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This is the latest edition of a multi-part blog series produced in partnership with The Realest on the key events and factors shaping the music memorabilia market. The Realest is the first dedicated authentication standard and marketplace for entertainment memorabilia.
Is a Snoop Dogg-smoked blunt the cannabis equivalent of a Babe Ruth-used baseball bat?
We may need to wait a few decades to find out if it can live up to that lofty analogy, but the journey begins next month.
Let’s take a step back for a second.
In both our report on the Music Memorabilia Market and in recent posts in this blog series, we’ve highlighted a key market shortcoming: the market for the memorabilia of living artists is relatively limited.
Several factors contribute to that shortcoming. First, to date, most of the top tier memorabilia that comes to market comes either from estate sales when an artist passes or from single-owner charity sales. The latter has been more limited than the former. Additionally, memorabilia coming from other sources often suffers from limitations of authenticity, relying predominantly on some combination of LOAs and provenance.
The first factor results mostly from a lack of awareness or a lack of regard for the opportunity presented to artists by their personal inventory of memorabilia. That opportunity, however, has become extremely difficult to ignore with the rise of collectible markets and the frequency with which auction sales make headlines in today’s environment. Even the most passive artist would take notice if they saw a guitar of theirs sell for six-figures or a lyric sheet for five, all while participating in none of the proceeds.
Always on the cutting edge, Snoop Dogg has recognized that opportunity, partnering with the Realest to bring a selection of his memorabilia to the auction block. His pursuit of the memorabilia revenue stream provides an important cosign on two levels: 1) he’s an icon and legend of the hip-hop and broader music & entertainment space, and 2) his successes in business and investment pursuits are well documented. Additionally, his visible promotion of the event (to an Instagram following of 87 million people) creates a meaningful distinction from all those auction lots that boast provenance to an artist without the artist acknowledging the item or event’s existence.
In true Snoop Dogg fashion, the auction event is fittingly labeled “Tha Shiznit.” Before diving deeper into its contents, let’s examine the existing landscape.
Are there other examples of artists directing their own memorabilia sales?
An artist’s participation in memorabilia sales is not a totally novel concept, even if the concept seems to be wildly underused. Some of the larger events readily endorsed by a living artist in the past have been launched with charitable intent. For instance, earlier last year, Mark Knopfler’s guitar collection sold at Christie’s, grossing nearly £9 million in total sales, including 23 six-figure results. The Dire Straits frontman auctioned the collection with no less than 25% of the hammer price received to be split among three charitable organizations.
Examples like the Knopfler Collection are more indicative of the legacy market.
For a more contemporary example, we can look to one of Snoop’s contemporaries. Pharrell auctioned off a selection of his memorabilia in conjunction with the launch of his auction platform, JOOPITER, with some eye opening results for items, including some that found their way into Drake’s hands. In that case, provenance provided strong credibility for the initial sale, particularly since it came from the platform founder’s collection. However, that provenance may become murky after the initial sale; items from other consignors on the platform are said to be both appraised and authenticated, though the method of authentication is unclear.
Importantly, Snoop Dogg’s partnership with The Realest addresses both factors contributing to a shortcoming in the modern music memorabilia market. As we addressed, he has recognized the opportunity, but he’s also bringing memorabilia to market in a way that ensures authenticity at the initial sale and afterwards, building credibility for those items longer term. All items have been through the Realest’s TruEst witness-based authentication process, in which the artist’s ownership of the items is guaranteed by the company, with holographic technology used for unique identification on an ongoing basis.
What have been some of the most expensive Snoop sales? How were they authenticated?
When compared to other top-selling musicians and rappers, the collectible market for Snoop Dogg is still in its infancy. In 2021, Julien’s sold a painting that was composed and signed by the man himself for $96,000. To provide further context in just how underdeveloped the Snoop Dogg market was, that painting entered the charity auction with a pre-sale estimate between $1,500 - $3,000. While charity auctions carry an asterisk for valuation purposes, the sale still delivered a breakout result for an underappreciated market.
In 2011, one decade before the artwork sale, Julien’s sold the ensemble worn by Snoop Dogg in the music video for “Sensual Seduction” for $3,520 against an estimate of $500 - $700. Today, that video-worn costume would appraise at a significant multiple over the 2011 sale price, with the auction hosted by the Realest proving the evidence. Take for example the outfit worn by Snoop at Wrestlemania in 2023. The velour suit isn’t tied to a music-related event and wasn’t worn in a music video but is still nearing $2,000 through more than 35 bids.
If there’s one commonality across the current leaderboard of Snoop Dogg sales, it’s the standard of authenticity. The painting came directly from Snoop Dogg while the suit came with a letter of authenticity from the GRAMMY Foundation, where it has previously sold in a charity auction. Provenance and LOAs have ruled, as has often been the case in the entertainment market.
There is a clear appetite for Snoop memorabilia but the supply has been virtually non-existent. Earlier this year, Goldin sold a signed and framed album display of Snoop’s debut studio album Doggystyle for $1,037. That particular display attracted 27 bids, while an IGS-graded cassette tape from the 1993 album sold in 2023 for $2,160. Snoop Dogg’s card from the 1995 Smash Hits Stickers set is viewed as his premier trading card, with values and volume both seeing a surge in recent years. Between September 2021 and October 2023, the PSA-graded population of Snoop cards from the ‘95 set increased from 1 to 256. The increase in supply has led to a pullback in prices, which peaked above $1,000 in between 2021-2022 but have since retreated below $750 for mint copies.
While the Snoop market has been limited to date, the same could be said for nearly all living musicians. One trend that we highlighted in our inaugural Music Memorabilia Report was the importance of single-owner sales direct from the artist or their estate. Whether it was Prince or Freddie Mercury, top prices have continuously come from events dedicated to a specific artist. This format of sale is rarely used for a living artist which makes Tha Shiznit a unique case study and true barometer for one of the most marketable and recognized names in pop culture today.
What kind of items are in the Realest Snoop Dogg auction? What are some of the sale prices achieved for similar items?
Phase 1 of Tha Shiznit closes this Sunday. Both that phase and the rest of the auction are replete with a wide variety of Snoop Dogg items, ranging from Wrestlemania-worn outfits to setlists to a Snoop-smoked blunt (yes, really). The breadth of offerings is representative of Snoop’s As you can imagine, based on the limited nature of the Snoop market to date, most of these items don’t really have comps or precedents, especially the blunt. The comparables that do exist provide evidence that an active marketplace backed by solid provenance and authentication can deliver premiums.
The Snoop Dogg Funko Pop! #301 provides a telling example. The first edition Funko has already garnered more than 30 bids, pushing the price to $556. This particular Funko Pop! came directly from Funko and was the first to come off the production line. The vinyl figurine was the first to be signed by Snoop, and it now resides in protective plastic with the backing of TRuEST Authentication. For comparison, the most expensive sealed Funko Pop! from that same #301 edition to sell this year realized $282 via eBay in March. As we emphasized with the importance of direct sourcing from an artist, the storytelling and provenance of an item carries significant weight and can heavily influence prices.
Art, culture, and music met on a collision course as the acclaimed artist KAWS designed a reimagined picture disc with album art in celebration of Interscope Records’ 30th anniversary. The values found across the various print runs vary dramatically depending on the appearance of Snoop’s penmanship – and what exactly he penned.
The mass-produced unsigned version can be found across a range of marketplaces for less than $50. There is a limited-edition version that was signed by Snoop with only 100 copies in existence. Those signed versions have fetched upwards of $200 and can be found on eBay, where they often transact between $125 and $150. Occasionally, the signed copies also appear in modern art galleries, both on display and for purchase. Finally, there’s the “Snoop Doggy Dogg” special edition. This unique run includes just ten album covers and discs, all signed “Snoop Doggy Dogg.” The “Doggy Dogg” signature era dates through the early-to-mid 1990s before shifting to the simplified moniker “Snoop Dogg.” Tha Shiznit features four of the ten records, all of which are poised to sell for more than $200.
One item that will face a relatively high bar: a handwritten setlist. The setlist at the Realest comes from an unknown show, though its provenance to Snoop Dogg is indisputable. Last year, a torn, handwritten setlist from a September 2008 show, accompanied by a ticket stub, sold for $2,640 with buyer’s premium. That setlist was authenticated by JSA. The setlist in Tha Shiznit has amassed over 25 bids from 14 bidders, reaching over $600 with several days remaining. Given the lack of specific dating, a result on par with or close to the 2023 result would arguably represent a healthy signal for the provenance and accompanying authentication.
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Phase 1 of Tha Shiznit closes this Sunday, June 2nd on The Realest’s website. The next phase closes on June 16th. Bidders will have to wait until then for their chance to win the Snoop-smoked blunt, which has to be the cannabis equivalent of a Babe Ruth game-used baseball bat.
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