“Malcolm was managing the Dolls for a while. I guess they owed him money and gave it to him as payment”: This Sex Pistols and New York Dolls-owned Gibson just sold for $390,000 at auction

L-Steve Jones of the Sex Pistols performs in their first North American concert at The Great Southeast Music Hall on January 5, 1978 in Atlanta, Georgia; R- Steve Jones' Gibson Les Paul.

A 1974 Gibson Les Paul Custom electric guitar, formerly owned and played by Steve Jones of The Sex Pistols, has just been sold for $390,000 at auction, well beyond its $100,000 - $200,000 estimate.

The Gibson was originally owned by New York Dolls guitarist Sylvain Sylvain, before being passed on to Steve Jones. As one expects from a guitar owned by '70s punk guitarists, it's heavily worn from play, with the finish yellowed from cigarette smoke. In addition, there are multiple breaks, cracks, and repairs.