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The studio's objective was to simply consolidate space on an already overcrowded lot by creating a three day film memorabilia auction to clear seven soundstages. More than 6,000 persons have paid 0 each for admittance, to this auction-actually a series of auctions daily for at least three weeks. Two thousand persons signed up for admission on Sunday.
A vast assortment of costumes, film props and related property from the studios beginnings dating from the 1920s were cataloged, tagged and placed on the auction block. The crowd included professional decorators, antiques dealers, amateur collectors looking for some modest possession with the MGM cachet and Hollywood people seeking memorabilia of MGM's days of grandeur.
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The seminal MGM Studios auction in May 1970 was a watershed moment for film scholars and the auction business, which essentiality created a new market for an area of collecting that previously only existed among a few film enthusiasts. A seven piece Louis XVI salon set last used in Grace Kelly's "High Society" in 1957 went for ,750.
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