Yahoo Finance Mark Knopfler Guitar Collection Fetches $11.2 Million At Christie's Auction
Most people don't get money for nothing, but some people were fortunate enough to snag a Mark Knopfler guitar at auction — and it's sure to appreciate in value.
Christie's sold the Mark Knopfler Guitar Collection at a live six-hour auction in January in London. The collection brought in a total of $11.2 million. More than 2,300 registrants from 61 countries — 84% of whom were new to Christie's — attended the auction where 100% of the collection sold.
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The Dire Straits frontman's 1959 Gibson Les Paul Standard was the star of the show, selling for a record-breaking $873,284. More auction records were set by the 1988 Pensa-Suhr MK-1, codesigned by Knopfler to play at the Nelson Mandela 70th Birthday Tribute concert in 1988 at Wembley Stadium, which commanded $635,116; and the red Schecter Telecaster used to record the hit Dire Straits song "Walk Of Life," which sold for $523.970.
The 1983 Gibson Les Paul Standard '59 Historic Reissue Knopfler recorded and performed "Money For Nothing" and "Brothers In Arms" sold for $746,261.
"It's time to take some of these treasured six-string companions out of their cases and leave them in the care of Christie's to allow them to have new adventures with new owners," Knopfler said before the auction. "You can be sure I'll be sad to see them go, but we've had wonderful times together, and I can't play them all. To you fellow players, enthusiasts and collectors, I wish you many good times with these old friends of mine."
Knopfler is donating 25% of the total hammer price to charities he's supported for many years: the British Red Cross, Tusk and Brave Hearts of the North East. All of the $508,092 generated from the final lot — the 2021 Gibson Les Paul Gold Top guitar signed by world-famous musicians including Knopfler — will be donated to the Teenage Cancer Trust. Christie's is donating an additional $63,708 to each of the four charities.
Vintage guitars and musical instruments are a desirable class of alternative investments. Ted Owen, CEO of memorabilia auction house The Fame Bureau, says they're better investments than real estate.
A woman from the United Kingdom was surprised to learn that her father's old Gibson Les Paul sunburst guitar that he paid $63 for is now worth more than a house. Despite its terrible condition, American musician Joe Bonamassa paid between $189,023 and $252,030 for it.
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