Header Ads

Universal Music buys Bob Dylan’s collection for $300m

Another lesson of the current pandemic is the high economic value of material art pieces.

When I beheld the singer, composer, lyricist and Nobel Prize winner for literature, Bob Dylan, on television, shuffling through copies of his musical compositions as information of his offering them on auction was announced, I was caught aback. Some laughed and thought the pieces of paper in his hand, worthless.

But on Monday, Universal Music announced it had bought the rights to Bob Dylan’s entire back catalogue for an undisclosed fee.

According to The Economist, “The music publisher (majority-owned by Vivendi, a French conglomerate) now possesses every song that Mr Dylan has written and released, from the tracks on his debut LP, called simply “Bob Dylan”, in 1962 to the “Rough and Rowdy Ways” album 58 years later. (The agreement contains no provision for future recordings.) The deal is reported to have cost Universal more than $300m, reflecting its confidence that songs can generate a healthy return.”

Some individuals and organisations know where to find or hide treasures even in a precarious economic time. German artist, Damien Hirst once did it with his paintings. Pablo Picasso too.

No comments

Powered by Blogger.