Wu-Tang Limited Edition Album Sells For Millions At Auction
Wu-Tang Clan has sold an ultra limited edition and unreleasable double album for "millions of dollars". Part smart PR stunt and part fundraiser, it shows there are no limits when it comes to servicing and profiting from uber fans.
The ultra limited-edition double album, "The Wu: Once Upon a Time in Shaolin" which comes housed in a nickel and silver box crafted by the British-Moroccan artist Yahya, was reportedly sold in May, according to Forbes, but only this month were the contracts and legal protections for the sale finaized.
Alexander Gilkes, founder of Paddle8, the auction house which conducted the sale, told Details Magazine that a new type of intellectual property law had to be created for the sale of a work, which prevents the purchaser from releasing it commercially for nearly a century, Forbes said.
“After 88 years the copyright, which includes public and commercial rights, automatically transfers to the owner of the work,” A spokesperson for Paddle8 told Forbes. “However, it will still be his or her choice at that [point] to release it or not release it.”
Along with the aforementioned box, the package also includes a leather-bound book containing the lyrics and stories behind the music on the album, along with a gold-leafed certificate of authenticity and a pair of customized speakers worth $55,000.
The identity of the purchaser was not disclosed, nor was the final price for the album.
via Celebrity Access