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Elvis nets king's ransom
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November 4, 1996: 10:01 p.m. ET
Auction of legend's memorabilia leaves investors all shook up
From Correspondent Casey Wian
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 LOS ANGELES (CNNfn) - The King is dead but his treasures live long. Last weekend, Los Angeles hosted the final auction of the Elvis Presley Museum collection, the only one sanctioned by Graceland.
The prices represented the way Elvis lived. They were big. (137K QuickTime movie) A hat worn by Presley went on the auction block for over $8,000. A guitar missing a string went for $15,000. A pair of broken sunglasses: $3,200.
Why such a king's ransom? Because Elvis Presley continues to be a popular lure not only to fans but investors as well. Elvis' items have turned out to be a good place to put money.
Robin Rosaaen, president of All the King's Things, said the right item can bring in a hunka, hunka money. (94K WAV) or (94K AIFF)
Not everyone's looking to make a profit. One collector paid $44,000 for a thunderbird cape. "When a piece usually gets in my hands, it stays in my collection," said the winning bidder.
The investment can bring heartbreak, however. "It's kind of a tough question. The marketplace for this type of collectible is very volatile." said Michael Schwartz, director of entertainment memorabilia for Butterfield & Butterfield.
That was evident after Sunday's sale, which fetched just more than $400,000, less than half what the auctioneers expected.
Still, Jimmy Velvet, president of the Elvis Presley Museum and friend of the King, was smiling after the final bid.
"A lot of things brought double and triple what they were supposed to bring and we were happy with that. Some of the bigger items brought less than we expected." said Velvet.
The collection's tour de force, a trademark starburst suit and cape fitted for the King, was expected to go for $100,000. Bidders offered only $67,500, so Velvet decided to hold onto the outfit, hoping someone eventually pays more.
What would Elvis have had to say to someone who bought one of his suits for such a huge sum?
"Thankyaverymuch." 
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