The clothing item that was custom-made for Elvis' 1973 satellite performance, designed by Bill Belew, and Dylan's scribbles were placed on the block on Thursday (13Mar14), and bidders have a week to claim the treasures at Massachusetts-based RR Auction.
Of the cape, auction house vice president Bobby Livingston tells Wenn, "Presley had the cape made to hide behind at the opening of the Hawaii show. The show was heavily choreographed and he intended to drop the cape and reveal himself to the anxiously awaiting crowd. However, when Presley tried on the cape during rehearsals, the weight almost pulled him over backwards, and it was decided that a smaller version was needed."
Belew created a replacement, and the cape was sent back to Graceland in Memphis, Tennessee, where it remained until 1999, when it was first auctioned off.
Meanwhile, Dylan's pencilled lyrics were discovered in a storage vault, along with several other personal items dating from the 1960s and 1970s, by Dylan's longtime manager Jeff Rosen.
Livingston adds, "This is an unbelievably scarce offering from one of music’s most influential songwriters, authenticated by Dylan’s longtime current manager."
The Marvels of Modern Music auction features more than 800 items. It will end on 20 March (14).