Freddie Mercury Memorabilia Auction Draws Enthusiastic Crowd at Sotheby’s

An auction of items once owned by British rock star Freddie Mercury turned electric on its opening day, taking in a higher-than-expected $15.4 million.

The sale, by Sotheby’s in London, included $2.2 million for the Yamaha baby grand on which he composed “Bohemian Rhapsody” and other hits. The auction’s second and third instalments happen today.

Mercury, the Queen frontman who died in 1991, was an eclectic collector of artwork, furniture, and feline-inspired décor, who had aspired to lead the Victorian life, “surrounded by exquisite clutter.” Lifelong friend Mary Austin said there was nothing Mercury loved more than an auction.

The live, black-tie event drew 2,000 bidders from 61 countries. The first item, a graffiti-covered door on which fans had written tributes, prompted a spontaneous chant of “We Will Rock You,” and sold for $521,000.

Mercury’s autographed handwritten lyrics to “Bohemian Rhapsody,” which he almost called “Mongolian Rhapsody,” sold for $1.8 million, while his “We Are the Champions” lyrics sold for $401,000.

Mercury’s stage costumes were a huge draw, including $801,500 for the jewelled crown and scarlet cloak he wore in his “Magic” tour, and $256,500 for his rainbow-coloured satin appliqué jacket.

A serpent-shaped silver bangle Mercury wore in the “Bohemian Rhapsody” video sold for $882,000, setting a record for the highest price ever paid at auction for a rock star’s jewellery, Sotheby’s said.

The final three online auctions start Sept. 11 and run through Sept. 13.

Austin plans to donate an undisclosed portion of the proceeds to charity, including $344,000 from the sale of a Cartier onyx-and-diamond ring given to Mercury by Elton John to the Elton John AIDS Foundation.

Australia’s commodity-rich economy recorded its weakest growth momentum since the early 1990s in the second quarter, as consumers and businesses continued to feel the impact of high interest rates, with little expectation of a reprieve from the Reserve Bank of Australia in the near term.

The economy grew 0.2% in the second quarter from the first, with annual growth running at 1.0%, the Australian Bureau of Statistics said Wednesday. The results were in line with market expectations.

It was the 11th consecutive quarter of growth, although the economy slowed sharply over the year to June 30, the ABS said.

Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992, the year that included a gradual recovery from a recession in 1991.

The economy remained in a deep per capita recession, with gross domestic product per capita falling 0.4% from the previous quarter, a sixth consecutive quarterly fall, the ABS said.

A big area of weakness in the economy was household spending, which fell 0.2% from the first quarter, detracting 0.1 percentage point from GDP growth.

On a yearly basis, consumption growth came in at just 0.5% in the second quarter, well below the 1.1% figure the RBA had expected, and was broad-based.

The soft growth report comes as the RBA continues to warn that inflation remains stubbornly high, ruling out near-term interest-rate cuts.

RBA Gov. Michele Bullock said last month that near-term rate cuts aren’t being considered.

Money markets have priced in a cut at the end of this year, while most economists expect that the RBA will stand pat until early 2025.

Treasurer Jim Chalmers has warned this week that high interest rates are “smashing the economy.”

Still, with income tax cuts delivered at the start of July, there are some expectations that consumers will be in a better position to spend in the third quarter, reviving the economy to some degree.

“Output has now grown at 0.2% for three consecutive quarters now. That leaves little doubt that the economy is growing well below potential,” said Abhijit Surya, economist at Capital Economics.

“But if activity does continue to disappoint, the RBA could well cut interest rates sooner,” Surya added.

Government spending rose 1.4% over the quarter, due in part to strength in social-benefits programs for health services, the ABS said.