The continuing saga of the Velvet Underground record...

from CNN:
Apparently, the winning bidder doesn't have the money. Back to square one. Penn Jillette, where are you???

Update on that Velvet Underground record...

$155,401

Possibly the Coolest eBay Auction of All Time

from Evan Dorkin:

Someone is selling what truly does appear to be the acetate of the original sessions/mix of Andy Warhol Presents the Velvet Underground and Nico.
The saying that "Only a thousand people ever bought the record when it came out, but each of those thousand founded a band" is pretty close to true. This could quite possibly be one of the most important musical finds in the history of rock, and why a label hasn't snapped this up and released it (or why Penn Jillette hasn't gotten his greedy lil' paws on it) just boggles the mind.
Let's hope this can be cleaned up and released on CD (and vinyl) for future generations. Then, put the record into the Rock and Roll Hall of Fame.