Why rock and pop memorabilia could be music to investors’ ears
As any collector will know, once you’re bitten by the bug it can an expensive habit to keep up. For accumulators of music memorabilia, however, it’s more often than not a savvy passion investment strategy and, if they can bear to part with their beloved treasures, there’s a great deal of money to be made.
Take, for example, the latest vendue organised by auction house Propstore, which, on November 10, will be putting a host of iconic pieces under the hammer in what is expected to be one of the biggest ever sales of entertainment collectors' items.
More than 200 items are due to be auctioned including the coveted leather jacket, with an estimated price tag of up to £400,000, worn by Michael Jackson from his infamous 1984 Pepsi commercial - the desire to own a piece of musical history has never been higher.
“Taking inspiration from last year’s highly successful music sale, we have strived to be bigger and better for 2023 with incredible, unique content from rock and pop legends, such as John Lennon, The Beatles, David Bowie, George Michael, Michael Jackson, Oasis, AC/DC, KISS, Nirvana, Kurt Cobain, Queen, Elvis Presley and Amy Winehouse,” says Mark Hochman, director of Music and Posters at Propstore. “For many of these exclusive lots, it’s the first time they have been offered for sale to the public and Propstore expect bidding to be highly competitive.”
What was once considered a fun hobby has now grown into a bona fide asset class with significant return on investment to be made for avid collectors. Here, CEO and founder of Propstore, Stephen Lane talks about the items that have caught his eye and what investors should be looking out for…
Propstore is auctioning off a swathe of memorabilia from the world of music in November, what are some of the most exciting items under the hammer?
We are very proud to present such a range of incredible items, from John Lennon to Michael Jackson to Oasis and everything in between. I think we have something for all tastes.
My personal favourite is the Amy Winehouse hairpiece. I’m not sure we could ever find another single item that sums up one personality so succinctly.
As a moment in history, I also really like the David Bowie single, his first ever; he was Tom Jones back then - he then became David Jones because there was another Tom Jones (I wonder what became of him!) before ultimately taking the name David Bowie.
The John Lennon belt buckle is frankly astonishing, with such outstanding photographic provenance, too. One final item to mention is the George Michael jacket. It matches up precisely to the one worn on screen with Aretha Franklin in the ‘I Knew You Were Waiting for Me’ music video. Just amazing.
We’ve previously spoken about film memorabilia collections, do you find music collectors to be more or less avid in their fandom?
Oh, I think we’re all equally obsessed and driven by our passions. One is no less formidable than another. We all love this stuff. Love hunting for it, love the nostalgic connection from owning it, love researching and caring for it. Owning the actual items used by your favourite star or performer crosses all genres and categories. We are seeing the same devotion from music fans as we do from film collectors.
There are some high-profile amassers of historical music items – for example, Jim Irsay, the billionaire owner of the National Football League’s Indianapolis Colts, has a huge rock n’ roll legends collection and has even taken it on tour. What do you think drives this kind of melomaniacal collecting?
He has the same passion as any regular auction-goer or music fan. His budget might give him a little more choice, a little more often, but he’ll feel the same elation as anyone else once the hammer falls and that item is secured for the collection.
Many of our clients are highly passionate about their collections and what they collect; they don’t just invest their time and money but also a bit of their heart and soul. They are driven by the desire to collect, preserve, and, in some instances – like Jim Irsay – help educate the next generation.
Do collectors come to you looking for specific items? What genres are of particular interest to investors and collectors?
Yes. We are constantly receiving requests for certain stars or particular time periods. People might be looking for something from the first concert they ever went to or a reminder of the first single they ever bought. Collectors or investors will both tend to gravitate to artists who have an emotional pull. First and foremost, that is where it all starts.
From an investment perspective, we’ve seen a lot of interest in ‘blue chip artists’ – those bands and performers who are known and highly recognised globally – be it a set of Noel Gallagher hand-written lyrics from a hit Oasis track or a rare Beatles concert poster.
What kind of items should aspiring collectors be looking out for, if they’re wanting to make a solid return on their investment?
Always a hard question to answer, and I do tend to give a similar response every time, whatever the genre or area of collecting. Buy what you love and buy because it makes you happy. You’ll hang it on your wall or have it on display because you are proud to own it and enjoy showing it off. Secondly, buy the best you can afford. If it is the choice piece today, it will still be the choice piece in ten years’ time.
What are the pitfalls to avoid when jumping into music memorabilia investment?
As with any area of collecting, authenticity is paramount. We at Propstore pride ourselves in guaranteeing every item we sell. You can be confident that the memorabilia we sell is exactly as stated in the auction catalogue. And we stand behind that with a money-back guarantee.
