Famous rap collective the Wu-Tang Clan came up with a novel way of selling their latest album at auction, and notorious “pharma bro” Martin Shkreli is the lucky buyer, or as DealBreaker puts it “Emo Bro Blows $2 Million On Sole Copy Of New Wu Tang Clan Album Because He Is Desperate To Bang Taylor Swift“.
In March 2014 Wu-Tang Clan announced that the only copy of their latest album would be sold to the highest bidder. Once Upon A Time In Shaolin would be the most exclusive album ever, and the first of its kind to be sold in such a way, write Devin Leonard and Annmarie Hordern for Bloomberg.
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Wu-Tang Clan unknowingly sells one-off album to controversial hedge fund boss
“We’re about to put out a piece of art like nobody else has done in the history of music,” RZA told Forbes. “We’re making a single-sale collector’s item. This is like someone having the scepter of an Egyptian king.”
Under the terms of the proposed deal the band gives the buyer total freedom to do whatever they like with the album, so long as they do not sell it for commercial gain. The identity of the buyer remained secret until now, when it was revealed that the most hated man in America (or the world), Martin Shrkreli, won the auction with a bid of $2 million.
Shrkreli made a lot of money in pharmaceutical stocks, and shot to international notoriety after raising the price of one drug by 5000%. Now he has used his money to buy a Wu-Tang Clan album which is coveted by rap fans around the world.
Shkreli has so far refused to listen to the album
It seems that Shkreli may intend to use the album as a way of making friends, or meeting a lucky lady. Before he bought the album, he was told that it would prove attractive to people that wanted to listen to it. “Then I really became convinced that I should be the buyer,” Shkreli says.
Since buying the album, Shkreli hasn’t even listened to it. He delegated the task of checking that the music was there to an employee, and dedicated his time to riling the public with a series of controversial pharmaceutical deals.
The deal was agreed before news of Shkreli’s business practices emerged, and Wu-Tang Clan members have spoken out against the purchase. RZA said that the group would now donate a large portion of the purchase price to charities.
As for the music, it might not be listened to in its entirety for some time. “I could be convinced to listen to it earlier if Taylor Swift wants to hear it or something like that,” Shkreli says. “But for now, I think I’m going to kind of save it for a rainy day.”