission to the more select areas always heavily oversubscribed. The Downs also holds smaller racing events throughout the year, occasions that exert less pressure on both wallets and wardrobes.

A must for any visitor is the chance to sample a mint julep – a potent cocktail of sweet mint syrup and Kentucky’s famous bourbon whisky. Imbibers should avoid operating heavy machinery for the remainder of the day. Maybe the week.

Downtown Louisville, meanwhile, has a notably post-industrial feel. This is only enhanced by the sight of its late 19th and early 20th century architecture slowly being repurposed, inevitably transformed into trendy bars, restaurants or apartments.

Sports fans, however, should head for the Louisville Slugger Museum, home to the eponymous baseball bat, complete with a working factory and a potted history of its defining role in nurturing America’s favourite pastime. The city was also home to Muhammad Ali, the onetime world heavyweight boxing champion and noted civil rights activist. The Muhammad Ali Center is a celebration of the recently deceased star’s life, both as a boxer and a true cultural icon,

As the day grows longer, a good guide to Louisville nightlife is the ‘Urban Bourbon Trail’, a handy pocket guide to the numerous bourbon-serving establishments in the city centre. If a pub crawl seems too much effort, the Trail’s star attraction is the Seelbach Hotel, said to be F Scott Fitzgerald’s inspiration for the hotel in The Great Gatsby.

If the Trail whets your craving for all things bourbon, there are a number of working distilleries just a short distance outside Louisville. One of the most celebrated is the Buffalo Trace Distillery, set on the outskirts of Kentucky’s capital, Frankfort, and around an hour by car from Louisville.
Claiming to be ‘the world’s most award-winning distillery’, Buffalo Trace offers guided tours to visitors, detailing the company’s history and the traditional barrel aging techniques employed to produce its celebrated range of spirits and liqueurs. The heady aroma of hundreds of bourbon-filled raw oak barrels slowly mellowing in a century-old building is worth the trip on its own.

As a contrast to big city America, sleepy Frankfort offers a taste of small town southern charm. The grand 1910 Kentucky State Capitol building seems almost out of place on a Broadway lined with late western-style store fronts neatly sandwiching a road-level railway line. The town centre, though, is crammed with souvenir shops, cafés and restaurants, all winding towards the sleepy meander of a leafy Kentucky River.

With the closing lap to hand, the very name Indianapolis is synonymous with high speed car racing and the home of the world’s oldest purpose-built circuit. The Brickyard – as the 2.5 mile oval course is known – hosts the famous Indy 500, a 200-lap race for America’s answer to Formula 1 cars.
The Indy is America at its showiest, with size, speed and razzmatazz all dialled up to the maximum. Even before the engines fire up, it’s spectacular. The scale is staggering, with one end of the track almost invisible from the other.

The 500 is the world’s largest single-day spectator event, with 350,000 fans packing the vast open air grandstands around the course. The pre-race build up is also impressive, with stunt shows, parades and military fly-pasts keeping the spectators occupied.
The race itself is almost unbelievably fast. With its long straights and wide corners, cars average over 230mph. It takes quite a while for the eyes and brain to even begin to adjust to objects moving that quickly.

In truth, the crowds are too big for Indianapolis, with this city of some 850,000 annually swamped by the influx of race fans from around the world. Forward planning is essential, as even modest motels miles from the track sell out months in advance, despite charging many multiples of their usual price for the humblest of rooms. Five star city centre hotels can cost as much as the return air fare from Hong Kong.
With no public transport to the circuit, parking reservation is also essential and, again, arrangements should be made way in advance. Even with careful preparation, one should allow at least five hours to cover the few miles from downtown Indianapolis. Earplugs and sunscreen are also vital, as the cars are loud and there’s little shelter from the strong May sunshine.

Away from the race, downtown Indianapolis has a Gotham-like feel to its civic spaces, all flanked with a mixture of early 20th century pomp and glass towers. Today, though, much of the suburban sprawl shows clear signs of the city’s post-manufacturing economic decline.
For an alternative to the usual American city centre fare of steak houses, pizzerias and over-priced burger bars, The Rathskeller, on the edge of downtown is worth a visit. As a long established hangout for the city’s German immigrants, it offers authentic German cuisine and a long list of imported beers in the kind of cellar setting that could have been lifted straight from Bavaria.