Elton John Fans Pay US$8 Million for His Treasures at Auction

The aptly named “opening night” at Christie’s for the eclectic mix of art, photography, costumes, and objects that filled Elton John’s Atlanta home drew a crowd of bidding fans who snapped up everything on offer for a total of US$8 million.

Among items the lucky winners snagged was a collector’s edition of a pinball machine signed by John that plays 16 full-length studio master tracks of his hit songs and features interactive LED lights and LCD displays; a 1990 Bentley Continental two-door convertible; a pair of silver leather platform boots; and silver rocket-shaped cocktail shakers.

Many of the collectible treasures in the 49-lot sale sold above estimates, in total achieving 155% of the low-end of anticipated prices. According to Christie’s, 40% of bidders and buyers were new to Christie’s.

Before the sale, the auction house shared that a heart-shaped collage by Damien Hirst that was made for John and his husband, David Furnish—expected to fetch up to US$450,000—would be withdrawn as the family decided to retain the piece.

The biggest sale of the evening was a painting by Banksy that John acquired directly from the elusive British graffiti artist. Flower Thrower Triptych , 2017, sold for US$1.55 million, US$1.925 million with fees.

Wednesday’s evening auction was the first of two live and six online sales that are filled with a total of nearly 900 items that spoke to John’s passions, style, and vision.

Elton John had acquired Flower Thrower Triptych, 2017, directly from Banksy. It sold for US$1.925 million at Christie’s.
Courtesy Christie’s Images Ltd. 2024

Many lots sparked brisk back-and-forth bidding between collectors in the packed saleroom, on the phone with specialists, and online. The auction house generated excitement from the get-go with a pair of 1975 prescription Sir Winston Eyeware sunglasses that sold for a hammer price of US$18,000, six times a presale high estimate. With fees, the sunglasses sold for US$22,680.

That opening lot was followed by the sale of a pair of Elizabeth II silver cocktail shakers shaped like rockets, made by Mark of Theo Fennell in London in 1993, that fetched US$40,000, four times the high estimate, after vigorous bidding. With fees, the shakers cost US$50,400.

Then came a pair of silver leather tall platform boots, circa 1971, that sold for US$70,000—seven times the high estimate, and US$94,500 with fees.

Glittery watches and jewellery also stole the show. An “exuberant and rare” 18K gold, diamond, and yellow sapphire-set automatic chronograph Rolex with a leopard-print dial sold for US$140,000, more than double a high estimate. The total with fees was US$176,500.

A Cartier “crash” model watch from 1991, sold for US$220,000, above a US$100,000 high estimate, or US$227,200 with fees.

Elton John’s gold Daytona Chronograph reference 116598 SACO with a leopard-print dial sold for US$176,400 at Christie’s.
Courtesy Christie’s Images Ltd. 2024

The sale also featured photography from Robert Mapplethorpe, Richard Avedon, Helmut Newton, Andy Warhol, and Cindy Sherman, among others. There was also art by Keith Haring, Sol Lewitt, and Julian Schnabel.

John’s conservatory grand piano, a Yamaha Model C6F, circa 1992, that had taken centre stage in his home sold for US$160,000, more than three times a high estimate; with fees, it fetched US$201,600.

The evening auction ended with the sale of John’s 1990 Bentley continental two-door convertible for US$350,000 (10 times the high estimate), or US$441,00 with fees, and the sale of the pinball machine, which fetched US$55,000, or US$69,300 with fees.

Elton John fans have plenty of opportunities to bid again on the singer’s collectibles, including more costumes, watches, fine and decorative arts, and jewellery. Another 281 items will be sold at a live sale at Christie’s on Thursday, and there are six online auctions continuing through next week.

One online sale features John’s friendship with Versace, and including couture, decorative arts, photographs, and jewellery; another titled “Honky Château” celebrates the singer’s aesthetic with brightly coloured art glass, painting, and sculpture.

LONDON— Anglo American on Friday rejected a $39 billion takeover proposal from rival BHP, saying the bid “significantly undervalues” the company and setting the stage for a potential bidding war.

London-listed Anglo American said the unsolicited proposal, which was made earlier this month and which became public this week, features an unattractive structure that is too uncertain and complex .

Anglo American Chairman Stuart Chambers said the company stands to benefit from its portfolio of assets, including copper, that are likely to experience growth from trends around the energy transition. BHP’s bid, Chambers said, is opportunistic and dilutive for shareholders.

BHP’s all-share offer valued Anglo American at about $38.8 billion, and would have been contingent upon Anglo American spinning off shareholdings in two South African-listed units. The proposal represented a premium of about 31%, not including the South African-listed units, based on Tuesday’s closing prices.

Some analysts had predicted Anglo would find the bid too low and are expecting BHP to return with another. BHP has until May 22 to make a firm offer, though the deadline can be extended. Industry participants expect other large miners to also take a run at Anglo, whose share price has dropped since 2022 as lower commodity prices have ripped through the industry.

A tie-up between BHP and Anglo American, which would be the largest mining deal on record, would illustrate the growing importance of copper, a metal essential to clean-energy products , to a sector that has long relied on Chinese industrialisation to boost profits.

Copper represents some 30% of Anglo American’s output, while BHP counts a majority stake in Chile’s Escondida, the world’s biggest copper mine, among its assets. BHP bought Australian copper-and-gold miner Oz Minerals for $6.34 billion in May last year, representing its biggest acquisition since 2011.

Copper prices are up some 15% so far this year, reflecting expectations that demand for the metal will rise as the world decarbonises and supply will be constrained. Electric vehicles and wind farms use copper in much greater quantities than gasoline-powered cars and coal-fired power stations.

Anglo American has been reviewing its assets in recent months, and has held early conversations with potential buyers for its storied De Beers diamond unit, which it values at more than $7 billion, The Wall Street Journal reported Thursday.

Activist firm Elliott Investment Management holds a stake in Anglo American worth roughly $1 billion, accumulated over several months and before BHP’s move on the miner, according to a person familiar with the matter. The firm is widely known for its campaigns to push companies for change to boost their stock prices. Its view of the Anglo American holding couldn’t be learned.

That said, a jump in Anglo American’s share price following BHP’s takeover offer indicates Elliott has already profited from its holding, potentially reducing any incentive for it to take any action until the outcome of BHP’s bid becomes clearer.

Anglo’s stock on Friday traded above the implied value of BHP’s offer, indicating the market expects a higher bid to emerge.

Elton John Fans Pay US$8 Million for His Treasures at Auction

U.K.-listed mining giant’s chairman says the proposal undervalues the company