RICK: My buddy Warwick called me down to the Hard Rock Hotel,
because he's got a guy there who has a hat that was worn
by Prince on an album cover.
If this is Prince's hat, it's going to bring big money.
Plain and simple.
This is Terry. RICK: Hey, Terry.
How's it going, man?
Good, how are you?
So this is obviously Prince.
WARWICK: Prince.
I got to step out for a minute and take a call,
and I'll come back in a minute.
OK.
That is cool.
I'm just saying, I would be uncomfortable wearing that hat.
[laughter]
You'd look good in it.
[wolf whistle]
TERRY: So the hat originally came from a charity auction.
I bought it from a collector.
I'm asking $5,500, but I don't expect
I would take less than $5,000.
Something I've been very fond of,
but I do have somebody in my family
that would prefer I sold it today.
RICK: That is really cool.
You know, he's one of those guys that's still relevant today.
TERRY: Yeah.
He had this, like, really groundbreaking music.
I remember partying like it was 1999.
Even to this day, wherever he goes,
he's going to sell out, because there
really was nothing like Prince until there was Prince.
And then there wasn't Prince.
There was the artist formerly known as Prince, which was,
like, the greatest thing ever.
In the '90s, Prince wanted to put out more than one album
a year, but his record label, they didn't
want him flooding the market.
Prince got really pissed off, and he
changed his name to a symbol, so he
could get out of his contract.
So seven years later, when his contract ended,
the artist formerly known as Prince became Prince again.
[laughs]
So this one's supposed to be off the album.
TERRY: It's supposed to be off the album.
RICK: OK.
TERRY: I got this from the collector.
RICK: And where did he get it?
Let me show you.
So this was part of an auction, Lifebeat's AIDS benefit.
So this is their authenticity of it, the item, auction.
That's where the prominence comes from.
OK, and you bought it off someone
who bought it at the auction. OK.
Yes, yes.
RICK: Rock and roll stuff scares me, especially when it
ends up at a charity auction.
People just assume everything's legit.
I mean, my big concern about this thing
is this doesn't match that.
TERRY: Right.
RICK: There's more chains on the album cover
than there are on this.
Um--
TERRY: So yeah, maybe some are not there.
RICK: One here that's missing.
Not over here.
We don't have any missing.
OK?
So-- [sighs] maybe there's something
here I don't understand.
So how much you want for it?
$5,500.
RICK: OK.
Let me go find Warwick.
I'll be right back.
OK.
RICK: I think this is somehow related to Prince.
I just don't know exactly how.
If I'm going to buy something and resell it,
I have to have a solid story.
I need Warwick's opinion.
So what do you think of this?
Because it's got the symbol on the top,
it's from the period in the '90s when he wasn't allowed
to call himself Prince, because the record
company owned his name.
So it's why he became a symbol.
OK.
Prince is one of my favorites.
Everybody's declared him as a musical genius these days.
He taught himself to play just about
every imaginable instrument by the time he was 14.
So he's really had a long career,
but he was a remarkable businessman
as well as an artist.
Prince had all his costumes made in his own place in Paisley
Park, but they keep everything.
Very, very few Prince things get out into the market.
To me, it doesn't look like the one on the album cover.
WARWICK: It's quite possible it's
not the one on the album cover.
They always made three of anything.
This could have been the one he didn't like.
It looks like the other ones, but there are differences.
Yes, there's less chains, or they're shorter.
All right, so we just don't know for sure.
I think that reduces its desirability a lot.
RICK: So what is it worth?
WARWICK: If this could be connected directly to Prince,
I'd say $3,000, $4,000.
But the way it is now, which is a bit speculative,
I'd say it's more in the--
$800 to $1,500 range.
[sighs] OK.
WARWICK: The paperwork does represent that it was donated
by Paisley Park, or Prince's organization,
but it really isn't strong enough to say
whether it was ever used.
So I think neither Rick or I think that it's the hero
item that we were hoping for.
RICK: If you can't say for certainty,
you can't sell it for certain.
And if I sell it, that's what I got to have,
especially if I'm spending thousands of dollars.
Yeah, I just think we're not going to make a deal on this,
you know.
TERRY: So maybe it's worth trying
to put a paper trail to it.
Don't get me wrong.
I do think it came from Paisley Park.
It just needs to be proven that this
is the one that Prince wore.
Right.
When you get more paperwork, call me.
TERRY: OK.
Thanks, man.
TERRY: I'm going to do more homework on this,
and if it is an authentic Prince hat,
then I need to do the paperwork and, when I do sell it,
get the money it commands.