An original studio acetate of Velvet Underground is going up for auction after a few years in storage. The record, known as the "Scepter Studios" sessions, only has two known copies, one belonging to the band's drummer Maureen Tucker and the other to the anonymous seller, who bought his copy for $25,200 during during 2006.
"I watched the auction first just because it was so rare, I was curious to see how high the sale would go," said the seller. "I bought it for $25,200, which, in my mind, was extremely undervalued for what the record was."
The acetate was cut by engineer Norman Dolph during 1966, commissioned by Andy Warhol to record the band's sound before it was touched by labels (Dolph received a Warhol painting for his work...a profit on his part we're sure). The recording was rejected by several major labels before being picked up and distributed by Verve. It disappeared until 2002 when a buyer saw it at a street sale and bought it for 75 cents. He would later sell it on eBay to the current holder for more than $25,000 (everybody is making money off this thing).
The recordings held on the pressing were rereleased as part of The Velvet Underground & Nico 45th anniversary release during 2012, but this original copy still holds major collector appeal, maybe even more due to the recent death of Lou Reed. The current owner has never listened to it, citing the frail state of the medium. Plus, although claiming to be a fan of the band, he says the music on the disc never appealed to him.
"I'm a big Velvet Underground fan, but to be honest, I've never been a big fan of this album," he said. "But the significance of the record for music is unmistakable. It's obviously a piece of musical history, but I wouldn't have purchased it then if I didn't see its potential as a financial investment."
