It seems like the self-described King of Pop Michael Jackson is feeling the effects of the economic crunch. The 50-year-old pop icon will put up for auction the glittery glove he wore for his 1983 mega-hit video “Billie Jean.”
Jackson, who many believe is completely bankrupt, will also auction about 2,000 of his personal items including the gate to his infamous, fantasy-filled Neverland mansion.
The items will be on display starting on April 21, 2009 and bids will be accepted both in person and online. Part of the proceeds from this auction will benefit MusiCares, a nonprofit organization that helps musicians in need.
What's Driving This Trend
- Pop Memorabilia Auctions
- There is an increasing trend of buying and selling pop memorabilia in auctions leading to new markets and opportunities for technology-driven auctions platforms.
- Celebrity Asset Monetization
- Many celebrities may start monetizing their asset holdings in order to raise money or fund their philanthropic endeavors leading to growth opportunities for banks and wealth management firms.
- Impact Philanthropy
- Celebrities and businesses are increasingly using their resources to give back to the community leading to growth opportunities for nonprofit organizations and socially responsible investment firms.
Who This Affects Most
- Auction Houses
- Auction houses can leverage technology-driven platforms to tap into the growing market of pop memorabilia buyers and sellers.
- Banking and Wealth Management
- Banks and wealth management firms can develop new products and services to help celebrities monetize their assets and manage their philanthropic endeavors.
- Nonprofit Organizations
- Nonprofit organizations can partner with celebrities and businesses to promote impact philanthropy and raise funds for their activities.
