Over the past years, many auction houses have been selling rare personal items once owned or re-recorded by deceased and living music legends. Bob Dylan isn't an exception, as the new studio recording of his song was sold for a hefty amount of money.
According to Billboard, auction house Christie's London had an event called "Classic Week" on Thursday where they put several items up for sale.
One of which was the singer's re-recorded version of the 1963 song "Blowin' in the Wind."
The track, which was put in an Ionic Original disc format by T Bone Burnett, was reportedly sold for a whopping price of $1,769,508.
The final price exceeded its initial projection of $720,000 to $1.2 million.
In a previous press release about the auction piece, the one-of-a-kind format delivers better audio quality compared to a usual vinyl record.
It also has "foreign particle resistance, durability, excellent signal-to-noise ratio, longevity [and] portability."
The CD is considered rare because the sold copy was the only available re-recorded version of the track.
The song was recorded last year during a special session with T Bone Burnett, while the first version was recorded in 1962.
Peter Klarnet of Christie's said in a statement that it's a "tremendous honor" to work with "such an incredibly important and groundbreaking advance in analog playback technology."
"We are excited that this is just the beginning for this amazing new opportunity for recording artists to work with T Bone and NeoFidelity to reset the value of music," he added.
Burnette also expressed his thoughts on the CD format, saying it's profoundly relevant today to resonate with "decades of the artist's life and experience."
The auction date, July 7, coincided with Dylan's 60th anniversary in the music industry as a recording artist.
Christie's London allowed fans to hear the audio format in New York, Los Angeles, and London before it was sold to the public.
Auctions are very common in the music industry as they allow someone to preserve a legend's most significant pieces.
A few months ago, Kurt Cobain's notable Fender Mustang electric guitar seen in the "Smells Like Teen Spirit" music video was sold for $4.5 million.
Indianapolis Colts owner Jim Irsay was reportedly the bidder who got the chance to own the rare item.
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