Elvis’s famous Cherry Red Hagstrom Viking II could be the most expensive guitar in the world, after it was valued at a modest $5 million, but could sell for much more.

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The guitar landed icon status after starring in Elvis’s famous 1968 Comeback Special, a moment that features heavily in the 2022 Elvis biopic.

Fans and critics of Presley state that this special ignited his career, as soon after he recorded his acclaimed album, From Elvis in Memphis, and would then start his famous Vegas residency, all with his Hagstrom in tow.

Top spot for the most expensive guitar unsurprisingly goes to Kurt Cobain, as his MTV Unplugged 1959 Martin D-18E acoustic, which had a starting estimate of just USD $1 million, sold for $6 million in 2020.

Therefore, a guitar with an estimated five million should sell for much more.

The guitar has been valued as the Elvis estate – Graceland – commemorates the anniversary of The King’s death on 16 August. As a result, the estate-turned-museum is hosting a series of screenings of the original 1968 Comeback Special performance.

In addition to this, Paramount+ will be premiering a documentary about the Comeback Special today (15 August), titled Reinventing Elvis: The ’68 Comeback.

It is not known when the auction for the coveted Cherry Red Hagstrom Viking II will take place, so best to keep your eyes peeled if you have $5 million-plus to spare.

As you’d expect, instruments used by Elvis naturally command high price tags. Just last month, the King’s Rosewood Telecaster went up for auction – alongside a Kurt Cobain-signed 1966 Fender Jaguar. At the time of writing, the guitar still hasn’t sold, and is listed on Heritage Auctions with a buy-now price of $93,750.