Vintage Velvet Underground record up for auction again after bogus bid
Last Updated: Thursday, December 14, 2006 | 11:42 AM ET
CBC Arts
A rare Velvet Underground recording will be back on the online auction site eBay on Thursday after an earlier bid proved to be bogus.
Warren Hill, a 30-year-old Montrealer who started his own vintage record store six months ago, says he will try again to sell the record online.
He found the acetate of music that ended up on Velvet Underground's first album, The Velvet Underground & Nico, at a lawn sale in Manhattan in 2002.
The Velvet Undergound's 1967 debut sold only about 50,000 copies in its first release, but Rolling Stone magazine has since named it the 13th greatest rock album of all time.
The disc up for sale is an in-studio acetate pressed during the album's recording. Only two like it are thought to be in existence.
On Friday, Hill accepted a high bid of $155,401 US for the rare work after an eBay online auction.
The price had moved up sharply during the auction, with 253 bids filed.
But the bidder, a young man in California, e-mailed Hill to confess he doesn't have enough money to buy the rare recording.
"Seriously, I can barely afford gas for my car to get to work," he wrote.
A bidder has seven days to close on an online auction deal, which is legally binding. After that, the seller, Saturn Records, of Oakland, Calif., representing Hill, could report a false bidder.
"I'm not going to sue him," Hill said Wednesday. "I just want to sell it."
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