Big Ol' Auction Falls on Its Big Ol' Face

There was supposed to be a whopper of a guitar auction last week. There were hundreds of guitars and many carried six-figure estimates for the auction. One Martin was estimated to draw $2 million. :eek:

As I understand it, the entire group was made available by one collector...one who paid out a million for a lawsuit...and that may be why the prices were set so high. Some 'names' in the guitar world thought the prices were off by a decimal point, i.e., 'move the decimal one column to the left and we might have a deal.' As it turns out they were right. http://observer.com/2014/04/the-twenty-million-dollar-guitar-auction-that-wasnt-guernseys-aims-high-with-artistry-of-the-guitar-comes-up-very-short/

The star of the show, the Martin carrying the $2 million estimate was bought by C.F. Martin & Co. themselves...for $300K (hey! a bargain!). But many, if not most, went unsold/without bids.