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Press Release - August 18, 2010

Ultimate Elvis Auction in Memphis attracts huge crowd

Graceland purchase agreement, personal belt, gold and diamond cameo ring each bring $38,838 to lead Heritage Auctions’ Aug. 14 $654,740 event; Elvis’ white Knabe piano doesn’t sell

Memphis, TN – A packed house at the Peabody Hotel in Memphis greeted the Heritage Auctions’ Ultimate Elvis Auction with frequent applause as pieces of the King’s legacy crossed the auction block with spirited bidding and solid prices. The auction was led by a trio of items, all bringing $38,838 each: Elvis’ signed Graceland Purchase Agreement, a circa 1956 Elvis owned and used belt and his stunning gold and diamond cameo ring. All prices include 19.5% Buyer’s Premium.

The marquee item of the auction, Elvis’ beloved white Knabe baby grand piano, did not meet the minimum bid requirements, and therefore did not sell.

“Tonight was not the night for this beautiful instrument to go to a new owner,” said Doug Norwine, Director of Music & Entertainment Auctions at Heritage. “There was quite a bit of interest in the piano, but sometimes it can be tough for a bidder to pull the trigger on a big ticket item.”

Heritage is, however, currently in discussion with several buyers about a possible post-sale purchase of the piano. Details will be forthcoming in the event that the piano sells.

A 1956 RCA House Award "Don't Be Cruel" Gold Record to Colonel Tom Parker brought $26,290, while a significant quantity of Elvis’ hair, a late addition to the auction, generated a good deal of excitement in the room, and proved to be an exceptional bargain by finishing at $16,730.

Elvis’ custom gold-framed sunglasses, a pair of yellow gold frames made in West Germany by Neostyle, with tinted lenses and 14k gold "TCB" lightning bolt logos at the temples, owned and worn by the King, were quite popular with the pre-auction viewing crowds as well as with bidders, bringing an impressive $21,510.

The stylish red slacks that Elvis wore in Loving You, made by legendary tailor Nudie Cohn for Elvis during production of his second feature film in 1957, were a pleasant early surprise in the auction as the bidding soared to $20,315, five times their pre-auction estimate.

Heritage Auctions, founded by Steve Ivy and Jim Halperin, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Want to get the up-to-the-minute updates and breaking news stories about Heritage Auctions? Get them as they happen at: Twitter.com/HeritagePress; Twitter.com/JimHalperin; Facebook: Heritage Auction Galleries. To view a compete archive of Heritage press releases go to: HA.com/PR. To link to this press release on your blog or Website: www.HA.com/PR-1887.

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