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Update June 26, 2016 Beverly Hills, CA: Auctioned Prince yellow guitar was sold for over $137,000 to highest bidder.
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Live Adopt The Arts auction at Fonda Theater in Hollywood on May 12, 2016 features very prominent guitars used and signed by rock and roll's elite. Watch live auction of guitar signed by all members of Metallica and guitar signed by all musician participants of the concert event. Other items donated by ADOPT THE ARTS supporters include:
SHEPARD FAIREY: Fine Art piece, "Black Sabbath," Print on metal (retail $3000.00).
WOODY GUTHRIE Signed Canvas Screen Print, 18' X 24" (numbered, edition of 450) 2010
IGGY POP Signed Raw Power Screen Print, 18' X 24" (numbered, edition of 650) 2010
BLACK SABBATH Signed Silver Black Crescent Print 18' X 24" (numbered, edition of 125) 2013 (www.obeygiant.com)
SLASH: Guitar signed by Slash (Slash Featuring Myles Kennedy & The Conspirators, Guns N' Roses).
JOE PERRY: Guitar signed by Joe Perry (Aerosmith, Hollywood Vampires).
BRIAN MAY: Guitar signed by Brian May (QUEEN).
DAVE GROHL: Guitar signed by Dave Grohl (Foo Fighters) sold for $6,250.
JOURNEY: Guitar signed by Journey, Paul Reed Smith Se14 played by Neal Schon.
MAROON 5: Guitar signed by the band Maroon 5.
ELTON JOHN/DAVEY JOHNSTON: Signed guitar from Davey Johnston, legendary Elton John guitarist.
MATT SORUM: Three, signed Guns N' Roses s drumheads signed by Matt Sorum (Guns N' Roses) sold for $4,750 each.
PRINCE: Color print photo of Prince from rock photographer Gene Kirkland (signed).

The benefit event raised well over $200,000, the highest sum for any Adopt the Arts show. The third annual benefit concert for Adopt the Arts, a charity co-founded by ex-Guns N’ Roses drummer Matt Sorum funds music-education programs in Los Angeles-area elementary schools. This year’s Adopt the Arts Honors paid tribute to a pair of newly inducted Rock and Roll Hall of Famers, Cheap Trick frontman Robin Zander and former Deep Purple bassist/singer Glenn Hughes, both of whom also performed at the gala. Joining Zander, Hughes and Sorum at the event were an impressive lineup of fellow rock stars, including Toto’s Steve Lukather, Black Sabbath’s Geezer Butler, The Sex Pistols’ Steve Jones, Red Hot Chili Peppers’ Chad Smith, Stone Temple Pilots’ Dean and Robert DeLeo, The Cult’s Billy Duffy and one-time Guns N’ Roses guitarist Gilby Clarke.

Update LOS ANGELES (AP) — A bright yellow, uniquely shaped guitar used by Prince to perform such tunes as "Cream" and "Gett Off" is going up for auction.

Heritage Auctions is selling one of the late artist's "yellow cloud" electric guitars beginning June 24, 2016 with an opening bid of $30,000. The guitar was one of several custom guitars Prince used in the 1980s and 1990s.

"I've been a Prince fan since I was a little kid, and that guitar always stuck out to me because it was super cool and stylish," said current owner Richard Lecce, who bought it for about $30,000 over a year ago from Heritage Auctions.

The instrument features a serial number and comes with a letter of authenticity from Prince guitar technician Zeke Clark, who noted that the guitar's neck was broken in France in 1994 and later repaired.

"Unfortunately, as morbid as it is, when people pass, their items become more valuable," Lecce said. "I think something as valuable as this could be too risky to continue to have in my possession."

Lecce, who doesn't play any musical instruments, said that other than posing for a few photos with the guitar when he first received it, he has kept it in pristine condition. Prince employed other similarly shaped guitars in various colors. The instrument's flowing form went on to become part of the musician's iconic symbol. Other items up for auction in Beverly Hills, California, include Prince record-sales awards and an original demo tape featuring the songs "Just as Long as We're Together," ''My Love Is Forever" and "Jelly Jam." Prince was found dead April 21 at age 57 in his Paisley Park recording complex in Chanhassen, Minnesota.