Michael Jackson's Swarovski crystal glove sells for $48,000

 

Michael Jackson’s glove sold at Bonhams & Goodman auction in Melbourne, Australia for $48,000 and students of auction theory are demonstrated a valuabe lesson.

We should’t be surprised that Michael Jackson’s Swaroski crystal covered glove covered banged out at a cool $48,000 on the auction block, (double the pre-auction estimate).

Nor should we be shocked that the winning bidder, Warwick Stone who beat out five other bidders from Australia and the US made the purchase on behalf of for the Hard Rock Hotel in Las Vegas.

What the un-initiated might be surprised at, and here-in I think the lesson to be learned, is that the stellar price was achieved with only 6 bidders according to the auction house.

Shown here so vibrantly, is the fact that you do NOT need a huge pool of bidders to make an auction successful, a very small group of “the right” bidders will do just fine.

There’s nothing wrong with marketing to the masses, but targeting the right buyers is just as critical, even more so in certain cases.