Music, the world's universal language, has enchanted for centuries, and now music memorabilia has started to make major waves on the auction market with instruments, manuscripts and musician-worn clothing easily achieving six and seven-figure sums. For a deeper look at this exponentially growing market, we spoke to Darren Julien, the founder of Julien's Auctions in Beverly Hills, California, who is known as the market leader in the music memorabilia business. Julien's is celebrating its 20th anniversary in 2023, which was also a record-breaking year for the auction house. World record prices were achieved for a guitar used by Eric Clapton, Levi jeans that were stage-worn by Kurt Cobain, dresses worn by Princess Diana and the collection of Dusty Hill of ZZ Top.
Here, Darren Julien tells us about the origins of his auction house, the "holy grail" items he's looking for at auction, and what's next for the music memorabilia industry in 2024.
Barnebys: Julien's specializes in celebrity and entertainment memorabilia, especially music collectibles. How did you start collecting and what inspired you to start Julien's?
Darren Julien: I met Johnny Cash while working for a classic car auction house in Auburn Indiana. I was always fascinated with memorabilia and when Johnny Cash asked me to appraise the “House of Cash” I jumped at the opportunity. This was the beginning of my journey into entertainment memorabilia and so I started working for Sothebys.com in 1999.
Related: The World's Finest Signed Photograph by The Beatles Sold For $143,000
What are the most sought-after items in the music memorabilia market today? Are there any "holy grail" items?
The Beatles are highly collectible as is Elvis Presley and Michael Jackson. Paul McCartney's Hofner Bass could be the first music instrument to sell for over $10 million. I also have my eye on Hendrix's guitar which could also sell for a record amount.
Related: The Only Painting By The Beatles Goes to Auction
You recently sold the most expensive Eric Clapton guitar at auction, and Dusty Hill from ZZ Top's guitars sold for far over their estimates. Looking back on Julien's sales of 2023, what trends did you notice and what were some of the stand-out highlights?
Certainly 2023 was a record-breaking year for Julien’s auctions as we set three new world records for prices, but we also noticed an increase in the number of registered bidders and traffic to Julienslive.com. Guitars are highly sought after as they are a playable asset that will continue to increase in value. It's incredible to think that we sold a paid of Levi 501 jeans for $412,000 because they were worn on numerous performances and public events.
How has the market for music memorabilia evolved since Julien's was founded 20 years ago?
The market for music memorabilia has soared over the past 20 years as these items are now considered an asset class. More and more people are taking notice of this market and registering and bidding in our auctions. I am excited to see how fast this sector grows over the next 20 years.
Related: From Haydn to Hip-Hop: Music for Collectors
Do you have a favorite story about a music memorabilia item that Julien's has sold?
We sold John Lennon’s Gibson J 160 E for $2.4 million in 2015. This was known as the lost/stolen guitar as it disappeared from the Christmas Shows in London in 1963. We were approached by the current owner who had it for 47 years not realizing it was that guitar. We went on the journey of authenticating the guitar and photo matching the wood grain etc and we also had to get the approval from Yoko Ono. The nice thing about this auction is that 50% of the proceeds went to The Spirit Foundation founded by John Lennon and Yoko Ono. In fact charities are frequently the beneficiary of a portion of the sale proceeds of these iconic pieces.
From guitars to manuscripts, how do you value music memorabilia items?
There are many layers to valuing memorabilia including, the provenance (chain of ownership) of the pieces. Who owned them, where were they played or used or worn, is the artist living or deceased, the brand name and the age and condition of the piece. Also photos or videos with the artist playing or wearing or using the piece also impacts the value significantly.
What advice would you give to someone who wants to start collecting music memorabilia?
Like any investment people should buy what they love. We recommend people buy items from the artist or the genre of music they love. These items are an asset and should be stored carefully to not only protect the piece but preserve one’s investment. If people are buying purely as an investment, it’s important to understand that you may have to hold the piece for a few years to give it time to appreciate in value if you intend to sell.
Related: Worth Millions: Behind the Appeal of Celebrity Memorabilia
Looking ahead to 2024, what do you see as the future of the music memorabilia market?
We are very excited about the future of this market as we believe it is still in its infancy. We are expanding our business and planning to open offices in Nashville and possibly other locations. We recommend people to visit Juliensauctions.com on a regular basis as we plan to always have interesting items available.
