Wu-Tang Clan have chosen Paddle8 as the official auction house for the sale of its secret double album, Once Upon a Time in Shaolin.
In 2014, the group announced it would produce just one copy of the album, which will be sold to the highest bidder. Wu-Tang leader RZA said they had already received offers of $5m following a private listening for media and industry professionals.
The sale could pave the way for an alternative way of selling music, with album sales ailing across the board for some time. According to Forbes, the album is intended to "reverse the devaluation of music and help it regain the fine art status it enjoyed during the Renaissance".
This is great news for collectors, who will be able to bid on a truly unique item that will likely prove a strong investment.
However, the album will not be sold in a traditional auction format, instead selling in a private treaty. The auction house and group will then decide which bid is the best option in order to get the most from the album.
"This is being positioned both by the Wu-Tang Clan and by Paddle8 as a work of art," said Sarah Goulet, head of communications at Paddle8, to Forbes. "It's truly treating this album, which very well may be the last album that the Wu-Tang Clan makes together, as a one-of-a kind, special property that is worth the price."
It has not yet been announced when the sale will take place.
Please sign up to our free newsletter for more exciting news about music memorabilia auctions.