in Beverly Hills, Calif., sold the fuzzy green mohair-blend sweater that Kurt Cobain wore on Nirvana’s “MTV Unplugged” episode for $140,800. Four years later, the stained cardigan was back on the auction block again. That time it went for $334,000. Today, Darren Julien, the owner of Julien’s, an 18-year-old auction house that frequently hosts sales of celebrity possessions, believes the same grungy sweater could perhaps fetch double that amount.
For Julien’s, the business of auctioning off pop-culturally significant clothes—steady through the mid-2010s—has erupted in the past few years thanks to deep-pocketed 20- to 40-somethings. “Rich millennials don’t want Picasso and Monet. They want pop culture,” said Mr. Julien. “That’s what connects them or, you know, is most appealing to them.”
Kim Kardashian purchased this ensemble worn by Janet Jackson in the music video for “If” for $25,600. Ms. Dunbar said that the only thing buyers really care about is having “an emotional connection” to whatever they’re bidding on, be it a Michael Jackson glove or a pair of Pokémon cards. Not all buyers are driven by sentiment though. Mr. Julien is aware of hedge fund managers who are carving out money in their portfolios to invest in pop culture, and he’s heard from buyers who are now treating celeb-memorabilia as a pure investment.
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