In two separate pieces
this week, FORBES broke the news that the Wu-Tang Clan had sold its
secret album to an unknown bidder. Today, new details are beginning to
emerge.
According to a release by Paddle8, the upstart auction house that sold the double-album, Once Upon A Time In Shaolin has
been sold to a “private American collector” for a price “in the
millions.” The sale was agreed upon in May, but it took months to
finalize contracts and legal protections for the unusual record.
“The Wu-Tang Clan have always been driven by innovation, and this
marks another moment in musical history,” said Wu-Tang cofounder RZA in
the statement, adding that the group would donate a significant portion
of the proceeds to charity. “From the beginning, we hoped that this
concept would inspire debate and new ways of seeing creativity. Both of
those goals have been achieved, and the ideas continue to evolve.”
Though the precise amount of the sale has not been revealed, Paddle8 says it makes Once Upon A Time In Shaolin the
most expensive single album ever sold, topping Jack White’s $300,000
purchase of a rare acetate recording of Elvis Presley’s first song.
“We pioneered a new type of intellectual property regarding the sale
of a work that is simultaneously physical and digital, creating
previously unexplored legal protections for a unique work that cannot be
reproduced,” added Paddle8 cofounder Alexander Gilkes. “This marks an
exciting new model of distribution for the music world and we look
forward to playing an ongoing role in this innovative model.”
[via FORBES]