A June 1968 document releasing Jimi Hendrix from an early recording contract has been purchased for $45,950 - a sum considerably greater than what Hendrix probably earned under it.  The deal gave the Seattle guitarist just 1% of each record's selling price and compensated him at the lowest rate legally available for his production work.  Bidding on the release signed by Hendrix,  and reps of Warner Brothers Records, PPX Records as well as artist representative Michael Jeffries and Hendrix himself started at $10,000 and took only eight bids to reach the eventual sale price.
UltimateClassicRock.com

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