Elvis Presley's first guitar is understandably old and tattered, the wood faded and held together by pieces of yellowed masking tape. But it’s still exciting music fans. On Sept. 24 and 25, the guitar will be part of a rock ‘n’ roll auction presented by Guernsey’s Auction House, which will include more than 1,000 lots of memorabilia, said Guernsey’s owner and president, Arlan Ettinger.
Ettinger estimates that Elvis’ guitar, for which the performer's parents paid just $10, could fetch $300,000 to $400,000. In a previous auction, Guernsey’s sold two Jerry Garcia guitars for $1 million each. “One could imagine that this guitar is worth as much if not more than that,” Ettinger said. “You’ve got to marvel at this guitar.”