Michael Jackson's Iconic Moonwalk Hat Sells For 77,640 Euros

This month, a series of auctions for items belonging to Freddie Mercury, brought in a total of 46.5 million euros for Sotheby's

The hat that Michael Jackson wore just before performing his signature moonwalk dance for the first time sold at an auction in Paris on Tuesday for 77,640 euros ($82,170). The black fedora had been estimated at 60,000 to 100,000 euros by the Hotel Drouot auction house. It was the highlight among around 200 items of rock memorabilia, though the top price went to a guitar owned by the legendary bluesman T-Bone Walker, at 129,400 euros.

Michael Jackson whipped off the hat while breaking into his hit Billie Jean during a televised Motown concert in 1983, at the height of his fame.

Moments later, he showed off what would become his trademark move - the moonwalk, a seemingly effortless backwards glide while appearing to walk forwards. Music memorabilia has become big business.