What you see: A 14k gold necklace with a Taking Care of Business (TCB) logo, given by Elvis Presley to Sonny West circa 1970. Julien’s Auctions estimates it at $30,000 to $50,000.
The expert: Martin Nolan, executive director of Julien’s Auctions.
What was the Memphis Mafia, and how did it serve Elvis Presley? “Memphis Mafia” was the name given to the group of friends and close confidants of Elvis Presley. The media gave them the name “Memphis Mafia” around 1960. Elvis liked the name and it stuck.
Where did the phrase “Taking Care of Business” come from? Elvis’s band was called Taking Care of Business. He always gave away gifts, especially jewelry, and he came up with the idea for an identifying piece of jewelry that he only gave to the Memphis Mafia. There were probably 12 to 20 people [in the group]. Elvis loved Taking Care of Business. It was the logo on his plane. Priscilla was involved with the design of the logo. They were on the plane when a lightning bolt went through it. She got out her sketch pad and came up with Taking Care of Business in a flash.
When did that happen? We don’t know for sure, but we presume it was the late 1950s or early 1960s, probably after he came out of the military.
How was the material and the carat weight chosen? Elvis loved bling, he loved gold. There were some variants on the necklace. The one he gave Doctor Nick [George Nichopoulos, Presley’s personal physician] had diamonds on it. We sold that one for $120,000. The overall look of the 14k gold necklace is probably based on a collaboration with the jeweler in Beverly Hills and what they could do within their budget.
This is believed to be the first TCB necklace that Elvis Presley gave out. Does that make it more interesting to collectors? Yes. Collectors love something when it’s original, or the first. TCB went on to be a significant Elvis signature, in a way. Its being the first definitely adds value on auction day.
Why is Sonny West a logical recipient of the first TCB necklace? He was Elvis’s bodyguard, responsible for security at his concerts. He was one of the original members of the Memphis Mafia, which was a very close, tight circle. My guess is because he was Elvis’s bodyguard, he was right there when Elvis went to the jewelry shop in Beverly Hills. Because he was right there, and a member of the Memphis Mafia group, he got the first necklace.
Do the TCB necklaces always look like this one does, or did the design change over time? They’re not all exactly the same. The TCB logo with the flash remains the same, but the chains change.
How many owners did the necklace have after Sonny West relinquished it? He passed it on to the consigner, who brought it to us. Jeffrey, the consigner, created a video which is on our site of Sonny West taking the necklace off himself and putting it on Jeffrey. The provenance is 100 percent solid. That plays into the value.
How many TCB necklaces have you handled, and how many TCB necklaces did Elvis give out? Do we know? I think we’ve handled four to six—probably four, with two coming back to auction again. I don’t know how many there are, but there were somewhere between 12 and 20 people in the Memphis Mafia. Not a huge amount. Maybe 30, max.
Do any period photos exist of Sonny West wearing the TCB necklace and standing alongside Elvis? I presume there would be period photos. He was with Elvis for 16 years, and he was with Elvis a lot. We didn’t license any, but I’m sure there are photos.
How did you arrive at the estimate of $30,000 to $50,000? Obviously we looked at the intrinsic value first. Then we looked at other TCB necklaces we’ve sold. The provenance is so solid because of Sonny West. Then there’s the collectibility of Elvis himself. He has a huge amount of fans out there.
As of October 19, the necklace has its first bid, amounting to $7,500. Does that mean anything? No, it doesn’t mean anything. But we have 55,000 views on this auction already. To have so many so early on, that’s amazing.
What condition is the necklace in? It’s in great condition, given its age and the life it’s had up to now.
Why will this particular TCB necklace stick in your memory? The fact that it was the first one–wow, it was the start of something. The very first one created, for Sonny West, the bodyguard and confidant of Elvis. Within the history of Elvis and the Memphis Mafia, it’s almost like branding, or a tattoo. Taking care of business in a flash was what the Memphis Mafia represented: getting business done. That was what was important to Elvis.
How to bid: The TCB necklace is lot 466 in the Icons and Idols: Rock “N” Roll auction Julien’s will hold in New York on November 9 and 10, 2018.
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Martin Nolan previously spoke to The Hot Bid about a purple Prince-worn tunic that the star donned for a 1998 BET interview, which yielded a famous GIF; a Joseff of Hollywood simulated diamond necklace worn by Hedy Lamarr, Ava Gardner, and several other Hollywood actresses, as well as a once-lost 1962 Gibson acoustic guitar belonging to John Lennon that sold for $2.4 million–a record for any guitar at auction.
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