Icons of Twentieth Century Music Auction: Final Bidding Update

by TOM WATSON

The Icons of 20^th Century Music Auction will be held this Saturday, April 17, 2004, in conjunction with the 27^th Annual Dallas Guitar Show. The auction has received a good deal of attention internationally from collectors, investors, and just about anyone else interested in celebrity-related memorabilia and significant collectible guitars.

For good reason.

Some of the instruments (among the hundreds of other celebrity-related items) to be auctioned are: Kurt Cobain's Mosrite, an Allman Brothers 1957 Gibson Les Paul Gold Top, two guitars owned by George Harrison, a left-handed Hofner bass signed by Paul McCartney, Eric Johnson's 1965 Dakota Red Stratocaster, 1955 Fender Stratocaster used by the Yardbirds, and Roger McGuinn's (The Byrds) 1966 Rickenbacker Model 370-12. These are in addition to the piano used by Elton John and Bernie Taupin for composing many of their famous hits.

Bidding and Important Links

There are several ways in which you can participate in the auction:

Bid live on the auction floor in Dallas.

Submit an absentee bid via Heritage Auction's online bidding system.

Submit an absentee bid via eBay Live!

Participate in the live bidding during the auction via eBay Live!

Here are the links you'll need:

To view the lots and submit an absentee bid via Heritage Auction's online bidding system: Heritage Online Bidding Home Page

To view the lots and submit an absentee bid via eBay: Icons of 20th Century Music eBay Absentee Bids on eBay

To submit a live bid during the auction via eBay Live: Icons of 20th Century Music eBay Live Information Page

A little guidance

Not enough ways to participate in the auction? Here's one more: you can also submit absentee bids via FAX until noon (US Central Time) on April 16 (use the Heritage Online Bidding Home Page link above for more information).

With so many options, what's a bidder to do?

If you can't attend the auction in person you have two basic choices: submit an absentee bid in advance of the auction or participate in the live auction via eBay Live.

Absentee bids are similar to eBay reserve auction bids: you enter the maximum amount you are willing to pay for the item and then, during the live auction, bids are entered on your behalf up to your maximum. It's as if you're attending the auction with a pre-set spending limit. Auction personnel take care of submitting incremental bids for you. If the bidding goes over your maximum, you're out of the action.

If you can't attend in person but want the adrenalin rush of live bidding, then you can submit your own real time bids during the live auction on Saturday via eBay Live. To participate, you must be an eBay member, you must sign up to participate in this auction via eBay Live, and, you must submit your intention to participate to the auctioneers and have your participation approved prior to the auction. Don't expect to log into eBay this Saturday and start bidding unless your eBay ID has been approved first.

You can register for eBay Live participation through this link: Icons of 20th Century Music eBay Live Information Page. Register your interest with eBay Live and then you'll receive an email from the auctioneer asking you to complete a registration form from which they will approve or decline your participation.

Online Absentee Bids Cutoff

You will find this language on several pages of the Heritage online bidding system:

This Signature Auction is being held in Dallas, TX on Saturday, April 17, 2004. Online bidding ends at 10:00PM CT the night before the floor session for this lot. Your secret maximum bid will compete for you during the floor auction, and it is possible that you may be outbid on the floor after internet bidding closes. The applicable buyer's premium for this auction is an amount equal to 17.5% (minimum $6 per lot) of the successful bid. Sales Tax may be charged for this auction if you reside in the following state(s): TX (more info...). Terms and Conditions.

This applies only to online absentee bids, not to participating in the live auction via eBay Live.

Buyer's Premium

Don't forget, you have to add the auction fee to whatever the final bid is - an additional 17.5% (according to the Heritage site) or 20% (according to the eBay absentee bid pages). You'll have to contact Heritage to confirm the actual percentage that will be added to the final bid as the buyer's premium.

Absentee or eBay Live?

You'll have to decide for yourself, but here's something to consider.

Participation in the auction via eBay Live has one major handicap - it's completely dependent upon the stability of your Internet connection and your computer's ability to handle a fast moving java script application. If you lose your connection during the auction, or your computer crashes, there's nothing you can do about it. The auction for that item will probably be over by the time you reconnect and can get back into the action.

See this article for a true story of what a bad Internet connection can mean.

The downside of placing a pre-auction absentee bid is you can't change your mind during the auction. Heaven forbid that the item you have your heart set on reaches one increment over your maximum bid and goes to another bidder. On the other hand, having an unalterable maximum bid in place before the heat of the auction will prevent you from being swept up in the thrill of the moment and bidding more than you were originally willing to pay (and perhaps can afford).

Whichever method you choose, be sure to do your homework. Read all of the auction terms and conditions, study the lot descriptions, determine what you think the item is worth to you, and set a budget.

We will provide post-auction results early next week.